0001185185-20-001618.txt : 20201116 0001185185-20-001618.hdr.sgml : 20201116 20201116164944 ACCESSION NUMBER: 0001185185-20-001618 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 75 CONFORMED PERIOD OF REPORT: 20200930 FILED AS OF DATE: 20201116 DATE AS OF CHANGE: 20201116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INVO Bioscience, Inc. CENTRAL INDEX KEY: 0001417926 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 204036208 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-39701 FILM NUMBER: 201317949 BUSINESS ADDRESS: STREET 1: 5582 BROADCAST COURT CITY: SARASOTA STATE: FL ZIP: 34240 BUSINESS PHONE: (978) 878-9505 MAIL ADDRESS: STREET 1: 5582 BROADCAST COURT CITY: SARASOTA STATE: FL ZIP: 34240 FORMER COMPANY: FORMER CONFORMED NAME: EMY'S SALSA AJI DISTRIBUTION COMPANY, INC. DATE OF NAME CHANGE: 20071108 10-Q 1 invobio20200930_10q.htm FORM 10-Q invobio20200930_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 September 30, 2020

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

EXCHANGE ACT OF 1934

Commission file number 001-39701

INVO Bioscience, Inc.

(Exact name of registrant as specified in its charter)

Nevada		20-4036208
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

5582 Broadcast Court Sarasota, Florida, 34240

(Address of principal executive offices, including zip code)

(978) 878-9505

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act: Common Stock, par value $0.0001 per share

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value per share	INVO	The Nasdaq Stock Market LLC

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Shares of common stock, par value $.0001 per share: 4,954,019 shares outstanding as of November 16, 2020.

INVO BIOSCIENCE, INC.

FORM 10-Q

FOR THE QUARTER ENDED September 30, 2020

TABLE OF CONTENTS

Item		Page Number
Part I

1.	Financial Statements (Unaudited):	3
	Condensed Consolidated Balance Sheets as of September 30, 2020 (Unaudited) and December 31, 2019	3
	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (Unaudited)	4
	Condensed Consolidated Statements of Shareholders’ Deficiency for the three and nine months ended September 30, 2020 and 2019 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 (Unaudited)	6
	Notes to the Condensed Consolidated Financial Statements (Unaudited)	7
2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
3.	Quantitative and Qualitative Disclosures about Market Risks	34
4.	Controls and Procedures	34
	Evaluation of Disclosure Controls and Procedures	34
	Changes in Internal Controls Over Financial Reporting	34

Part II

1.	Legal Proceedings	35
1A.	Risk Factors	35
2.	Unregistered Issuance of Equity Securities and Use of Proceeds	35
3.	Defaults Upon Senior Securities	35
4.	Mine Safety Disclosure	35
5.	Other Information	36
6.	Exhibits	36
	Signatures	37

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

INVO BIOSCIENCE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30,			December 31,
	2020			2019
ASSETS	(unaudited)			(unaudited)
Current assets
Cash	$	908,289		$	1,238,585
Accounts receivable		3,699			7,558
Inventory		241,484			101,387
Prepaid expenses and other current assets		218,667			195,910
Total current assets		1,372,139			1,543,440

Property and equipment, net of depreciation of $49,730 and $42,147 respectively		106,000			93,055

Other assets:
Capitalized patents, net of amortization of $71,843 and $70,488 respectively		5,879			7,234
Lease right of use		84,953			101,883
Trademarks		87,347			49,867
Investment in joint ventures		32,674			-
Total other assets		210,853			158,984

Total assets	$	1,688,992		$	1,795,479

LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current liabilities
Accounts payable and accrued liabilities, including related parties	$	455,978		$	371,530
Accrued compensation – related party		532,592			393,017
Deferred revenue, current portion		714,286			714,286
Current portion of lease liability		22,356			21,365
Notes payable		157,620			-
Income taxes payable		-			912
Total current liabilities		1,882,832			1,501,110



Lease liability, net of current portion		64,436			81,494
Deferred revenue, net of current portion		3,035,714			3,571,429
Convertible notes, net of discount of $3,008,258 and $174,310 respectively		607,521			325,784
Convertible notes – related party, net of discount of $0 and $17,151 respectively		-			28,824
Deferred tax liability		433			433

Total liabilities		5,590,936			5,509,074


Stockholders’ deficiency
Preferred Stock, $.0001 par value; 100,000,000 shares authorized; No shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively		-			-
Common Stock, $.0001 par value; 200,000,000 shares authorized; 4,953,910 and 4,884,879 issued and outstanding as of September 30, 2020 and December 31, 2019, respectively		495			489
Additional paid-in capital		24,525,427			20,174,682
Accumulated deficit		(28,427,866	)		(23,888,766	)
Total stockholders’ deficiency		(3,901,944	)		(3,713,595	)

Total liabilities and stockholders' deficiency	$	1,688,992		$	1,795,479

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

Table of Contents

INVO BIOSCIENCE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	For the Three			For the Three			For the Nine			For the Nine
	Months Ended			Months Ended			Months Ended			Months Ended
	September 30,			September 30,			September 30,			September 30,
	2020			2019			2020			2019

Revenue:
Product revenue	$	157,500		$	125,000		$	305,000		$	615,927
License revenue		178,571			178,571			535,714			535,714



Total Revenue		336,071			303,571			840,714			1,151,641

Cost of Goods Sold		27,398			44,926			78,562			111,186

Gross Margin		308,673			258,645			762,152			1,040,455


Research and development		112,552			-			177,492			-
Selling, general and administrative expenses		1,463,887			891,008			4,311,872			2,087,725
Total operating expenses		1,576,439			891,008			4,489,364			2,087,725

Loss from operations		(1,267,766	)		(632,363	)		(3,727,212	)		(1,047,270	)


Interest expense		504,061			47,462			811,888			332,677
Total other expenses		504,061			47,462			811,888			332,677

Loss before income taxes		(1,771,827	)		(679,825	)		(4,539,100	)		(1,379,947	)

Provision for income taxes		-			(30,509	)		-			(30,509	)

Net Loss	$	(1,771,827	)	$	(710,334	)	$	(4,539,100	)	$	(1,410,456	)

Basic net loss per weighted average shares of common stock	$	(0.36	)	$	(0.15	)	$	(0.92	)	$	(0.29	)

Diluted net loss per weighted average shares of common stock	$	(0.36	)	$	(0.15	)	$	(0.92	)	$	(0.29	)

Basic weighted average number of shares of common stock		4,946,125			4,861,377			4,932,405			4,847,074

Diluted weighted average number of shares of common stock		4,946,125			4,861,377			4,932,405			4,847,074

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

Table of Contents

INVO BIOSCIENCE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY

(unaudited)

	Common Stock
	Shares		Amount		Additional Paid-in Capital			Accumulated Deficit			Total

Balances, December 31, 2018		4,821,641	$	482	$	18,996,517		$	(21,721,222	)	$	(2,724,223	)
Common stock issued for services		1,875		-		26,600			-			26,600
Conversion of notes payable		8,394		1		53,722			-			53,723
Net loss for the three months ended March 31, 2019		-		-		-			(458,570	)		(458,570	)
Balances, March 31, 2019 (unaudited)		4,831,910	$	483	$	19,076,839		$	(22,179,792	)	$	(3,102,470	)
Conversion of Note payable		28,907		3		184,997			-			185,000
Net loss for the three months ended June 30, 2019		-		-		-			(241,552	)		(241,552	)
Balances, June 30, 2019 (unaudited)		4,860,817	$	486	$	19,261,836		$	(22,421,344	)	$	(3,159,022	)
Common stock issued for services		1,562		-		15,000			-			15,000
Common stock issued for settlement		-		-		93,750			-			93,750
Net loss for the three months ended 30, 2019		-		-		-			(710,334	)		(710,334	)
Balances. September 20, 2019 (unaudited)		4,862,379	$	486	$	19,370,586		$	(23,131,678	)	$	(3,760,606	)


Balances, December 31, 2019		4,884,879	$	489	$	20,174,682		$	(23,888,766	)	$	(3,713,595	)
Common stock issued to directors and employees		40,569		4		303,459			-			303,463
Common stock issued for services		5,001		-		38,000			-			38,000
Stock options issued to directors and employees as compensation		-		-		381,475			-			381,475
Net Loss for the three months ended March 31, 2020		-		-		-			(1,444,392	)		(1,444,392	)
Balances, March 31, 2020 (unaudited)		4,930,449	$	493	$	20,897,616		$	(25,333,158	)	$	(4,435,049	)
Common stock issued to directors and employees		3,437		-		42,509			-			42,509
Common stock issued for services		3,750		1		22,799			-			22,800
Stock options issued to directors and employees as compensation		-		-		214,915						214,915
Discount on convertible notes		-		-		1,879,542			-			1,879,542
Rounding shares as the result of reverse stock split		24		-		-			-			-
Net loss for the three months ended June 30, 2020		-		-		-			(1,322,881	)		(1,322,881	)
Balances, June 30, 2020 (unaudited)		4,937,660	$	494	$	23,057,381		$	(26,656,039	)	$	(3,598,164	)
Common stock issued to employees and directors		12,500		1		54,702			-			54,703
Common stock issued for services		3,750		-		19,500			-			19,500
Stock options issued to directors and employees as compensation		-		-		255,797			-			255,797
Discount on convertible notes payable		-		-		1,244,363			-			1,244,363
Stock issuance costs		-		-		(106,316	)		-			(106,316	)
Net loss for the three months ended September 30, 2020		-		-		-			(1,771,827	)		(1,771,827	)
Balances, September 30, 2020 (unaudited)		4,953,910	$	495	$	24,525,427		$	(28,427,866	)	$	(3,901,944	)

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

Table of Contents

INVO BIOSCIENCE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	For the Nine			For the Nine
	Months Ended			Months Ended
	September 30,			September 30,
	2020			2019
Cash flows from operating activities:
Net loss	$	(4,539,100	)	$	(1,410,456	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Non-cash stock compensation issued for services		80,300			36,600
Non-cash stock compensation issued to employees		400,675			-
Stock to be issued for legal settlement		-			93,750
Fair value of stock options issued to employees		852,187			-
Amortization of discount on notes payable		465,525			297,058
Amortization of discount on notes payable options		59,324			-
Amortization of discount on notes payable warrants		71,430			-
Amortization of discount on notes payable issuance costs		81,764			-
Amortization of leasehold right of use asset		16,930			9,067
Depreciation and amortization		8,938			7,126
Changes in assets and liabilities:
Accounts receivable		3,859			198,878
Inventory		(140,097	)		(25,817	)
Prepaid expenses and other current assets		(22,757	)		56,871
Accounts payable and accrued expenses		84,448			20,498
Leasehold liability		(16,067	)		(8,456	)
Deferred revenue		(535,715	)		4,458,366
Accrued interest		34,870			(55,553	)
Accrued compensation		139,575			(1,566,834	)
Income taxes payable		(912	)		30,509
Net cash provided by (used in) operating activities		(2,954,823	)		2,141,607

Cash from investing activities:
Payments to acquire property, plant and equipment		(20,528	)		(64,839	)
Payments to acquire trademarks		(37,480	)		(49,867	)
Investment in joint venture		(32,674	)		-
Net cash (used in) investing activities		(90,682	)		(114,706	)

Cash from financing activities:
Proceeds from the sale of notes payable		2,998,905			-
Proceeds from notes payable		157,620			-
Principal payments on notes payable - related parties		(40,000	)		(97,743	)
Principal payment on notes payable		(295,000	)		(131,722	)
Payment of stock issuance expenses		(106,316	)		-
Net cash provided by (used in) financing activities		2,715,209			(229,465	)

Increase (decrease) in cash and cash equivalents		(330,296	)		1,797,436

Cash and cash equivalents at beginning of period		1,238,585			212,243

Cash and cash equivalents at end of period	$	908,289		$	2,009,679

Supplemental disclosure of cash flow information:

Cash paid during the period for:

Interest	$	83,134		$	84,043

Taxes	$	1,062		$	912

Leasehold right of use asset and leasehold liability upon adoption of ASU 2016-02, lease (Topic 842)	$	-		$	116,441

Common stock issued upon note payable and accrued interest conversion	$	-		$	238,723

Common stock issued for prepaid services	$	-		$	5,000

Beneficial conversion feature on convertible notes	$	1,208,163		$	-

Fair value of shares issued with debt	$	868,985		$	-

Fair value of warrants issued with debt	$	999,464		$	-

Fair value of warrants issued related to debt placement	$	47,293		$	-

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

Table of Contents

INVO BIOSCIENCE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(unaudited)

Note 1 – Basis of Presentation

The accompanying unaudited condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019, the condensed consolidated statements of operations and stockholders’ deficiency for the three and nine months ended September 30, 2020 and 2019, and condensed consolidated statement of cash flows for the nine months ended September 30, 2020 and 2019 of INVO Bioscience, Inc. (the “Company”), and the related information contained in these notes have been prepared by management and are unaudited. In the opinion of management, all adjustments (which include normal recurring and nonrecurring items) necessary to present fairly the Company’s financial position, results of operations and cash flows in conformity with generally accepted accounting principles for the periods presented have been made. Interim operating results are not necessarily indicative of operating results for a full year.

The preparation of the Company’s unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Certain information and note disclosures normally included in the Company’s annual consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31,2019 previously filed by the Company with the Securities and Exchange Commission (“SEC”) on March 30, 2020.

The Company considers events or transactions that have occurred after the unaudited condensed consolidated balance sheet date of September 30, 2020, but prior to the filing of the unaudited condensed consolidated financial statements with the SEC on this Quarterly Report on Form 10-Q, to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure, as applicable. Subsequent events have been evaluated through the date of the filing of this Quarterly Report on Form 10-Q with the SEC.

Note 2 – Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification.

The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined not to be applicable or are expected to have minimal impact on the Company’s consolidated financial position and results of operations.

Recently Adopted Accounting Pronouncements

In February 2016, FASB issued ASU 2016-02, Leases (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The adoption of the new standard did not have an impact on the Company’s consolidated financial statements.

Table of Contents

INVO BIOSCIENCE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(unaudited)

Note 3 – Going Concern

On January 14, 2019, the Company entered into a distribution agreement (the “Distribution Agreement”) with Ferring International Center S.A. (“Ferring”) which granted Ferring an exclusive licensing rights to sublicense the Company’s patented INVOcell together with the retention device for the U.S. market. Under the terms of the Distribution Agreement, Ferring made an initial cash payment to the Company of $5,000,000 upon the execution of the Ferring distribution agreement in January 2019.

For the nine months ended September 30, 2020 and 2019, the Company had net losses of $4,539,100 and $1,410,456, respectively. The Company had a working capital deficit of $510,693 as of September 30, 2020, compared to working capital of $42,330 as of December 31, 2019. As of September 30, 2020, the Company’s stockholder’s deficiency was $3,901,944 compared to $3,713,595 as of December 31, 2019 and cash used in operations was $2,954,823 for the nine months ended September 30, 2020 compared to cash provided by operations of $2,141,607 for the nine months ended September 30, 2019. Those factors raise substantial doubt about the Company’s ability to continue as a going concern.

Based on the Company’s projected cash needs, it will be dependent on generating sufficient sales, entering into new distribution agreements, or raising additional debt or equity capital to support the Company’s plans over the next 12 months.

Note 4 – Inventory

As of September 30, 2020, and December 31, 2019, the Company recorded the following inventory balances:

	September 30, 2020		December 31, 2019
Raw Materials	$	99,363	$	44,333
Work in Process		14,823		55,502
Finished Goods		127,298		1,552
Total Inventory	$	241,484	$	101,387

Note 5 – Property and Equipment

The estimated useful lives and accumulated depreciation for furniture, equipment and software are as follows as of September 30, 2020 and December 31, 2019:

	Estimated Useful Life
Manufacturing equipment	6 to 10 years
Medical equipment	10 years
Office equipment	3 to 7 years

	September 30, 2020			December 31, 2019
Manufacturing Equipment	$	132,513		$	132,513
Medical equipment		20,528			-
Office equipment		2,689			2,689
Less: Accumulated Depreciation		(49,730	)		(42,147	)
Total	$	106,000		$	93,055

During the three months ended September 30, 2020 and 2019, the Company recorded depreciation expense of $2,528 and $2,527, respectively.

During the nine months ended September 30, 2020 and 2019, the Company recorded depreciation expense of $7,583 and $3,703, respectively.

Table of Contents

INVO BIOSCIENCE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(unaudited)

Note 6 – Patents

As of September 30, 2020, and December 31, 2019, the Company recorded the following patent balances:

	September 30, 2020			December 31, 2019
Total Patents	$	77,722		$	77,722
Accumulated Amortization		(71,843	)		(70,488	)
Patent costs, net	$	5,879		$	7,234

During the three months ended September 30, 2020 and 2019, the Company recorded $452 and $1,455, respectively, in amortization expenses related to patents.

During the nine months ended September 30, 2020 and 2019, the Company recorded $1,355 and $3,423, respectively, in amortization expenses related to patents.

Estimated amortization expense as of September 30, 2020 is as follows:

Years ended December 31,
2020 – remaining three months	$	454
2021		1,809
2022		1,809
2023 and thereafter		1,807
Total	$	5,879

As of September 30, 2020, and December 31, 2019, the Company recorded the following trademarks balances:

September 30,

2020

December 31,

2019

Total Trademarks

87,347

49,867

Trademarks

87,347

49,867

The increase in the trademark assets of $37,480 was the result of additional legal fees.

The trademarks have an indefinite life, so no amortization expense is calculated. Trademarks are periodically reviewed for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recoverable. The Trademark assets were created in 2019, and no material adverse changes have occurred since their creation.

Note 7 – Leases

The Company has an operating lease for its facility, which has a remaining term of 5 years with an option to renew for three additional years. They also do not have an early termination clause included. The Company’s operating lease agreements does not contain any material restrictive covenants.

Table of Contents

INVO BIOSCIENCE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(unaudited)

As of September 30, 2020, the Company's lease components included in the consolidated balance sheet were as follows:

Lease component	Classification	September 30, 2020
Assets
ROU assets - operating lease	Other assets	$	84,953

Total ROU assets		$	84,953

Liabilities
Current operating lease liability	Current liabilities	$	22,356

Long-term operating lease liability	Other liabilities		64,436

Total lease liabilities		$	86,792

Rent expense is recognized on a straight-line basis over the life of the lease. Rent expense consists of the following:

	Nine months ended
	September 30, 2020
Operating lease costs	$	18,924
Short term lease cost		-

Total rent expense	$	18,924

Future minimum lease payments under non-cancellable leases were as follows:

	September 30, 2020
2020 - remaining three months	$	6,088
2021		24,839
2022		25,585
2023		26,352
2024		8,870
Total future minimum lease payments	$	91,734
Less: Interest		(4,942	)
Total operating lease liabilities	$	86,792

Current operating lease liability	$	22,356
Long-term operating lease liability		64,436
Total operating lease liabilities	$	86,792

Table of Contents

INVO BIOSCIENCE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(unaudited)

Note 8 – Notes Payable

Notes Payable

In August 2016, the Company converted a long-time vendor’s outstanding accounts payable balance of $131,722 into a promissory note with a three year term that accrues interest at 5% per annum. The note provided for interest-only payments on the first and second anniversaries of the note. The note was payable in full along with any outstanding accrued interest on August 9, 2019 The Note and all accrued interest were paid in full on January 25, 2019 and as of September 30, 2020, the balance is $0. The interest on this note for the nine months ended September 30, 2019 was $489.

2018 Convertible Notes Payable

In April and May 2018, the Company issued convertible notes (the “2018 Convertible Notes”) payable to investors in the aggregate principal amount of $895,000. The 2018 Convertible Notes accrued interest at the rate of 9% per annum which was payable in stock. The 2018 Convertible Notes in an aggregate principal amount of $550,000, were due on January 30, 2020, and 2018 Convertible Notes with an aggregate principal amount of $345,000 were due on March 31, 2021. The notes were convertible into shares of common stock at a price of $6.40 per share, provided, that if the Company completes a subsequent equity financing, the holders of the 2018 Convertible Notes could elect to convert the notes in shares of the Company’s common stock at a price equal to 75% of the price paid per share in such subsequent equity financing. During the fourth quarter of 2018, three note holders converted their notes with a value of $200,000 into 32,982 shares of common stock. During the nine months ended September 30, 2019, 2 note holders converted principal and accrued interest of $235,000 and $3,723, respectively, into a total of 37,301 shares of common stock.

At inception of issuance, the Company calculated a beneficial conversion feature of the 2018 Convertible Notes in the form of a discount of $895,000; In May 2020, the remaining balance of $396,044, which included the principal balance of $420,000, accrued interest of $94,419, and the conversion discount of $118,375, was repaid. As part of the extinguishment of the 2018 Convertible Notes, the Company issued 2020 Convertible Notes (as described below) to two remaining holders in the amount of $143,640. The remaining balance related to these notes was $116,693, which was comprised of a principal balance of $125,000, accrued interest of $23,318, net of the remaining discount of $31,625. In accordance with ASC 470, the extinguishment for these two holders was accounted for as a modification and no gain or loss was recorded. In May 2020, the remaining balance of $35,483, which included the principal balance of $40,000, accrued interest of $7,355, and a conversion discount of $11,872, was repaid. As of September 30, 2020, the balance of the 2018 Convertible Notes is $0.

2020 Convertible Notes Payable

From May 2020 through July 2020, the Company issued convertible notes (the “2020 Convertible Notes”) payable to investors in the aggregate principal amount of approximately $3.5 million. The 2020 Convertible Notes accrue interest at the rate of 10% per annum and are due in November, December 2021and January 2022. The Company calculated a beneficial conversion feature of approximately $1,208,163 and also incurred professional fees of approximately $371,000 related to this issuance resulting in a total discount related to these two items of approximately $1,579,163. The notes are convertible into shares of common stock at an exercise price of $5.76 per share, provided, that if the Company completes a subsequent equity financing, the holders of the 2020 Convertible Notes can elect to convert the principal and any accrued but unpaid interest on the notes into shares of the Company’s common stock at a price equal to the price per share paid in such subsequent equity financing.

In connection with the issuance of the 2020 Convertible Notes, the Company also issued 303,623 unit purchase options to purchase 303,623 units at an exercise price of $8.00 per unit, with each unit consisting of one share of common stock and one warrant to purchase common stock at an exercise price of $9.60 per share. The units and warrants are exercisable for a period of five years from the date of issuance, are subject to a downward provision if the Company issues securities at a lower price, and warrant holders have a right to require the Company to pay cash in the case of a fundamental transaction. In accordance with ASC 815, the warrants and options issued in this period were determined to require equity treatment.

In connection with the recent convertible note private placement, INVO agreed to issue to the placement agent and the selling agent five-year warrants to purchase 6,750 shares of the Company’s common stock at an exercise price of $5.76.

Table of Contents

INVO BIOSCIENCE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(unaudited)

Of the $3.5 million in net proceeds received in the offering at September 30, 2020, $2.2 million was allocated to the unit purchase options issued to investors based on their relative fair value. This amount represented a discount on the debt and additional paid-in-capital at the date of issuance.

Principal balances of the 2020 Convertible Notes were as follows:

	September 30, 2020			December 31, 2019

2020 Convertible Notes		3,494,840			-
Accrued interest		120,939			-
Less beneficial conversion feature discount		(934,769	)		-
Less options discount		(809,649	)		-
Less warrants discount		(974,669	)		-

Less issuance cost		(289,171	)		-
Total, net of discount	$	607,521		$	-

Interest expense on the 2020 Convertible Note was $89,158 and $0 for the three months ended September 30, 2020 and 2019, respectively. In addition, $120,939 and $0 of interest expense was recorded in the nine months ended September 30, 2020 and 2019, respectively.

Amortization of options discount on the 2020 Convertible note was $43,769 and $0 for the three months ended September 30, 2020 and 2019, respectively. In addition, $59,334 and $0 of amortization expense was recorded in the nine months ended September 30, 2020 and 2019, respectively.

Amortization of warrant discount on the 2020 Convertible Note was $52,688 and $0 for the three months ended September 30, 2020 and 2019, respectively. In addition, $71,430 and $0 of amortization expense was recorded in the nine months ended September 30, 2020 and 2019, respectively.

Amortization of beneficial conversion feature on the 2020 Convertible Note was $257,455 and $0 for the three months ended September 30, 2020 and 2019, respectively. In addition, $274,064 and $0 of amortization expense was recorded in the nine months ended September 30, 2020 and 2019, respectively.

Amortization of issuance costs on the 2020 Convertible Note was $61,187 and $0 for the three months ended September 30, 2020 and 2019, respectively. In addition, $81,764 and $0 of amortization expense was recorded in the nine months ended September 30, 2020 and 2019, respectively.

On July 1, 2020, the Company received a loan in the principal amount of $157,620 relating to the U.S. Small Business Administration’s Paycheck Protection Program. The loan will mature 18 months from the date of funding is payable over 18 equal monthly installments, and bears interest at a rate of 1% per annum. The loan is forgivable up to 100% of the principal balance based upon satisfaction of certain criteria under the Paycheck Protection Program.

Table of Contents

INVO BIOSCIENCE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2019

(unaudited)

Note 9 – Notes Payable and Other Related Party Transactions

In April 2011, the Company issued a new short-term convertible note (“Q211 Note”) payable to James Bowdring in the amount of $50,000. The Note carries a 10% interest rate. The Company paid $25,000 of the Note in 2011 in cash. The Q211 Note is convertible into Common Stock of the Company at a conversion price of $0.96 per share, subject to adjustments. During the three and nine months ended September 30, 2019, the Company accrued interest in the amount of $597 and $1,836 on the Q211 Note, respectively.

In November 2011, the Company issued a new convertible note (“Q411 Note”) payable to James Bowdring in the amount of $10,000. The Q411 Note carries a 10% interest rate. The Q411 Note was converted into common stock of the Company at a conversion price of $0.32 per share, subject to adjustments. During the three and nine months ended September 30, 2019, the Company accrued interest in the amount of $253 and $749 on the Q411 Note, respectively.

The foregoing notes had maturity dates thirty days subsequent to the dates of issuance. Interest was calculated at 10% per annum, compounded based on a 360-day year. Investors had the option to convert any unpaid principal and accrued interest into shares of Company’s common stock original conversion prices of $.96 and $.32, respectively, subject to adjustments upon the Company’s issuances of stock at prices less than the original conversion prices during the 24-months after issuance of each note (i.e. currently $0.21).

On August 7, 2019, the Company sent James Bowdring, a related party, a check in the amount of $65,197 as full payment of the foregoing promissory notes. On August 8, 2019, Mr. Bowdring’s legal counsel returned this check with a letter stating that the check did not properly account for the compound interest identified in such notes. In addition, the letter stated Mr. Bowdring’s desire to convert these promissory notes into shares of the Company’s common stock in lieu of any cash payment. The Company does not believe that Mr. Bowdring has the right to convert such notes upon receiving payment of such notes and intends to vigorously contest any conversion of these notes.

In May 2018, James Bowdring and his children participated in the “2018 Convertible Notes” offerings in the aggregate principal amount of $40,000. The 2018 Convertible Notes accrue interest at the rate of 9% per annum which is paid in stock. These Notes are due on March 31, 2021. The notes are convertible into shares of common stock at a price of $6.40 per share, provided, that if the Company completes a subsequent equity financing, the holders of the 2018 Convertible Notes can elect to convert the notes in shares of the Company’s common stock at a price equal to 75% of the price paid per share in such subsequent equity financing. During the three months ending September 30, 2020 and 2019, $0 and $907 of interest was accrued, respectively. In addition, $1,380 and $2,692 of interest was accrued in the nine months ended September 30, 2020 and 2019, respectively.

In May 2018, the Company sold 4,687 shares of common stock at a price of $6.40 per share for proceeds of $30,000 to Charles Mulrey and family, the brother-in-law of Robert J. Bowdring, Director & Acting Chief Financial Officer as part of the recent financing.

During the second quarter of 2018, INVO Bioscience settled a commitment it had with one of its Directors, Dr. Kevin Doody for the services he and his team performed prior to and following INVOcell’s FDA clearance related to clinical guidance and support. The Company issued him 93,750 common shares of stock with a fair value of $1,530,000.

The Company previously rented its corporate office from Forty Four Realty Trust which is owned by James Bowdring, the brother of former Director and former Interim CFO, Robert Bowdring from November 2012 through May 2019 when the Company relocated to a new facility. It was a month to month rental arrangement for less than the going fair market real estate rental rate. The rent expense paid for the nine months ended September 30, 2020 and 2019 was $0 and $1,800 respectively. In addition, the Company had purchased stationary supplies and marketing items at discounted rates from Superior Printing & Promotions which is also owned by James Bowdring and is in the same building as the Company’s former corporate office. INVO Bioscience spent $0 and $2,134 with Superior during the three months ended September 30, 2020 and 2019, respectively, spent $0 and $8,168 during the nine months ended September 30, 2020 and 2019, respectively.

Table of Contents

INVO BIOSCIENCE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(unaudited)

Principal balances of the related party loans were as follows:

	September 30, 2020		December 31, 2019

James Bowdring Family – 2018 Convertible Notes		-		45,975
Less discount		-		(17,151	)
Total, net of discount	$	-	$	28,824

Interest expense on related party loans was $0 and $1,271 for the three months ended September 30, 2020 and 2019, respectively. In addition, $1,380 and $4,792 of interest expense was recorded in the nine months ended September 30, 2020 and 2019, respectively.

Accounts payable and accrued liabilities balances include accrued directors fees, expenses reports for management and employees for expenses they paid for personally related to travel or normal business expenses.

	September 30,		December 31,
	2020		2019
Accounts payable and accrued liabilities	$	5,756	$	13,018

Note 10 – Stockholders’ Equity

Reverse Stock Split

On December 16, 2019, the Company’s stockholders approved a reverse stock split at a ratio of between 1-for 5 and 1-for-25, with discretion for the exact ratio to be approved by the Company’s board of directors. On February 19, 2020, the Company’s board of directors approved a reverse stock split of the Company’s common stock at a ratio of 1-for-20. On May 21, 2020, the Company filed a certificate of change (with an effective date of May 26, 2020) with the Nevada Secretary of State pursuant to Nevada Revised Statutes 78.209 to effectuate a 1-for-20 reverse stock split of its outstanding common stock. The reverse split took effect at the open of business on May 26, 2020.

On October 22, 2020 the Company’s board of directors approved a reverse stock split of the Company’s common stock at a ratio of 5-for-8 and also approved a proportionate decrease in the Company’s authorized common stock to 125,000,000 shares from 200,000,000. Pursuant to Nevada Revised Statutes, a company may effect a reverse split without stockholder approval if both the number of authorized shares of common stock and the number of outstanding shares of common stock are proportionally reduced as a result of the reverse split, the reverse split does not adversely affect any other class of stock of the company, and the company does not pay money or issue scrip to stockholders who would otherwise be entitled to receive a fractional share as a result of the reverse split. On November 5, 2020, the Company filed a certificate of change (with an effective date of November 9, 2020) with the Nevada Secretary of State pursuant to Nevada Revised Statutes 78.209 to effectuate a 5-for-8 reverse stock split of its outstanding common stock. On November 6 , 2020, the Company received notice from FINRA/OTC Corporate Actions that the reverse split would take effect at the open of business on November 9, 2020 and the reverse stock split took effect on that date.

During the three months ended September 30, 2020 we incurred $106,316 of offering costs related to issuance of common stock.

Nine Months Ended September 30, 2020

In January 2020, the Company issued 31,250 shares of common stock under its 2019 Stock Incentive Plan with a fair value of $221,400 to an officer.

In February 2020, the Company issued 3,125 shares of common stock under its 2019 Stock Incentive Plan with a fair value of $24,750 to an employee of which $14,438 was amortized in the nine months ended September 30, 2020.

In February 2020, the Company issued 3,098 shares of common stock under its 2019 Stock Incentive Plan with a fair value of $25,000 to a board member.

Table of Contents

INVO BIOSCIENCE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(unaudited)

In February 2020, the Company issued 3,098 shares of common stock under its 2019 Stock Incentive Plan with a fair value of $25,000 to a board member.

In February 2020, the Company issued 1,875 shares of common stock under its 2019 Stock Incentive Plan with a fair value of $15,000 for services.

In February 2020, pursuant to Section 4(a)(2) of the Securities Act of 1933 as amended (the “Securities Act”), the Company issued 1,563 shares of common stock with a fair value of $11,500 in consideration of consulting services rendered. The Company did not receive any proceeds from the issuance.

In March 2020, pursuant to Section 4(a)(2) of the Securities Act, the Company issued 1,563 shares of common stock with a fair value of $11,500 in consideration of consulting services rendered. The Company did not receive any proceeds from the issuance.

In May 2020, pursuant to Section 3(a)(9) of the Securities Act, the Company issued 24 shares of common stock as the result of the rounding on the reverse stock split. The Company did not receive any proceeds from the issuance.

In May 2020, the Company issued 3,438 shares of common stock under its 2019 Stock Incentive Plan with a fair value of $25,930 to an employee of which $12,804 was amortized in the nine months ended September 30, 2020.

In June 2020, pursuant to Section 4(a)(2) of the Securities Act, the Company issued 3,750 shares of common stock with a fair value of $22,800 in consideration of consulting services rendered. The Company did not receive any proceeds from the issuance.

In August 2020, the Company issued 12,500 shares of restricted stock under its 2019 Stock Incentive Plan with a fair value of $72,200 to an employee of which $12,032 was amortized in the nine months ended September 30, 2020.

In August 2020, pursuant to Section 4(a)(2) of the Securities Act, the Company issued 3,750 shares of common stock with a fair value of $19,500 in consideration of consulting services rendered. The Company did not receive any proceeds from the issuance.

Nine Months Ended September 30, 2019

In January 2019, pursuant to Section 4(a)(2) of the Securities Act, the Company issued 1,875 shares of common stock with a fair value of $26,600 to service providers.

In February 2019, pursuant to Section 4(a)(2) of the Securities Act, the Company issued 8,394 shares of common stock for conversion of notes payable and accrued interest in the amount of $53,723.

In April 2019, pursuant to Section 4(a)(2) of the Securities Act, the Company issued 25,000 shares of common stock for conversion of notes payable in the amount of $160,000.

In May 2019, pursuant to Section 4(a)(2) of the Securities Act, the Company issued 3,907 shares of common stock for conversion of notes payable in the amount of $25,000.

In August 2019, pursuant to Section 4(a)(2) of the Securities Act, the Company issued 1,562 shares of common stock with a fair value of $15,000 to service providers.

Table of Contents

INVO BIOSCIENCE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(unaudited)

Note 11 – Stock Options and Warrants

Equity Incentive Plans

In October 2019, the Company adopted its 2019 Stock Incentive Plan (the "2019 Plan"). Under the 2019 Plan, the Company’s Board of Directors is authorized to grant both incentive and non-statutory stock options to purchase common stock and restricted stock awards to its employees, directors, and consultants. The 2019 Plan initially provided for the issuance of 500,000 shares. However, in January 2020, under the terms of the plan, the number of available shares issuable increased to 793,093 shares as the aggregate number of shares under the Plan automatically increases on January 1st of each year, in an amount equal to six percent (6%) of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year.

Options generally have a life of 3 to 10 years and exercise price equal to or greater than the fair market value of the Common Stock as determined by the Company’s Board of Directors.

Vesting for employees typically occurs over a three-year period or based on performance objective.

The following table sets forth the activity of the options to purchase common stock under the 2019 Plan. The prices represent the closing price of the Company’s Common Stock on the OTCQB Market on the respective dates.

	Options Outstanding								Options Exercisable
	Number of Shares		Price per Share Range		Weighted Average Exercise Price		Aggregate Intrinsic Value (1)		Number of Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value (1)
Balance at December 31, 2019		260,018	$	8.16-9.25	$	8.41	$	-		11,256	$	8.16	$	-
Forfeited		-	$	-	$	-		-		-		-		-
Vested		-		-		-		-		140,399		6.48		-
Exercised		-	$	-	$	-		-		-		-		-
Granted		328,303	$	5.76-8.32	$	6.47		-		-		-		-
Balance at September 30, 2020		588,321	$	5.76-9.25	$	7.32	$	-		151,655	$	7.16	$	-

(1)	The intrinsic value of an option represents the amount by which the market value of the stock exceeds the exercise price of the option of in-the-money options only.

The fair value of each option granted is estimated as of the grant date using the Black-Scholes option pricing model with the following assumptions:

	Nine Months ended September 30,
	2020			2019
Risk-free interest rate range		0.48 to 1.65	%		-	%
Expected life of option-years		5.20 to 5.77			-
Expected stock price volatility		110.8 to 128.0	%		-	%
Expected dividend yield		-	%		-	%

Table of Contents

INVO BIOSCIENCE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(unaudited)

The risk-free interest rate is based on U.S. Treasury interest rates, the terms of which are consistent with the expected life of the stock options. Expected volatility is based upon the average historical volatility of the Company’s common stock over the period commensurate with the expected term of the related instrument. The expected life and estimated post-employment termination behavior is based upon historical experience of homogeneous groups, executives and non-executives, within the Company. The Company does not currently pay dividends on its common stock nor does it expect to do so in the foreseeable future.

			Options Outstanding						Options Exercisable
	Range of Exercise Prices		Options Outstanding		Weighted Average Remaining Life in Years		Weighted Average Exercise Price		Options Exercisable		Weighted Average Exercise Price of Options Exercisable
Year ended December 31, 2019	$	8.16-9.25		260,018		2.6	$	8.41		11,256	$	8.16
Nine Months ended September 30, 2020	$	5.76-9.25		588,321		3.7	$	7.32		151,655	$	7.16

Total Intrinsic Value of

Options Exercised

Total Fair Value of

Options Vested

Year ended December 21, 2019

69,787

Nine months ended September 30, 2020

910,444

For the nine months ended September 30, 2020, the weighted average grant date fair value of options granted was $5.44 per share. The Company estimates the fair value of options at the grant date using the Black-Scholes model. For all stock options granted through September 30, 2020, the weighted average remaining service period is 3.7 years.

The Company recognized $259,547 and $0 in stock-based compensation expense, which is recorded in selling, general and administrative expenses on the consolidated statement of operations for the three months ended September 30, 2020 and 2019, respectively. In addition, the Company recognized $852,187 and $0 in stock-based compensation expense, which is recorded in selling, general and administrative expenses on the consolidated statement of operations for the nine months ended September 30, 2020 and 2019, respectively. Unamortized stock option expense at September 30, 2020 that will be amortized over the weighted-average remaining service period totaled $2,107,857.

Restricted Stock and Restricted Stock Units

In the nine months ended September 30, 2020, the Company issued 90,412 shares of restricted stock, to certain employees and directors. Shares issued to employees and directors are generally either vest at grant or vest over a period of one year from grant. In the nine months ended September 30, 2020, 50,871 shares of restricted stock vested.

The following table summarizes the Company’s aggregate restricted stock awards and restricted stock unit activity during the nine months ended September 30, 2020:

	Number of Unvested Shares			Weighted Average Grant Date Fair Value		Aggregate Value of Unvested Shares

Balance at December 31, 2019		10,417		$	9.60	$	100,000
Granted		56,509		$	6.98	$	394,280
Vested		(50,871	)	$	7.63	$	(388,173	)
Forfeitures		(-	)	$	-	$	(-	)
Balance at September 30, 2020		16,055		$	6.61	$	106,107

Table of Contents

INVO BIOSCIENCE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(unaudited)

The Company recognized $67,202 and $388,173 in stock-based compensation expense for the three and nine months ended September 30, 2020, respectively. It will recognize $106,107 over the remaining requisite service period. Stock-based compensation expense is recorded in selling, general and administrative expenses on the consolidated statement of operations

In October 2019, the Company issued 12,500 shares of common stock under its 2019 Stock Incentive Plan with a fair value of $120,000 to an officer, of which $90,000 was amortized in the nine months ended September 30, 2020.

Warrants

In connection with the issuance of the 2020 Convertible Notes, the Company also issued 310,373 unit purchase options to purchase 310,373 units at an exercise price of $8.00 per unit, with each unit consisting of one share of common, and a warrant to purchase one share of common stock at an exercise price of $9.60 per share. The units and warrants are exercisable for a period of five years from the date of issuance and are subject to a downward provision if the Company issues securities at a lower price. Warrant holders have a right to require the Company to pay cash in the event of a fundamental transaction. In accordance with ASC 815, the warrants and options issued in this period were determined to require equity treatment and $868,973 related to the options and $998,818 related to warrants was recorded in equity in the nine months ended September 30, 2020.

In connection with the issuance of the 2020 Convertible Notes, the Company agreed to issue the placement agent and the selling agent five-year warrants to purchase 6,750 shares of the Company’s common stock at an exercise price of $5.76. In the nine months ended September 30, 2020, $47,293 was recorded in equity related to these warrants.

A Monte Carlo model was used because the investor warrants and options contain fundamental transaction payouts and reset events that cannot be modeled with a Black Scholes model.

The fair value of the options and warrants issued to the convertible debt holders is estimated as of the issue date using a Monte Carlo model with the following assumptions:

	Nine Months ended September 30,
	2020			2019
Risk-free interest rate range		0.33% - 0.39	%		-	%
Stock Price	$3.00 - $3.95				-	%
Expected life of warrants and option (years)		5.00			-	%
Expected stock price volatility		108.2% - 112.5	%		-	%
Expected dividend yield		0	%		-	%

The risk-free interest rate is based on U.S. Treasury interest rates, the terms of which are consistent with the expected life of the stock options and warrants. Expected volatility is based upon the historical volatility of the Company’s common stock over the period commensurate with the expected term of the related instrument. The options and warrants are valued assuming projected reset events adjusting the exercise price and a forced exercise upon a projected fundamental transaction by management. The options and warrants early exercise are modeled assuming registration after 180 days. We do not currently pay dividends on our common stock nor do we expect to in the foreseeable future.

Table of Contents

INVO BIOSCIENCE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(unaudited)

Note 12 – Income Taxes

The Company uses the asset and liability method to account for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. If a carryforward exists, the Company makes a determination as to whether the carryforward will be utilized in the future. Currently, a valuation allowance is established for all DTA’s and carryforwards as their recoverability is deemed to be uncertain. If the Company’s expectations for future operating results at the federal or at the state jurisdiction level vary from actual results due to changes in healthcare regulations, general economic conditions, or other factors, it may need to adjust the valuation allowance, for all or a portion of the Company’s deferred tax assets. The Company’s income tax expense in future periods will be reduced or increased to the extent of offsetting decreases or increases, respectively, in the Company’s valuation allowance in the period when the change in circumstances occurs. These changes could have a significant impact on the Company’s future earnings.

Income tax expense was $0 and $30,509 for the nine months ended September 30, 2020 and 2019. The annual forecasted effective income tax rate for 2020 is 0% with a year-to-date effective income tax rate for the three and nine months ended September 30, 2020 respectively of 0%.

Note 13 – Commitments and Contingencies

A)	Litigation

INVO Bioscience, Inc. v. James Bowdring

On August 7, 2019, the Company sent James Bowdring, the brother of the Company’s then Chief Financial Officer, a check in the amount of $65,197 as full and final payment under those certain promissory notes dated April 8, 2011 and November 9, 2011. On August 8, 2019, Mr. Bowdring’s legal counsel returned the check. A basis for returning the check was a claim that the interest due under the Notes called for compounded interest and not per annum interest. In addition, the letter rejecting the tender of the payment in full check alleged Mr. Bowdring was considering a future intention to convert his Promissory Notes into shares of the Company’s common stock. Mr. Bowdring, through his counsel, indicated that such future intention to convert the Notes to common stock were contingent upon Mr. Bowdring addressing certain personal issues which were not disclosed by his counsel in the correspondence returning the checks. The Company does not believe that Mr. Bowdring has the right to seek conversion of the Notes once payment for the Notes has been tendered. In order to resolve the issue of the Company’s tender of payment in full versus Mr. Bowdring’s assertion that he can reject tender and seek conversion, the Company has filed an action in the Suffolk Superior Court in Boston on September 3, 2019 seeking Declaratory Judgment and Judgment for Breach of Contract. On September 30, 2019, Mr. Bowdring filed an answer and counterclaim under which he alleged breach of contract, fraud, promissory estoppel, unfair and deceptive practices and constructive trust. Mr. Bowdring is seeking receipt of all shares due under the adjusted conversion price.

The 10% Senior Secured Convertible Promissory Notes were issued on April 8, 2011 and November 9, 2011, with maturity dates thirty days subsequent to the dates of issuance. Interest was calculated at 10% per annum, compounded based on a 360-day year. Investors had the option to convert any unpaid principal and accrued interest into shares of Company’s common stock original conversion prices of $0.96 and $0.32, respectively, subject to adjustments upon the Company’s issuances of stock at prices less than the original conversion prices during the 24-months after issuance of each note (i.e. currently $0.2100).

The Company does not currently expect the above matter to have a material adverse effect upon either the Company’s results of operations, financial position, or cash flows.

Table of Contents

INVO BIOSCIENCE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(unaudited)

B)	Employee Agreements

On October 10, 2019, the Company entered into an agreement with its CEO, Steve Shum. The Company agreed to pay Mr. Shum an annual salary of $260,000. In addition, Mr. Shum is eligible to earn bonus compensation of up to $75,000 bonus upon a successful up-listing to the NASDAQ exchange. All other bonus amounts will be determined by the Board of Directors, in their sole discretion. In addition to his base salary and performance bonus, the Company granted Mr. Shum: (i) 12,500 shares of common stock and (ii) a three-year option to purchase 202,599 shares of common stock at an exercise price of $8.16 per share. These options will vest monthly over a 3-year period.

On January 15, 2020, the Company entered into an employment agreement (the “Employment Agreement”) with Michael Campbell to continue serving as the Company’s Chief Operating Officer and Vice President of Business Development, a position he has held since February 2019. Mr. Campbell’s compensation will consist of an annual base salary of $220,000, and a target annual incentive bonus of up to 50% of his base salary if the Company achieves goals and objectives determined by the board of directors.

In connection with the Employment Agreement, on January 17, 2020, the Company granted Mr. Campbell 31,250 shares of Company common stock, and an option to purchase 125,000 shares of Company common stock (the “Option”) at an exercise price of $6.84 per share. One quarter of the Option vested upon grant, and the remainder vests in monthly increments over a period of two years from the date of grant.

The Company has entered into a consulting agreement with Shine Management, Inc. through which it is receiving outsourced accounting and the support of its acting CFO, Debra Hoopes. Debra is the CFO and Chief Administrative Officer of Shine Management, Inc. and Management Services Company in Charlottesville, VA.

Note 14 – Contracts with Customers

The Company has adopted ASC 606, Revenue from Contracts with Customers effective January 1, 2018 using the modified retrospective method applied to those contracts which were not substantially completed as of January 1, 2018. These standards provide guidance on recognizing revenue, including a five-step model to determine when revenue recognition is appropriate. The standard requires that an entity recognize revenue to depict the transfer of control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenues for 2018 are reported under ASC 606, while prior period amounts are not adjusted and continue to be reported under ASC 605, Revenue Recognition.

Revenues for products, including: INVOcell®, INVO TM Retention System, and INVO Microscope Holding Block are typically recognized at the time the product is shipped, at which time the title passes to the customer, and there are no further performance obligations. Revenues from consignment are recognized when the medical device is shipped from the Consignor to the customer.

In January 2019, the Company announced a U.S. license and distribution agreement with Ferring International Center S.A. (“Ferring”) and as a result took a significant step to strengthen the Company that the Company believes will allow it to implement its overall business plan. The Company believes that this strategic partnership with a strong reproductive organization such as Ferring Pharmaceuticals will provide it with the necessary sales and marketing resources within the United States to expand the market and help reach all of those couples not receiving reproductive treatments today. The agreement calls for the issuance of an initial upfront payment of $5,000,000 which the Company received upon the signing of the agreement and then subsequent licensing fee payment of $3,000,000 that will provide the Company with a source of non-dilutive financing to execute the Company’s plan. Under the terms of the agreement the Company can pursue developing international markets and as well as partnering and opening INVO-only reproductive centers within the U.S. market. The Company believes this major milestone and agreement is a critical step that allows the Company to implement its mission of expanding access to care in the fertility marketplace. The initial upfront payment of $5,000,000 which the Company received upon the signing of the agreement is being recognized to income over the 7 year term.

Table of Contents

INVO BIOSCIENCE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(unaudited)

Under the terms of the Distribution Agreement, Ferring completed its obligation to make an initial payment to the Company of $5,000,000 upon completion of the required closing conditions, including executed agreements from all current manufacturers of the licensed product that upon a material supply default by the Company, Ferring can assume a direct purchase relationship with such manufacturers. Ferring is obligated to make a second payment to the Company of $3,000,000 provided that the Company is successful in obtaining a five day label enhancement from the FDA for the current incubation period for the licensed product at least three (3) years prior to the expiration of the term of the license for the licensed product and provided further that Ferring has not previously exercised its right to terminate the Distribution Agreement for convenience. In addition, the Company entered into a separate Distribution Agreement. The Distribution Agreement has an initial term expiring on December 31, 2025 and at the end of the initial term it may be terminated by the Company if Ferring fails to generate specified minimum revenues to the Company from the sale of the licensed product during the final two years of the initial term.

The Ferring license was deemed to be a functional license that provide customers with a “right to access” to the Company’s intellectual property during the subscription period and, accordingly, revenue is recognized over a period of time, which is generally the subscription period. During the three months and nine months ended September 30, 2020, the Company recognized $178,572 and $357,143, respectively, related to the Ferring license agreement.

As of September 30, 2020, and December 31, 2019, the Company had deferred revenues of $3,750,000 and $4,285,715, respectively.

On September 20, 2019, the Company entered into an exclusive distribution agreement with Quality Medicines, Cosmetics & Medical Equipment Import for the territories of Sudan, Uganda and Ethiopia. This distribution agreement has a term of one year and may be extended by mutual agreement and is based on wholesale prices. Quality Medicines is required to register the Company’s product in each of these countries. We expect to renew or extend this agreement for another year.

On September 11, 2019, the Company entered into an exclusive distribution agreement with G-Systems Limited registered in Nigeria. In the territories of Nigeria. This distribution agreement has a term of one year and may be extended by mutual agreement and is based on wholesale prices. G-Systems is required to register the Company’s product in Nigeria. We expect to renew or extend this agreement for another year.

On November 12, 2019, the Company announced that it had entered into exclusive distribution agreements with Biovate a Jordanian company for the territory of Jordan and Orcan Medical for the territory of Turkey. This agreement has a term of one year with extensions by mutual agreement. Safadi Drugstore is required to register the Company’s product in Jordan. We expect to renew or extend this agreement for another year.

On January 16, 2020, the Company announced a Joint Venture agreement for the India market. Under terms of the agreement, The Company and its partner, Medesole Healthcare and Trading Pvt Ltd, will each own 50% of the joint venture. The Company provides the device, training and general technology support to the joint venture, while Medesole will be responsible for the operations of the INVOcell clinics in India. Both partners will equally invest in start-up and capital expenditures and share in the revenue and profits of the joint venture. The business model allows the Company to benefit not only from the sale of the device, but from the delivery of the entire solution. The Company believes this JV structure is an attractive new model for us, and one in which the Company may replicate in other select parts of the world. As of September 30, 2020 the final JV setup had not yet been completed.

Sources of Revenue

The Company has identified the following revenues disaggregated by revenue source:

Domestic Physicians – direct sales of products concluded in January 2019

Domestic Distributor - sales to Ferring who then sells to physicians

Domestic Licensing fee

International Distributors – direct sales of products.

Table of Contents

INVO BIOSCIENCE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(unaudited)

For the nine months ended September 30, 2020 and 2019 the source of revenue was derived from:

	September 30, 2020		September 30, 2019
Domestic Product revenue	$	305,000	$	615,927

Domestic licensing fee		535,714		535,714

Total revenue	$	840,714	$	1,151,641

The Company’s revenue is highly concentrated as 100 percent of revenue is currently derived from the Company’s agreement with Ferring.

Contract Balances

The Company incurs agreement obligations on general customer purchase orders and e-mails that have been accepted but unfulfilled. Due to the short duration of time between order acceptance and delivery of the related product, the Company has determined that the balance related to these obligations is generally immaterial at any point in time. The Company monitors the value of orders accepted but unfulfilled at the close of each reporting period to determine if disclosure is appropriate.

Warranty

The Company’s general product warranties do not extend beyond an assurance that the product delivered will be consistent with stated specifications and do not include separate performance obligations.

Commissions and Contract Costs

The Company does not use or offer sales commissions of any type at this time. The Company generally does not incur incremental charges associated with securing agreements with customers which would require capitalization and recovery over the life of the agreement.

Practical Expedients

The Company’s payment terms for sales direct to customers and distributors are substantially less than the one-year collection period that falls within the practical expedient in determination of whether a significant financing component exists.

Shipping and Handling Charges

Fees charged to customers for shipping and handling of products are included as an offset to the costs for shipping and handling of products included as a component of cost of products.

Taxes Collected from Customers

As the Company’s products are used in another service and are exempt, the Company does not collect taxes. If the Company were to collect taxes, they would be assessed on the value of transaction revenue and would be excluded from product revenues and cost of sales and would be accrued in current liabilities until remitted to governmental authorities.

Effective Date and Transition Disclosures

Adoption of the new standards did not have a material impact on the Company’s consolidated financial statements and is not expected to have a material impact in future periods.

Table of Contents

INVO BIOSCIENCE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(unaudited)

Note 15 – Investment in Joint Ventures

Effective September 24, 2020, the Company’s wholly owned subsidiary, INVO Centers, LLC a Delaware limited liability company (“INVO Centers”) entered into a Pre-Incorporation and Shareholders Agreement (the “Agreement”) with Francisco Arredondo, MD PLLC (“Arredondo”) and Security Health LLC, a Texas limited liability company (“Ramirez” together with INVO and Arredondo, the “Shareholders”) under which INVO Centers, Arredondo and Ramirez intend to commercialize the INVO IVC procedure and offer related medical treatments in Mexico (the Business”) and to further become shareholders in a Mexican company to be incorporated in Mexico (the “Mexico Company”) for purposes of operating the Business. For the nine months ended September 30, 2020 the Company has invested $23,517 in this joint venture.

The Mexico Company, which will be named Positib Fertility, S.A. de C.V, is to be established within three weeks of executing the Agreement, with each of INVO Centers, Arredondo and Ramirez to be equal shareholders (1/3 each). The Mexico Company will acquire exclusively from INVO Bioscience, Inc. the INVOcell product to be used by the Mexico Company to render its services at cost plus any uncured shipping, customs and related fees. The joint venture partners have begun the process to identify key personnel, started the build out, and have requested approval from Cofepris (the Mexico Ministry of Health). The Company believes that, the earliest possible operational timeframe for the joint venture is second quarter of 2021.

The Shareholders agree that the Mexico Company will operate in Monterrey Nuevo Leon, Mexico and any other cities and places in Mexico as approved by the Mexico Company board of directors and Shareholders. In addition, the Shareholders agree that the Mexico Company will be the exclusive distributor of INVO Bioscience, Inc. and affiliates with respect to the INVO Products in Mexico and the Shareholders agree not to compete directly or indirectly with the Mexico Company in Mexico. Each Shareholder agreed to certain restrictions on transfer of its equity in the Mexico Company and afforded the other Shareholders a right of first refusal prior to any transfer.

In addition, the Company has invested $9,157 in joint ventures the Company is currently exploring.

Note 16 – Subsequent Events

The Company issued 109 rounding shares in conjunction with the reverse stock split of the Company’s common stock at a ratio of 5-for-8.

On November 12, 2020, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Roth Capital Partners, LLC, as representative of the several underwriters (the “Underwriters”), in connection with the Company’s public offering (the “Offering”) of 3,625,000 shares (the “Firm Shares”) of the Company’s common stock, $0.0001 par value per share (the “Common Stock”), at a public offering price of $3.20 per share. Under the terms of the Underwriting Agreement, the Company granted the Underwriters an option, exercisable for 45 days, to purchase up to an additional 543,750 shares of Common Stock at the public offering price, less underwriting discounts and commissions (the “Option Shares,” and together with the Firm Shares, the “Shares”).

The Company expects to close the sale of the Common Stock on November 17, 2020, subject to customary closing conditions. The net proceeds to the Company from the Offering are expected to be approximately $10.1 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company.

The Company has evaluated subsequent events through the date the financial statements were released and there were no others.

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Certain statements made in this Quarterly Report on Form 10-Q, including without limitation this Management’s Discussion and Analysis of Financial Condition and Results of Operations, other than statements of historical information, are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may sometimes be identified by such words as “may,” “will,” “expect,” “anticipate,” “believe,” “estimate” and “continue” or similar words. We believe that it is important to communicate our future expectations to investors. However, these forward-looking statements involve many risks and uncertainties including those referred to herein and in our Annual Report on Form 10-K for the year ended December 31, 2019. Our actual results could differ materially from those indicated in such forward-looking statements as a result of certain factors. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

Overview

We are a medical device company focused in the Assisted Reproductive Technology (“ART”) marketplace. Our mission is to increase access to care and expand fertility treatment and patient care across the globe. Our patented device, the INVOcell, is the first Intravaginal Culture (“IVC”) system in the world used for the natural in vivo incubation of eggs and sperm during fertilization and early embryo development. INVOcell was granted FDA clearance in the United States in November 2015, received the CE mark in October 2019, and is now positioned to help provide millions of infertile couples across the globe access to a new infertility treatment option. We believe this novel device and procedure provides a more natural, safe, effective and economical fertility treatment compared to current infertility treatments, including in-vitro fertilization (“IVF”) and intrauterine insemination (“IUI”). Unlike conventional infertility treatments such as IVF where the eggs and sperm develop into embryos in a laboratory incubator, the INVOcell utilizes the women’s vaginal cavity as an incubator to support a more natural fertilization and embryo development environment.

In both current utilization of the INVOcell and in clinical studies, the INVO Procedure has shown to have equivalent pregnancy success and live birth rates as the traditional assisted reproductive technique, IVF. Additionally, we believe there are psychological benefits of the potential mother’s participation in fertilization and early embryo development by vaginal incubation compared to that of traditional IVF treatment. INVOcell also offers to patients a more natural and personalized way to achieve pregnancy.

For many couples struggling with infertility, access to treatment is often not available. Financial challenges (cost of treatment) and limited availability (or capacity) of fertility medical care are two of the main challenges in the ART marketplace that contribute to the large percentage of untreated patients. Religious, social and cultural roadblocks can also prevent hopeful couples from realizing their dream to have a baby. We believe INVOcell can address many of the key challenges in the ART market, particularly patient cost and infrastructure capacity constraints. The many benefits to the INVO Solution include:

●	Cost: Many current clinics offering INVOcell are doing so at approximately half the cost of IVF treatment, due to: less drugs often being prescribed for INVOcell, fewer office visits needed, less laboratory time needed as incubation is occurring inside the body rather than the lab incubator.

●	Enhances Industry capacity: The INVOcell device eliminates the need for a lab incubator as well as helps reduce the overall need for lab-support resources. We believe this generally supports the ability to lower costs as well as enable a clinic to handle a higher volume of patients on average.
●	Reduces the risk of errors of wrong embryo transfers since the embryos are never separated from the woman.
●	Promotes greater involvement by couples in the treatment and conception.
●	Creates a more natural and environmentally stable incubation than traditional IVF incubation in a laboratory.

In the second quarter of 2016, the first US baby from the INVOcell and INVO procedure following FDA clearance was born in Texas.

Table of Contents

In January 2019, we entered into a Distribution & Supply Agreement with Ferring International Center S.A. (“Ferring”), pursuant to which, among other things, we granted Ferring an exclusive license in the United States (the “Territory”) with rights to sublicense under patents related to our proprietary INVOcell™ intravaginal culture device together with the retention device and any other applicable accessories (collectively, the “licensed product”) to market, promote, distribute and sell the licensed product with respect to all therapeutic, prophylactic and diagnostic uses of medical devices or pharmaceutical products involving reproductive technology (including infertility treatment) in humans (the “Field”). Ferring is responsible, at its own cost, for all commercialization activities for the licensed product in the United States. We retained a limited exception to the exclusive license granted to Ferring allowing us, subject to certain restrictions, to establish up to five clinics that will commercialize INVO cycles in the Territory. We are looking at the best approach to pursue establishing these five Company-owned INVO-only clinics. We retained all commercialization rights for the licensed product outside of the United States. We believe the strategic partnership with a strong reproductive organization such as Ferring has provided us with the necessary sales and marketing resources and overall market credibility to help execute our goal to expand the INVOcell device around the world.

On September 20, 2019, we entered into an exclusive distribution agreement with Quality Medicines, Cosmetics & Medical Equipment Import for the territories of Sudan, Uganda and Ethiopia. This distribution agreement has a term of one year and may be extended by mutual agreement and is based on wholesale prices. Quality Medicines is required to register our product in each of these countries. We expect to renew or extend this agreement for another year.

On September 11, 2019, we entered into an exclusive distribution agreement with G-Systems Limited registered in Nigeria. In the territories of Nigeria. This distribution agreement has a term of one year and may be extended by mutual agreement and is based on wholesale prices. G-Systems is required to register our product in Nigeria. We expect to renew or extend this agreement for another year.

On November 12, 2019, we announced we had entered into exclusive distribution agreements with Biovate a Jordanian company for the territory of Jordan and Orcan Medical for the territory of Turkey. This agreement has a term of one year with extensions by mutual agreement. Safadi Drugstore is required to register our product in Jordan. We expect to renew or extend this agreement for another year.

On January 16, 2020, we announced a Joint Venture agreement for the India Market. Under terms of the agreement, INVO Bioscience and our Partner, Medesole Healthcare and Trading Pvt Ltd, will each own 50% of the joint venture. We provide the device, training and general technology support to the joint venture, while Medesole will be responsible for the operations of the INVOcell clinics in India. Both partners will equally invest in start-up and capital expenditures and share in the revenue and profits of the joint venture. The business model allows INVO to benefit not only from the sale of the device, but from the delivery of the entire solution. We believe this JV structure is an attractive new model for us, and one in which we may replicate in other select parts of the world.

We operate with a core internal team and outsource certain operational functions in order to help accelerate our efforts as well as reduce fixed internal overhead needs and in-house capital equipment requirements. Our most critical management and leadership functions are carried out by our core management team. We have contracted out the manufacturing, assembly, packaging, labeling and sterilization of the device to a medical manufacturing company and to a sterilization specialist to perform the gamma sterilization process.

Historically, our most significant challenge in growing our business has been our limited resources. In prior years we had reduced this by, among other things, officers and directors foregoing salaries and fees and not engaging in certain activities in order to avoid incurring certain expenses (such as travel and marketing costs). Beginning in 2019, as a result of the Ferring agreement and upfront payment, we expanded our sales and marketing efforts and regulatory and clinical development activities. Our cash needs are primarily attributable to funding our sales and marketing efforts, strengthening our training capabilities, satisfying existing obligations, funding our clinical trial for additional product indications, building an administrative infrastructure, and costs and professional fees associated with being a public company. We currently expect our existing distribution and partnership agreements, such as that with Ferring and the other more recent agreements with non-U.S. companies, provide for increased revenue minimums and will help offset the higher level of spending.

Table of Contents

Recent Developments

On October 22, 2020, our board of directors approved a reverse stock split of our common stock at a ratio of 5-for-8 and also approved a proportionate decrease in the Company’s authorized common stock to 125,000,000 shares from 200,000,000. Pursuant to Nevada Revised Statutes, a company may effect a reverse split without stockholder approval if both the number of authorized shares of common stock and the number of outstanding shares of common stock are proportionally reduced as a result of the reverse split, the reverse split does not adversely affect any other class of stock of the company, and the company does not pay money or issue scrip to stockholders who would otherwise be entitled to receive a fractional share as a result of the reverse split, On November 5, 2020, we filed a certificate of change with the Nevada Secretary of State (with an effective date of November 9, 2020) pursuant to Nevada Revised Statutes 78.209 to (i) decrease the number of authorized shares of common stock from 200,000,000 to 125,000,000 shares and (ii) effectuate a 5-for-8 reverse stock split of the outstanding common stock. On November 6, 2020, we received notice from FINRA/OTC Corporate Actions that the reverse split would take effect at the open of business on November 9, 2020 and the reverse stock split took effect on that date

Effective September 24, 2020, our wholly owned subsidiary, INVO Centers, LLC a Delaware limited liability company (“INVO Centers”) entered into a Pre-Incorporation and Shareholders Agreement (the “Agreement”) with Francisco Arredondo, MD PLLC (“Arredondo”) and Security Health LLC, a Texas limited liability company (“Ramirez” together with INVO and Arredondo, the “Shareholders”) under which INVO Centers, Arredondo and Ramirez intend to commercialize the INVO IVC procedure and offer related medical treatments in Mexico (the Business”) and to further become shareholders in a Mexican company to be incorporated in Mexico (the “Mexico Company”) for purposes of operating the Business. For the nine months ended September 30, 2020 we have invested $23,517 in this joint venture.

The Mexico Company, which will be named Positib Fertility, S.A. de C.V, is to be established within three weeks of executing the Agreement, with each of INVO Centers, Arredondo and Ramirez to be equal shareholders (1/3 each). The Mexico Company will acquire exclusively from INVO Bioscience, Inc. the INVOcell product to be used by the Mexico Company to render its services at cost plus any uncured shipping, customs and related fees. The joint venture partners have begun the process to identify key personnel, started the build out, and have requested approval from Cofepris (the Mexico Ministry of Health). We believe, the earliest possible operational timeframe for the joint venture is the second quarter of 2021.

From May 15, 2020 through September 30 2020, we entered into definitive securities purchase agreements (“Purchase Agreements”) with accredited investors for their purchase of (i) secured convertible notes issued by us in the aggregate original principal amount of 3,494,840 (the “Notes”), and (ii) Unit Purchase Options (“Purchase Options”) to purchase 430,017 units (each, a “Unit”), at an exercise price of $6.00 per Unit (subject to adjustments), with each Unit exercisable for (A) one share of our Common Stock and (B) a 5-year warrant (the “Warrants”) to purchase one share of our common stock at an exercise price of $9.60 (subject to adjustments) (the “Private Placement”). Each purchaser of a Note will be issued a five-year Purchase Option to purchase 0.086875 Units for each dollar of Notes purchased. We received gross proceeds of approximately $3.15 million (of which $2,950,000 was received in cash and $143,640 resulted from cancellation of indebtedness). Tribal Capital Markets, LLC acted as placement agent (the “Placement Agent”) in the Private Placement. We paid the Placement Agent and certain selling agents a cash fee of 8% on a portion of the proceeds for an aggregate amount of $236,000. We also agreed to issue the Placement Agent and the selling agent 5-year warrants to purchase 6,750 shares of our common stock at an exercise price of $5.76. These warrants will have the same terms and conditions as the Warrants issued in the Private Placement, except for the different exercise price. We received approximately $3.05 million in net proceeds from the Private Placement, after deducting placement agent fees and selling agent fees payable to the Placement Agent and selling agent, respectively, and investor counsel in connection with the transaction. We used approximately $413,456, in proceeds to repay outstanding 9% promissory notes and we intend to use the remaining proceeds for working capital and general corporate purposes.

Pursuant to that certain Form of Secured Convertible Note entered into in connection with the Purchase Agreement (the “Form of Note”), interest on such Notes accrues at a rates of ten percent 10% per annum and is payable either in cash or in shares of the Company’s common stock at the conversion price in the Note on each of the six and twelve month anniversaries of the issuance date and on the maturity dates of November 15, 2021; December 22, 2021 and December 30, 2021. The Notes issued in July 2020 have a Maturity Date of January 1, 2022.

Table of Contents

All amounts due under the Notes are convertible at any time after the issuance date, in whole or in part (subject to rounding for fractional shares), at the option of the holders into our common stock at a fixed conversion price, which is subject to adjustment as summarized below. The Notes are initially convertible into our common stock at an initial fixed conversion price of $3.60 per share. This conversion price is subject to adjustment for stock splits, combinations or similar events and anti-dilution provisions, among other adjustments.

Upon any issuance by us of any of our equity securities, including Common Stock, for cash consideration, indebtedness or a combination thereof after the date hereof (a “Subsequent Equity Financing”), each holder shall have the option to convert the outstanding principal and accrued but unpaid interest of its Note into the number of fully paid and non-assessable shares of securities issued in the Subsequent Equity Financing (“Conversion Securities”) equal to the product of unpaid principal, together with the balance of unpaid and accrued interest and other amounts payable hereunder multiplied by 1.1, divided by the price per share paid by the investors for the Conversion Securities.

A Note may not be converted, and shares of common stock may not be issued under the Notes if, after giving effect to the conversion or issuance, the holder together with its affiliates would beneficially own in excess of 9.99% of our outstanding ordinary shares.

We may prepay the Notes at any time in whole or in part by paying a s sum of money equal to 100% of the principal amount to be redeemed, together with accrued and unpaid interest plus a prepayment fee equal to one percent (1%) of the principal amount to be repaid.

The Notes contain customary triggering events including but not limited to: (i) failure to make payments when due under the Notes; and (ii) bankruptcy or insolvency of the Company. If a triggering event occurs, each holder may require us to redeem all or any portion of the Notes (including all accrued and unpaid interest thereon), in cash.

The Notes are secured by the proceeds from the $3,000,000 milestone payment pursuant to Section 7.2(b) of the Distribution Agreement between the Company and Ferring, after such proceeds are actually received by us from Ferring, all pursuant to the terms of a Security Agreement entered into between us and the noteholders under the Purchase Agreement.

Critical Accounting Policies and Estimates

Our discussion and analysis of financial condition and results of operations are based upon the unaudited condensed consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles as recognized in the United States of America. The preparation of these financial statements requires that we make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and disclosure of contingent assets and liabilities. Our estimates include those related to revenue recognition, the valuation of inventory, and valuation of deferred tax assets and liabilities, useful lives of intangible assets, warranty obligations and accruals. We base our estimates on historical experience and on various other assumptions that management believes to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. For a complete description of accounting policies, see Note 1 to our financial statements included in our Form 10K for the year ended December 31, 2019. There were no significant changes in critical accounting estimates.

Table of Contents

Results of Operations

Three months ended September 30, 2020, compared to the three months ended September 30, 2019

Net Sales and Revenues

Revenue for the three months ended September 30, 2020, was $336,071 compared to $303,571 for the three months ended September 30, 2019. The increase of $32,500 or 11% was the result of an increase in product sales to Ferring. Many clinics have resumed operations since the early year lockdowns associated with COVID-19, although we believe at a more measured pace compared to pre-COVID levels. That resumption of activities aided our third quarter progress and we believe this, along with Ferring’s required annual minimums, should contribute to an even stronger fourth quarter sales figure.

Gross Margin

The gross margin reported for the three months ended September 30, 2020 was 92% or $308,673 compared to 85% or $258,645 for the three months ended September 30, 2019.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended September 30, 2020 were $1,463,887 compared to $891,008 for the three months ended September 30, 2019. The increase of $572,879 or 64% from 2020 was primarily the result of an increase in personnel expenses, stock-based compensation and other corporate expenses. Non-cash related operating expenses in the period totaled $330,548.

Research and Development Expenses

We began to fund additional research and development (“R&D”) efforts in 2020 in for our clinical trial, anticipated to occur in 2020, and additional patent filings. Excluding the investment in inventory in anticipation of clinical trials beginning in 2020 and patents, R&D expenses for 2020 were $112,552 for the three months ended September 30, 2020. During 2019 we did not fund any R&D as a result of its limited resources.

Interest Expense and Financing Fees

During the three month ended September 30, 2020 we incurred $504,061 in interest expense, compared to $47,462 in the three months period ended September 30, 2019. The increase of $456,599 or approximately 962% was primarily due to the increase in the amortization of the debt discount, debt issuance cost and interest on the 2020 Convertible Notes.

Income Taxes

Federal income tax expenses for the three months ended September 30, 2020 were $0, as compared to $30,509 for the three months ended September 30, 2019, a decrease of $30,509. The decrease is primarily due to non-recurring income tax expenses in 2019 primarily related to (i) the recognition of Ferring license fee income of $5,000,000, as well as (ii) other book-to-tax adjustments for income tax reporting purposes.

Net Loss

For the reasons stated above, we had a net loss of $1,771,827 for the three months ended September 30, 2020, compared to a net loss of $710,334 for the three months ended September 30, 2019. The increase of $1,061,493 or approximately 149%, is primarily due to an increase in operating expense, interest expenses and financing fees. Total non-cash related expenses in the period totaled $837,236, primarily associated with equity-based expensing and debt amortization.

Nine months ended September 30, 2020, compared to the nine months ended September 30, 2019

Net Sales and Revenues

Revenue for the nine months ended September 30, 2020 was $840,714, a decrease compared to $1,151,641 for the nine months ended September 30, 2019. The decrease of $310,927 or 27% was the result of reduced product sales to Ferring, due primarily to the impact of the COVID 19 pandemic in the first half of the year. A majority of clinics curtailed their fertility services, especially in connection with the general lockdowns that occurred. More recently, many of the clinics have resumed operations, albeit at a measured pace.

Table of Contents

Gross Margin

The gross margin reported for the nine months ended September 30, 2020 was 91% or $762,152 compared to 90% or $1,040,455 for the nine months ended September 30, 2019.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the nine months ended September 30, 2020 were $4,311,872, compared to $2,087,725 for the nine months ended September 30, 2019. The increase of $2,224,147 or 107% was primarily the result of an increase in personnel, stock-based compensation and other corporate expenses. Non-cash related operating expenses in the nine-month period totaled $1,334,806 compared to $133,901 in the prior 9-months.

Research and Development Expenses

We began to fund additional research and development (“R&D”) efforts in 2020 in preparation for our clinical trial, anticipated to occur in 2020, and additional patent filings. Excluding the investment in inventory for the clinical trials and patents, R&D expenses for 2020 were $177,492 for the nine months ended September 30, 2020. During 2019, we did not fund and R&D as a result of our limited resources.

Interest Expense and Financing Fees

During the nine-month period ended September 30, 2020 we incurred $811,888 in interest expense compared to $332,677 in the nine month ended September 30, 2019. The increase of $479,211 or approximately 144% primarily due to an increase in the amortization of the debt discount, debt issuance cost and interest on the 2020 Convertible Notes.

Income Taxes

Federal income tax expenses for the nine months ended September 30, 2020 were $0, as compared to $30,509 for the nine months ended September 30, 2019, a decrease of $30,509. The decrease is primarily due to non-recurring income tax expenses in 2019 primarily related to (i) the recognition of Ferring license fee income of $5,000,000, as well as (ii) other book-to-tax adjustments for income tax reporting purposes.

Net Loss

For the reasons above, we had a net loss of $4,539,100 for the nine months ended September 30, 2020 compared to a net loss of $1,410,456 for the nine months ended September 30, 2019. The increase of $3,128,644 or approximately 222% is primarily due to the increase in operating expenses, interest expenses and financing fees. Total non-cash related expenses in the nine month period totaled $2,141,082, primarily associated with equity-based expensing and debt amortization compared to $503,466 in the prior nine month period.

Liquidity and Capital Resources

Our registered independent certified public accountants have stated in their report dated March 30, 2020, filed with our Annual Report on Form 10-K for the year ended December 31, 2019 that we have suffered net losses from operations and have a net capital deficiency. These factors among others may raise substantial doubt about our ability to continue as a going concern.

Our ability to continue as a going concern is dependent on, among other things, our ability to raise additional capital and implement our business plan. Our financial statements attached do not include any adjustments that might be necessary if we are unable to continue as a going concern. We finalized our new distribution and supply agreements with Ferring on January 14, 2019 and as part of the closing process we received a $5 million one-time license payment.

To the extent additional funds are necessary to meet long-term liquidity needs as we continue to execute our business strategy, we anticipate that they will be obtained through the incurrence of additional indebtedness, additional equity financings or a combination of these potential sources of funds, although we can provide no assurance that these sources of funding will be available on reasonable terms, if at all.

Table of Contents

For the nine months ended September 30, 2020 and 2019, we had net losses of $4,539,100 and $1,410,456, respectively. The net loss in 2020 was higher than 2019 due to the increase in operating expenses and interest expenses and financing fees in the nine months ended September 30, 2020. We had working capital deficit of $510,693 in the nine months ended September 30, 2020 verses working capital as of December 31, 2019 of $42,330. As of September 30, 2020, our stockholder’s deficiency was $3,901,944 compared to $3,713,595 as of December 31, 2019 and cash used in operations was $2,954,823 for the nine months ended September 30, 2020 compared to cash provided by operations of $2,141,607 for the nine months ended September 30, 2019. Historically, our primary sources of liquidity have been from equity or debt offerings. Until we can generate a sufficient amount of cash from operations, we expect to finance future cash needs through public or private equity or debt offerings. Additional capital may not be available on reasonable terms, if at all. If we are unable to raise additional capital in sufficient amounts or on terms acceptable to us, we may have to significantly scale back our operations or delay, scale back or discontinue the continuing development of our products. If we raise additional funds through the issuance of additional debt or equity securities, it could result in dilution to our existing stockholders and increased fixed payment obligations, and these securities may have rights senior to those of our common stock. If we incur indebtedness, we could become subject to covenants that would restrict our operations, such as limitations on our ability to incur additional debt, limitations on our ability to acquire, sell or license intellectual property rights and other operating restrictions that could adversely impact our ability to conduct our business. Any of these events could significantly harm our business, financial condition and prospects.

The following table shows a summary of our cash flows for the nine months ended September 30, 2020 and 2019:

	2020			2019
Cash (used in) provided by:
Operating activities		(2,954,823	)		2,141,607
Investing activities		(90,682	)		(114,706	)
Financing activities		2,715,209			(229,465	)

Net cash as of September 30, 2020, was $908,289, which is $330,296 lower than net cash of $1,238,585 at December 31, 2019.

Net cash used in operating activities was $2,954,823 for the nine months ended September 30, 2020, compared to net cash provided by operating activities of $2,141,607 for the nine months ended September 30, 2019. The increase in net cash used in operations was primarily due to the increase in net loss.

The decrease in cash used in investing activities for the nine months ended September 30, 2020 from the nine months ended September 30, 2019 is the result of expenses for the development and purchasing of molds for the next generation of the INVOcell.

Cash provided by financing activities was $2,715,209 during the nine months ended September 30, 2020 as a result of proceeds from the 2020 Convertible Notes, offset by repayment of promissory notes with the cash received in this financing. Cash used during the nine months ended September 30, 2019 was used to pay principle on notes payable.

Notes Payable and Other Related Party Transactions

In April 2011, we issued a new short-term convertible note (“Q211 Note”) payable to James Bowdring in the amount of $50,000. The Note carries a 10% interest rate. We paid $25,000 of the Note in 2011 in cash. The Q211 Note is convertible into our Common Stock at a conversion price of $0.96 per share, subject to adjustments. During the three and nine months ended September 30, 2019, we accrued interest in the amount of $597 and $1,836 on the Q211 Note, respectively.

In November 2011, we issued a new convertible note (“Q411 Note”) payable to James Bowdring in the amount of $10,000. The Q411 Note carries a 10% interest rate. The Q411 Note was converted into our common stock at a conversion price of $0.32 per share, subject to adjustments. During the three and nine months ended September 30, 2019, we accrued interest in the amount of $253 and $749 on the Q411 Note, respectively.

The foregoing notes had maturity dates thirty days subsequent to the dates of issuance. Interest was calculated at 10% per annum, compounded based on a 360-day year. Investors had the option to convert any unpaid principal and accrued interest into shares of our common stock original conversion prices of $.96 and $.32, respectively, subject to adjustments upon our issuances of stock at prices less than the original conversion prices during the 24-months after issuance of each note (i.e. currently $0.21).

Table of Contents

On August 7, 2019, we sent James Bowdring, a related party, a check in the amount of $65,197 as full payment of the foregoing promissory notes. On August 8, 2019, Mr. Bowdring’s legal counsel returned this check with a letter stating that the check did not properly account for the compound interest identified in such notes. In addition, the letter stated Mr. Bowdring’s desire to convert these promissory notes into shares of our common stock in lieu of any cash payment. We do not believe that Mr. Bowdring has the right to convert such notes upon receiving payment of such notes and intends to vigorously contest any conversion of these notes.

In May 2018, we sold 4,687 shares of common stock at a price of $6.40 per share for proceeds of $30,000 to Charles Mulrey and family, the brother-in-law of Robert J. Bowdring, Director & Acting Chief Financial Officer as part of the recent financing.

During the second quarter of 2018, INVO Bioscience settled a commitment it had with one of its Directors, Dr. Kevin Doody for the services he and his team performed prior to and following INVOcell’s FDA clearance related to clinical guidance and support. We issued him 93,750 common shares of stock with a fair value of $1,530,000.

We previously rented its corporate office from Forty Four Realty Trust which is owned by James Bowdring, the brother of former Director and former Interim CFO Robert Bowdring, from November 2012 through May 2019 when the Company relocated to a new facility. It was a month to month rental arrangement for less than the going fair market real estate rental rate. The rent expense paid for the nine months ended September 30, 2020 and 2019 was $0 and $1,800 respectively. In addition, we had purchased stationary supplies and marketing items at discounted rates from Superior Printing & Promotions which is also owned by James Bowdring and is in the same building as our former corporate office. INVO Bioscience spent $0 and $2,134 with Superior during the three months ended September 30, 2020 and 2019, respectively, and $0 and $8,168 during the nine months ended September 30, 2020 and 2019, respectively.

Critical Accounting Policies and Estimates

For further discussion of our accounting policies see the “Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the SEC on March 30, 2020 as well as the notes to the unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q.

In February 2016, the Financial Accounting Standards Board (“FASB”) issued a new standard related to Leases, Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) and subsequent amendments, which replaced existing GAAP and requires lessees to recognize right-of-use (“ROU”) assets and corresponding lease liabilities that depict the rights and obligations arising from a lease agreement. We implemented ASU 2016-02 on January 1, 2019 and elected certain practical expedients available under the ASU. As a result of the adoption, the Company recognized ROU assets totaling $116,441 and lease liabilities totaling $116,441 as of the adoption date. For additional information, see Note 1 to our Unaudited Condensed Consolidated Financial Statements – “Basis of Presentation and Significant Accounting Policies-Recently Issued Accounting Pronouncements” elsewhere in this Quarterly Report.

The accounting policies that reflect our more significant estimates, judgments and assumptions and which we believe are the most critical to aid in fully understanding and evaluating our reported financial results include the following:

Revenue Recognition

We recognize revenue in accordance with ASC 606, when a customer obtains control of promised goods and is recognized at an amount that reflects the consideration expected to be received in exchange for such goods and collectability of the resulting receivable is reasonably assured.

Intangible Assets

Our intangible assets consist of our INVOcell and INVO process patents. We amortize our intangible assets with definitive lives over their useful lives, which range up to 20 years, based on the time period the Company expects to receive the economic benefit from these assets. No impairment charge was recorded during the nine months ended September 30, 2020 or 2019.

We continually assess whether events or changes in circumstances have occurred that may warrant revision of the estimated useful lives of ours intangible and indefinite-lived assets or whether the remaining balances of those assets should be evaluated for possible impairment. There were no changes in the carrying value of intangible and indefinite-lived assets during the nine months ended September 30, 2020.

Table of Contents

Impairment of Long-Lived Assets

Our long-lived assets are our patents which are subject to amortization. We evaluate long-lived assets for recoverability whenever events or changes in circumstances indicate that an asset may have been impaired. In evaluating an asset for recoverability, we estimate the future cash flow expected to result from the use of the asset and eventual disposition. If the expected future undiscounted cash flow is less than the carrying amount of the asset, an impairment loss, equal to the excess of the carrying amount over the fair value of the asset, is recognized.

We continually assess whether events or changes in circumstances have occurred that may warrant revision of the estimated useful lives of our intangible and indefinite-lived assets or whether the remaining balances of those assets should be evaluated for possible impairment. There were no changes in the carrying value of intangible and indefinite-lived assets during the nine months ended September 30, 2020.

Allowance for Doubtful Accounts Receivable

We perform ongoing credit evaluations of our customers and adjusts credit limits based upon payment history and the customer’s current credit worthiness, as determined by our review of their current credit information. We continuously monitor collections and payments from our customers and maintain a provision for estimated credit losses based upon our historical experience and any specific customer collection issues that we have identified. While such credit losses have historically been minimal, within our expectations and the provisions established, we cannot guarantee that we will continue to experience the same credit loss rates that we have in the past. A significant change in the liquidity or financial position of any of our significant customers could have a material adverse effect on the collectability of our accounts receivable and our future operating results.

Income Taxes

We use the asset and liability method to account for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. If a carryforward exists, we make a determination as to whether the carryforward will be utilized in the future. Currently, a valuation allowance is established for all deferred tax assets and carryforwards as their recoverability is deemed to be uncertain. If our expectations for future operating results at the federal or at the state jurisdiction level vary from actual results due to changes in healthcare regulations, general economic conditions, or other factors, we may need to adjust the valuation allowance, for all or a portion of our deferred tax assets. Our income tax expense in future periods will be reduced or increased to the extent of offsetting decreases or increases, respectively, in our valuation allowance in the period when the change in circumstances occurs. These changes could have a significant impact on our future earnings.

Recent Accounting Pronouncements

For information regarding recent accounting pronouncements and their effect on us, see “Recent Accounting Pronouncements” in Note 2 of the Notes to Unaudited Condensed Consolidated Financial Statements contained herein.

Table of Contents

Forward Looking Statements

The statements contained in this Quarterly Report on Form 10-Q which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements regarding future events and our future results are based on current expectations, estimates, forecasts, and projections and the beliefs and assumptions of our management, including, without limitation, our expectations regarding results of operations, the commercialization of our technology, regulatory approvals, our development of new technologies, the adequacy of our ability to develop current financing sources to fund our operations, our growth initiatives, and the strength of our intellectual property portfolio. These forward-looking statements may be identified by the use of words such as “plans”, “intends,” “may,” “could,” “expect,” “estimate,” “anticipate,” “continue” or similar terms, though not all forward-looking statements contain such words. The actual results of the future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements due to a number of important factors. These factors that could cause actual results to differ from those anticipated or predicted include, without limitation, our ability to develop and commercialize our products, including obtaining regulatory approvals, the size and growth of the potential markets for our products and our ability to serve those markets, the rate and degree of market acceptance of any of our products, general economic conditions, costs and availability of raw materials and management information systems, our ability to obtain and maintain intellectual property protection for our products, competition, the loss of key management and technical personnel, our ability to obtain timely payment of our invoices from customers, litigation, the effect of governmental regulatory developments, the availability of financing sources, our ability to comply with our debt obligations, our ability to deleverage our balance sheet, and seasonality, as well as the uncertainties set forth in the our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 30, 2020, including the risk factors contained in Item 1A, and from time to time in our other filings with the SEC We disclaim any intention or obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Table of Contents

Item 3. Quantitative and Qualitative Disclosures about Market Risks

Not applicable

Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are designed to be effective in providing reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management to allow timely decisions regarding required disclosure.

Our management, under the supervision and with the participation of our Chief Executive Officer and Acting Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Exchange Act) as of September 30, 2020, the end of the fiscal period covered by this Form 10Q. We maintain disclosure controls and procedures that are designed to be effective in providing reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission (the “SEC”), and that such information is accumulated and communicated to our management to allow timely decisions regarding required disclosure. Based upon that evaluation, our Chief Executive Officer and Acting Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of September 30, 2020.

(b) Changes in Internal Control over Financial Reporting

There were no changes to our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Table of Contents

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We did not have any material development for any pending litigation in the nine months ended September 30, 2020. Please see our Annual Report on Form 10-K for the year ended December 31, 2019 for a description of pending litigation, which Report is incorporated herein by reference.

Item 1A. Risk Factors

You should carefully review and consider the information regarding certain factors that could materially affect our business, financial condition or future results set forth under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed on March 30, 2020 with the SEC and our Quarterly Report on Form 10-Q for the period ended June 30, 2020 filed on August 13, 2020 with the SEC. There have been no material changes from the factors disclosed in our 2019 Annual Report on Form 10-K, and our Quarterly Report on Form 10-Q for the period ended June 30, 2020 although we may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

We are vulnerable to the general economic effects of epidemics and other public health crises, such as the novel strain of coronavirus (COVID 19) reported to have surfaced in Wuhan, China in 2019. Due to the recent outbreak of the coronavirus, there has been a curtailment of global travel and business activities. More specifically, many fertility clinics around the world reduced or even temporarily postponed new procedures during the initial pandemic wave, and many continue to operate in a reduced capacity. If not resolved quickly, the impact of the epidemic could have a material adverse effect on our business, financial condition and operating results and general ability to grow and expand INVOcell usage around the world. In particular, our sales and marketing efforts with the INVOcell and INVOcell Procedure could be adversely affected by recently implemented protocols for screening and restricting outside visitors and vendors. Additionally, officially imposed quarantines and self-quarantines could interfere with patients’ ability to see a health care provider and obtain our INVOcell and INVOcell Procedure.

Item 2. Unregistered Issuance of Equity Securities and Use of Proceeds

1.	In August 2020, we issued 3,750 shares of common stock with a fair value of $19,500 in consideration of consulting services rendered. We did not receive any proceeds from the issuance. The issuance was exempt under Section 4(a)(2) of the Securities Act of 1933, as amended.

2.	In November 2020, we issued 109 shares of common stock as the result of the rounding on the 5-8 reverse stock split. We did not receive any proceeds from the issuance. The issuance was exempt under Section 3(a)(9) of the Securities Act of 1933, as amended.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable

Table of Contents

Item 5. Other Information

1. See our Current Report on Form 8-K dated November 12, 2020 and filed on November 13, 2020 for details regarding our entry into an underwriting agreement.

2. See our Current Report on Form 8-K dated November 8, 2020 and filed on November 9, 2020 for details regarding our appointment of Jeffrey Segal as a director.

3. See our Current Report on Form 8-K dated November 5, 2020 and filed on November 9, 2020 for details regarding our 5-for-8 reverse stock split.

4. See our Current Report on Form 8-K dated September 24, 2020 and filed on September 30, 2020 for details regarding our joint venture.

Item 6. Exhibits

1.1	Underwriting Agreement dated November 12, 2020, filed as Exhibit 1.1.to the Registrant’s Current Report on Form 8-K filed on November13, 2020 and incorporated herein by reference.
3.1	Certificate of Change, attached as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K dated November 5,2020 and filed on November 9, 2020 and incorporated herein by reference.
10.1	Pre-incorporation and Shareholders Agreement, attached as exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated September 30, 2020 and incorporated herein by reference.
31.1*	Certification of Principal Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Principal Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002.
32**	Certifications of Principal Executive Officer and Principal Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002.
101	The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019, (ii) Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019, (iii) Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019, and (iv) Notes to Consolidated Financial Statements

			* Filed herewith.

			** Furnished herewith.

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on November 16, 2020.

	INVO Bioscience, Inc.

Date: November 16, 2020	By:	/s/Steven Shum
		Steven Shum, Chief Executive Officer
		(Principal Executive Officer)
Date: November 16, 2020	By:	/s/ Debra Hoopes
		Debra Hoopes, Acting Chief Financial Officer
		(Acting Principal Financial and Accounting Officer)

EX-31.1 2 ex_213286.htm EXHIBIT 31.1 ex_213286.htm

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Steven Shum, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of INVO Bioscience 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;

Based on my knowledge, the unaudited condensed consolidated 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;

The registrant’s other certifying officer 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 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.

	INVO BIOSCIENCE

Date: November 16, 2020	By:	/s/ Steven Shum
		Steven Shum
		Chief Executive Officer (Principal Executive Officer)

EX-31.2 3 ex_213287.htm EXHIBIT 31.2 ex_213287.htm

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Debra Hoopes, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of INVO Bioscience 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;

5.	The registrant’s other certifying officer 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):

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.

	INVO BIOSCIENCE

Date: November 16, 2020	By:	/s/ Debra Hoopes
		Debra Hoopes
		Acting Chief Financial Officer (Principal Financial Officer)

EX-32 4 ex_213288.htm EXHIBIT 32 ex_213288.htm

EXHIBIT 32

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 on Form 10-Q of INVO Bioscience, Inc. (the “Company”) for the period ended September 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Steven Shum, Chief and Principal Executive Officer of the Company, and Debra Hoopes, Acting Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, that:

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

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	INVO BIOSCIENCE

Date: November 16, 2020	By:	/s/ Steven Shum
		Steven Shum
		Chief Executive Officer
		(Principal Executive Officer)

	INVO BIOSCIENCE

Date: November 16, 2020	By:	/s/ Debra Hoopes
		Debra Hoopes
		Acting Chief Financial Officer
		(Principal Financial Officer)

EX-101.INS 5 invo-20200930.xml XBRL INSTANCE DOCUMENT 0001417926 2020-01-01 2020-09-30 0001417926 2020-11-16 0001417926 2020-09-30 0001417926 2019-12-31 0001417926 invo:ProductRevenueMember 2020-07-01 2020-09-30 0001417926 invo:ProductRevenueMember 2019-07-01 2019-09-30 0001417926 invo:ProductRevenueMember 2020-01-01 2020-09-30 0001417926 invo:ProductRevenueMember 2019-01-01 2019-09-30 0001417926 us-gaap:LicenseMember 2020-07-01 2020-09-30 0001417926 us-gaap:LicenseMember 2019-07-01 2019-09-30 0001417926 us-gaap:LicenseMember 2020-01-01 2020-09-30 0001417926 us-gaap:LicenseMember 2019-01-01 2019-09-30 0001417926 2020-07-01 2020-09-30 0001417926 2019-07-01 2019-09-30 0001417926 2019-01-01 2019-09-30 0001417926 us-gaap:CommonStockMember 2018-12-31 0001417926 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001417926 us-gaap:RetainedEarningsMember 2018-12-31 0001417926 2018-12-31 0001417926 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0001417926 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001417926 2019-01-01 2019-03-31 0001417926 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001417926 us-gaap:CommonStockMember 2019-03-31 0001417926 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001417926 us-gaap:RetainedEarningsMember 2019-03-31 0001417926 2019-03-31 0001417926 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001417926 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001417926 2019-04-01 2019-06-30 0001417926 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001417926 us-gaap:CommonStockMember 2019-06-30 0001417926 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001417926 us-gaap:RetainedEarningsMember 2019-06-30 0001417926 2019-06-30 0001417926 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0001417926 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001417926 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001417926 us-gaap:CommonStockMember 2019-09-30 0001417926 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001417926 us-gaap:RetainedEarningsMember 2019-09-30 0001417926 2019-09-30 0001417926 us-gaap:CommonStockMember 2019-12-31 0001417926 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001417926 us-gaap:RetainedEarningsMember 2019-12-31 0001417926 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0001417926 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0001417926 2020-01-01 2020-03-31 0001417926 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001417926 us-gaap:CommonStockMember 2020-03-31 0001417926 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001417926 us-gaap:RetainedEarningsMember 2020-03-31 0001417926 2020-03-31 0001417926 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001417926 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001417926 2020-04-01 2020-06-30 0001417926 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001417926 us-gaap:CommonStockMember 2020-06-30 0001417926 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001417926 us-gaap:RetainedEarningsMember 2020-06-30 0001417926 2020-06-30 0001417926 us-gaap:CommonStockMember 2020-07-01 2020-09-30 0001417926 us-gaap:AdditionalPaidInCapitalMember 2020-07-01 2020-09-30 0001417926 us-gaap:RetainedEarningsMember 2020-07-01 2020-09-30 0001417926 us-gaap:CommonStockMember 2020-09-30 0001417926 us-gaap:AdditionalPaidInCapitalMember 2020-09-30 0001417926 us-gaap:RetainedEarningsMember 2020-09-30 0001417926 invo:EstimatedUsefulLifeMember 2020-01-01 2020-09-30 0001417926 srt:MinimumMember us-gaap:MachineryAndEquipmentMember 2020-01-01 2020-09-30 0001417926 srt:MaximumMember us-gaap:MachineryAndEquipmentMember 2020-01-01 2020-09-30 0001417926 us-gaap:EquipmentMember 2020-01-01 2020-09-30 0001417926 srt:MinimumMember us-gaap:OfficeEquipmentMember 2020-01-01 2020-09-30 0001417926 srt:MaximumMember us-gaap:OfficeEquipmentMember 2020-01-01 2020-09-30 0001417926 us-gaap:ToolsDiesAndMoldsMember 2020-09-30 0001417926 us-gaap:ToolsDiesAndMoldsMember 2019-12-31 0001417926 us-gaap:EquipmentMember 2020-09-30 0001417926 us-gaap:EquipmentMember 2019-12-31 0001417926 us-gaap:OfficeEquipmentMember 2020-09-30 0001417926 us-gaap:OfficeEquipmentMember 2019-12-31 0001417926 us-gaap:TrademarksMember 2020-01-01 2020-09-30 0001417926 invo:ConvertedAccountPayableToPromissoryNoteMember 2016-08-31 0001417926 invo:ConvertedAccountPayableToPromissoryNoteMember 2016-08-01 2016-08-31 0001417926 invo:ConvertedAccountPayableToPromissoryNoteMember 2020-09-30 0001417926 invo:ConvertedAccountPayableToPromissoryNoteMember 2020-01-01 2020-09-30 0001417926 invo:The2018ConvertibleNotesMember 2018-05-31 0001417926 invo:The2018ConvertibleNotesDueJanuary302021Member 2018-05-31 0001417926 invo:The2018ConvertibleNotesDueMarch312021Member 2018-05-31 0001417926 invo:The2018ConvertibleNotesMember 2018-10-01 2018-12-31 0001417926 invo:PrincipalMember invo:The2018ConvertibleNotesMember 2019-01-01 2019-09-30 0001417926 invo:AccruedInterestMember invo:The2018ConvertibleNotesMember 2019-01-01 2019-09-30 0001417926 invo:The2018ConvertibleNotesMember 2019-01-01 2019-09-30 0001417926 invo:The2018ConvertibleNotesMember 2018-05-31 2018-05-31 0001417926 invo:The2018ConvertibleNotesMember 2020-05-01 2020-05-31 0001417926 invo:The2018ConvertibleNotesMember invo:PrincipalMember 2020-05-01 2020-05-31 0001417926 invo:The2018ConvertibleNotesMember invo:AccruedInterestMember 2020-05-01 2020-05-31 0001417926 invo:The2018ConvertibleNotesMember invo:ConversionDiscountMember 2020-05-01 2020-05-31 0001417926 invo:ConvertibleNotes2020Member 2020-05-01 2020-05-31 0001417926 invo:The2018ConvertibleNotesMember invo:NotesHeldByRelatedPartyMember 2020-05-01 2020-05-31 0001417926 invo:The2018ConvertibleNotesMember invo:PrincipalMember invo:NotesHeldByRelatedPartyMember 2020-05-01 2020-05-31 0001417926 invo:The2018ConvertibleNotesMember invo:AccruedInterestMember invo:NotesHeldByRelatedPartyMember 2020-05-01 2020-05-31 0001417926 invo:The2018ConvertibleNotesMember invo:ConversionDiscountMember invo:NotesHeldByRelatedPartyMember 2020-05-01 2020-05-31 0001417926 invo:ConvertibleNotes2020Member 2020-07-31 0001417926 invo:ConvertibleNotes2020Member 2020-05-01 2020-07-31 0001417926 2020-07-31 0001417926 invo:PlacementAgentWarrantsMember invo:ConvertibleNotes2020Member 2020-05-01 2020-07-31 0001417926 invo:PlacementAgentWarrantsMember invo:ConvertibleNotes2020Member 2020-07-31 0001417926 invo:PurchaseOptionFairValueMember invo:ConvertibleNotes2020Member 2020-05-01 2020-07-31 0001417926 invo:ConvertibleNotes2020Member 2020-07-01 2020-09-30 0001417926 invo:ConvertibleNotes2020Member 2019-07-01 2019-09-30 0001417926 invo:ConvertibleNotes2020Member 2020-01-01 2020-09-30 0001417926 invo:ConvertibleNotes2020Member 2019-01-01 2019-09-30 0001417926 2020-06-22 0001417926 invo:PPPLoanMember 2020-06-22 2020-06-22 0001417926 invo:PPPLoanMember 2020-06-22 0001417926 invo:ConvertibleNotes2020Member 2020-09-30 0001417926 invo:ConvertibleNotes2020Member 2019-12-31 0001417926 invo:ConvertibleNotes2020Member us-gaap:StockOptionMember 2020-09-30 0001417926 invo:ConvertibleNotes2020Member us-gaap:StockOptionMember 2019-12-31 0001417926 invo:ConvertibleNotes2020Member us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2020-09-30 0001417926 invo:ConvertibleNotes2020Member us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2019-12-31 0001417926 invo:ConvertibleNotes2020Member 2019-01-01 2019-12-31 0001417926 us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2011-04-30 0001417926 us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2011-01-01 2011-12-31 0001417926 us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2019-07-01 2019-09-30 0001417926 us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2019-01-01 2019-09-30 0001417926 invo:Notes2011Member us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2011-11-30 0001417926 invo:Notes2011Member us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2019-07-01 2019-09-30 0001417926 invo:Notes2011Member us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2019-01-01 2019-09-30 0001417926 us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2019-08-07 2019-08-07 0001417926 invo:The2018ConvertibleNotesMember us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2018-05-31 0001417926 invo:The2018ConvertibleNotesMember us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2020-07-01 2020-09-30 0001417926 invo:The2018ConvertibleNotesMember us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2019-07-01 2019-09-30 0001417926 invo:The2018ConvertibleNotesMember us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2020-01-01 2020-09-30 0001417926 invo:The2018ConvertibleNotesMember us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2019-01-01 2019-09-30 0001417926 invo:CharlesMulreyAndFamilyMember 2018-05-01 2018-05-31 0001417926 invo:CharlesMulreyAndFamilyMember 2018-05-31 0001417926 us-gaap:RestrictedStockMember invo:OneOfDirectorsDrKevinDoodyMember 2018-04-01 2018-06-30 0001417926 us-gaap:BuildingMember us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2020-01-01 2020-09-30 0001417926 us-gaap:BuildingMember us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2019-01-01 2019-09-30 0001417926 us-gaap:BuildingMember us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2020-07-01 2020-09-30 0001417926 us-gaap:BuildingMember us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2019-07-01 2019-09-30 0001417926 invo:The2018ConvertibleNotesMember us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2020-09-30 0001417926 invo:The2018ConvertibleNotesMember us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2019-12-31 0001417926 2020-02-19 2020-02-19 0001417926 2020-11-05 2020-11-05 0001417926 2020-10-22 0001417926 invo:Plan2019Member srt:OfficerMember 2020-01-01 2020-01-31 0001417926 invo:Plan2019Member invo:EmployeeMember 2020-02-01 2020-02-28 0001417926 invo:Plan2019Member srt:DirectorMember 2020-02-01 2020-02-28 0001417926 invo:Plan2019Member 2020-02-01 2020-02-29 0001417926 2020-02-01 2020-02-29 0001417926 2020-03-01 2020-03-31 0001417926 2020-05-01 2020-05-31 0001417926 invo:Plan2019Member invo:EmployeeMember 2020-05-01 2020-05-31 0001417926 invo:Plan2019Member 2020-06-01 2020-06-30 0001417926 invo:Plan2019Member invo:EmployeeMember 2020-06-01 2020-06-30 0001417926 invo:Plan2019Member invo:EmployeeMember 2020-08-01 2020-08-31 0001417926 2020-08-01 2020-08-31 0001417926 2019-01-01 2019-01-31 0001417926 2019-02-01 2019-02-28 0001417926 2019-04-01 2019-04-30 0001417926 2019-05-01 2019-05-30 0001417926 2019-08-01 2019-08-31 0001417926 invo:Plan2019Member 2019-10-31 0001417926 invo:Plan2019Member 2020-01-01 2020-01-31 0001417926 srt:MinimumMember invo:Plan2019Member 2019-10-01 2019-10-31 0001417926 srt:MaximumMember invo:Plan2019Member 2019-10-01 2019-10-31 0001417926 invo:Plan2019Member 2020-01-01 2020-09-30 0001417926 invo:Plan2019Member 2020-07-01 2020-09-30 0001417926 invo:Plan2019Member 2019-07-01 2019-09-30 0001417926 invo:Plan2019Member 2019-01-01 2019-09-30 0001417926 invo:Plan2019Member 2020-09-30 0001417926 us-gaap:RestrictedStockMember 2020-01-01 2020-09-30 0001417926 us-gaap:RestrictedStockMember 2020-07-01 2020-09-30 0001417926 us-gaap:RestrictedStockMember 2020-09-30 0001417926 invo:Plan2019Member 2019-10-01 2019-10-31 0001417926 us-gaap:ConvertibleDebtMember 2020-01-01 2020-09-30 0001417926 us-gaap:ConvertibleDebtMember 2020-09-30 0001417926 srt:MinimumMember 2018-12-31 0001417926 srt:MaximumMember 2018-12-31 0001417926 srt:MinimumMember 2020-01-01 2020-09-30 0001417926 srt:MaximumMember 2020-01-01 2020-09-30 0001417926 srt:MinimumMember 2020-09-30 0001417926 srt:MaximumMember 2020-09-30 0001417926 srt:MinimumMember us-gaap:EmployeeStockOptionMember 2020-01-01 2020-09-30 0001417926 srt:MaximumMember us-gaap:EmployeeStockOptionMember 2020-01-01 2020-09-30 0001417926 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-09-30 0001417926 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-09-30 0001417926 srt:MinimumMember invo:OptionAndWarrantsIssuedWithConvertibleDebtMember 2020-01-01 2020-09-30 0001417926 srt:MaximumMember invo:OptionAndWarrantsIssuedWithConvertibleDebtMember 2020-01-01 2020-09-30 0001417926 srt:MinimumMember invo:OptionAndWarrantsIssuedWithConvertibleDebtMember 2020-09-30 0001417926 srt:MaximumMember invo:OptionAndWarrantsIssuedWithConvertibleDebtMember 2020-09-30 0001417926 invo:OptionAndWarrantsIssuedWithConvertibleDebtMember 2020-01-01 2020-09-30 0001417926 srt:MinimumMember 2019-12-31 0001417926 srt:MaximumMember 2019-12-31 0001417926 2019-01-01 2019-12-31 0001417926 us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2019-08-07 0001417926 us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2020-06-30 0001417926 2019-10-10 2019-10-10 0001417926 us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2019-10-10 2019-10-10 0001417926 srt:ChiefOperatingOfficerMember 2017-01-15 2017-01-15 0001417926 srt:ChiefOperatingOfficerMember 2017-01-17 2017-01-17 0001417926 srt:ChiefOperatingOfficerMember 2020-01-17 2020-01-17 0001417926 2019-01-14 2019-01-14 0001417926 2019-01-14 0001417926 invo:SudanUgandaAndEthiopiaMember 2019-09-20 2019-09-20 0001417926 pf0:NG 2019-09-11 2019-09-11 0001417926 pf0:JO 2019-09-19 2019-09-19 0001417926 2020-01-16 2020-01-16 0001417926 invo:DomesticPhysiciansMember 2020-01-01 2020-09-30 0001417926 invo:DomesticPhysiciansMember 2019-01-01 2019-09-30 0001417926 invo:DomesticLicensingDistributionFeeMember 2020-01-01 2020-09-30 0001417926 invo:DomesticLicensingDistributionFeeMember 2019-01-01 2019-09-30 0001417926 invo:INVOCentersArrendondoAndRamirezMember 2020-01-01 2020-09-30 0001417926 us-gaap:OtherInvestmentsMember 2020-01-01 2020-09-30 0001417926 us-gaap:SubsequentEventMember 2020-10-01 2020-11-16 0001417926 us-gaap:SubsequentEventMember 2020-11-12 0001417926 invo:OfferingOptionToUnderwritersMember us-gaap:SubsequentEventMember 2020-11-12 0001417926 us-gaap:SubsequentEventMember 2020-11-12 2020-11-12 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure The intrinsic value of an option represents the amount by which the market value of the stock exceeds the exercise price of the option of in-the-money options only. false --12-31 Q3 2020 2020-09-30 10-Q 0001417926 false Non-accelerated Filer Yes INVO Bioscience, Inc., false true 4954019

908289

1238585

3699

7558

241484

101387

218667

195910

1372139

1543440

106000

93055

5879

7234

84953

101883

87347

49867

32674

210853

158984

1688992

1795479

455978

371530

532592

393017

714286

22356

21365

157620

912

1882832

1501110

64436

81494

3035714

3571429

607521

325784

28824

433

5590936

5509074

495

489

24525427

20174682

-28427866

-23888766

-3901944

-3713595

1688992

1795479

49730

42147

71843

70488

0.0001

100000000

0.0001

200000000

4953910

4884879

4953910

4884879

157500

125000

305000

615927

178571

535714

336071

303571

840714

1151641

27398

44926

78562

111186

308673

258645

762152

1040455

112552

177492

1463887

891008

4311872

2087725

1576439

891008

4489364

2087725

-1267766

-632363

-3727212

-1047270

504061

47462

811888

332677

-504061

-47462

-811888

-332677

-1771827

-679825

-4539100

-1379947

30509

-1771827

-710334

-4539100

-1410456

-0.36

-0.15

-0.92

-0.29

-0.36

-0.15

-0.92

-0.29

4946125

4861377

4932405

4847074

4946125

4861377

4932405

4847074

4821641

482

18996517

-21721222

-2724223

1875

26600

8394

53722

53723

-458570

4831910

483

19076839

-22179792

-3102470

28907

184997

185000

-241552

4860817

486

19261836

-22421344

-3159022

1562

15000

93750

-710334

4862379

486

19370586

-23131678

-3760606

4884879

489

20174682

-23888766

40569

303459

303463

5001

38000

381475

-1444392

4930449

493

20897616

-25333158

-4435049

3437

42509

3750

22799

22800

214915

1879542

-1322881

4937660

494

23057381

-26656039

-3598164

12500

54702

54703

3750

19500

255797

1244363

106316

-1771827

4953910

495

24525427

-28427866

80300

36600

400675

-93750

852187

465525

297058

59324 0 71430 0

81764

16930

9067

8938

7126

-3859

-198878

140097

25817

22757

-56871

84448

20498

-16067

-8456

-535715

4458366

34870

-55553

139575

-1566834

-912

30509

-2954823

2141607

20528

64839

37480

49867

32674

-90682

-114706

2998905

157620

40000

97743

295000

131722

106316

2715209

-229465

-330296

1797436

212243

2009679

83134

84043

1062

912

116441

238723

5000

1208163

868985

999464 0 47293 0

-510693 42330

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>As of September 30, 2020, and December 31, 2019, the Company recorded the following inventory balances:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2316" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2317" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> September 30, 2020 </td> <td id="new_id-2318" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2319" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2320" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> December 31, 2019 </td> <td id="new_id-2321" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 62%;"> Raw Materials </td> <td id="new_id-2322" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2323" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2324" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">99,363</td> <td id="new_id-2325" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2326" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2327" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2328" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">44,333</td> <td id="new_id-2329" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Work in Process </td> <td id="new_id-2330" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2331" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2332" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">14,823</td> <td id="new_id-2333" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2334" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2335" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2336" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">55,502</td> <td id="new_id-2337" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Finished Goods </td> <td id="new_id-2338" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2339" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2340" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">127,298</td> <td id="new_id-2341" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2342" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2343" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2344" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,552</td> <td id="new_id-2345" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Total Inventory </td> <td id="new_id-2346" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2347" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2348" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">241,484</td> <td id="new_id-2349" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2350" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2351" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2352" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">101,387</td> <td id="new_id-2353" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

99363

44333

14823

55502

127298

1552

2528

2527

7583

3703

P6Y

P10Y

P3Y

P7Y

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>The estimated useful lives and accumulated depreciation for furniture, equipment and software are as follows as of September 30, 2020 and December 31, 2019:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2354" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2355" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> September 30, 2020 </td> <td id="new_id-2356" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2357" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2358" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> December 31, 2019 </td> <td id="new_id-2359" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 62%;"> Manufacturing Equipment </td> <td id="new_id-2360" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2361" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2362" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">132,513</td> <td id="new_id-2363" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2364" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2365" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2366" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">132,513</td> <td id="new_id-2367" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Medical equipment </td> <td id="new_id-2368" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2369" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2370" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">20,528</td> <td id="new_id-2371" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2372" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2373" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2374" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2375" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Office equipment </td> <td id="new_id-2376" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2377" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2378" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,689</td> <td id="new_id-2379" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2380" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2381" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2382" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,689</td> <td id="new_id-2383" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Less: Accumulated Depreciation </td> <td id="new_id-2384" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2385" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2386" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(49,730</td> <td id="new_id-2387" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> ) </td> <td id="new_id-2388" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2389" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2390" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(42,147</td> <td id="new_id-2391" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> ) </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Total </td> <td id="new_id-2392" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2393" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2394" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">106,000</td> <td id="new_id-2395" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2396" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2397" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2398" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">93,055</td> <td id="new_id-2399" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

132513

20528

2689

452

1455

1355

3423

37480

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>As of September 30, 2020, and December 31, 2019, the Company recorded the following patent balances:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2400" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2401" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> September 30, 2020 </td> <td id="new_id-2402" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2403" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2404" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> December 31, 2019 </td> <td id="new_id-2405" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 62%;"> Total Patents </td> <td id="new_id-2406" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2407" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2408" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">77,722</td> <td id="new_id-2409" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2410" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2411" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2412" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">77,722</td> <td id="new_id-2413" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Accumulated Amortization </td> <td id="new_id-2414" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2415" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2416" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(71,843</td> <td id="new_id-2417" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> ) </td> <td id="new_id-2418" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2419" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2420" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(70,488</td> <td id="new_id-2421" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> ) </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Patent costs, net </td> <td id="new_id-2422" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2423" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2424" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5,879</td> <td id="new_id-2425" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2426" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2427" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2428" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">7,234</td> <td id="new_id-2429" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

77722

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>Estimated amortization expense as of September 30, 2020 is as follows:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 81%;"> Years ended December 31, </td> <td id="new_id-2430" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2431" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2432" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2433" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 2020 – remaining three months </td> <td id="new_id-2434" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2435" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2436" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">454</td> <td id="new_id-2437" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 2021 </td> <td id="new_id-2438" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2439" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2440" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,809</td> <td id="new_id-2441" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 2022 </td> <td id="new_id-2442" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2443" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2444" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,809</td> <td id="new_id-2445" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 2023 and thereafter </td> <td id="new_id-2446" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2447" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2448" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,807</td> <td id="new_id-2449" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Total </td> <td id="new_id-2450" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2451" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2452" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">5,879</td> <td id="new_id-2453" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

454

1809

1807

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>As of September 30, 2020, and December 31, 2019, the Company recorded the following trademarks balances:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2454" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2455" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> September 30, 2020 </td> <td id="new_id-2456" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2457" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2458" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> December 31, 2019 </td> <td id="new_id-2459" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 62%;"> Total Trademarks </td> <td id="new_id-2460" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2461" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2462" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">87,347</td> <td id="new_id-2463" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> </td> <td id="new_id-2464" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2465" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2466" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">49,867</td> <td id="new_id-2467" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Trademarks </td> <td id="new_id-2468" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2469" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2470" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">87,347</td> <td id="new_id-2471" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2472" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2473" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2474" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">49,867</td> <td id="new_id-2475" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

87347

49867

P5Y

P3Y

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>As of September 30, 2020, the Company's lease components included in the consolidated balance sheet were as follows:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 40.4%; border-bottom: 1px solid black;"> Lease component </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 40.6%; border-bottom: 1px solid black;"> Classification </td> <td id="new_id-2476" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2477" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> September 30, 2020 </td> <td id="new_id-2478" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Assets </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2479" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2480" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2481" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2482" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> ROU assets - operating lease </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Other assets </td> <td id="new_id-2483" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2484" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2485" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">84,953</td> <td id="new_id-2486" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td id="new_id-2487"> </td> <td id="new_id-2488"> </td> <td id="new_id-2489"> </td> <td id="new_id-2490"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Total ROU assets </td> <td id="new_id-2491" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2492" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2493" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">84,953</td> <td id="new_id-2494" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td id="new_id-2495"> </td> <td id="new_id-2496"> </td> <td id="new_id-2497"> </td> <td id="new_id-2498"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Liabilities </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2499" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2500" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2501" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2502" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Current operating lease liability </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Current liabilities </td> <td id="new_id-2503" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2504" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2505" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">22,356</td> <td id="new_id-2506" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td id="new_id-2507"> </td> <td id="new_id-2508"> </td> <td id="new_id-2509"> </td> <td id="new_id-2510"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Long-term operating lease liability </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Other liabilities </td> <td id="new_id-2511" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2512" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2513" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">64,436</td> <td id="new_id-2514" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td id="new_id-2515"> </td> <td id="new_id-2516"> </td> <td id="new_id-2517"> </td> <td id="new_id-2518"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Total lease liabilities </td> <td id="new_id-2519" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2520" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2521" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">86,792</td> <td id="new_id-2522" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

84953

86792

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>Rent expense is recognized on a straight-line basis over the life of the lease. Rent expense consists of the following:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2523" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2524" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Nine months ended </td> <td id="new_id-2525" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2526" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2527" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> September 30, 2020 </td> <td id="new_id-2528" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 81%;"> Operating lease costs </td> <td id="new_id-2529" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2530" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2531" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">18,924</td> <td id="new_id-2532" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Short term lease cost </td> <td id="new_id-2533" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2534" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2535" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2536" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td id="new_id-2537"> </td> <td id="new_id-2538"> </td> <td id="new_id-2539"> </td> <td id="new_id-2540"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Total rent expense </td> <td id="new_id-2541" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2542" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2543" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">18,924</td> <td id="new_id-2544" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

18924

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>Future minimum lease payments under non-cancellable leases were as follows:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2545" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2546" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> September 30, 2020 </td> <td id="new_id-2547" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 81%;"> 2020 - remaining three months </td> <td id="new_id-2548" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2549" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2550" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">6,088</td> <td id="new_id-2551" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 2021 </td> <td id="new_id-2552" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2553" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2554" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">24,839</td> <td id="new_id-2555" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 2022 </td> <td id="new_id-2556" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2557" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2558" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">25,585</td> <td id="new_id-2559" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 2023 </td> <td id="new_id-2560" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2561" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2562" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">26,352</td> <td id="new_id-2563" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 2024 </td> <td id="new_id-2564" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2565" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2566" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">8,870</td> <td id="new_id-2567" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Total future minimum lease payments </td> <td id="new_id-2568" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2569" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2570" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">91,734</td> <td id="new_id-2571" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Less: Interest </td> <td id="new_id-2572" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2573" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2574" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(4,942</td> <td id="new_id-2575" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Total operating lease liabilities </td> <td id="new_id-2576" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2577" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2578" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">86,792</td> <td id="new_id-2579" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td id="new_id-2580"> </td> <td id="new_id-2581"> </td> <td id="new_id-2582"> </td> <td id="new_id-2583"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Current operating lease liability </td> <td id="new_id-2584" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2585" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2586" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">22,356</td> <td id="new_id-2587" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Long-term operating lease liability </td> <td id="new_id-2588" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2589" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2590" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">64,436</td> <td id="new_id-2591" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Total operating lease liabilities </td> <td id="new_id-2592" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2593" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2594" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">86,792</td> <td id="new_id-2595" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

6088

24839

25585

26352

8870

91734

4942

131722

P3Y

0.05

489

895000

0.09

550000

345000

6.40

200000

32982

235000

3723

37301

895000

396044

420000

94419

118375

143640

116693

125000

23318

31625

35483

40000

7355

11872

3500000

0.10

1208163

371000

1579163

5.76

303623 8.00 each unit consisting of one share of common stock and one warrant to purchase common stock at an exercise price of $9.60 per share

9.60

P5Y

6750

5.76

3500000

2200000

89158

120939

43769

59334

52688 0 71430 0

257455

274064

61187

81764

157620

P18M

0.01

The loan is forgivable up to 100% of the principal balance based upon satisfaction of certain criteria under the Paycheck Protection Program.

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>Principal balances of the 2020 Convertible Notes were as follows:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2596" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2597" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> September 30, 2020 </td> <td id="new_id-2598" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2599" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2600" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> December 31, 2019 </td> <td id="new_id-2601" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td id="new_id-2602"> </td> <td id="new_id-2603"> </td> <td id="new_id-2604"> </td> <td id="new_id-2605"> </td> <td id="new_id-2606"> </td> <td id="new_id-2607"> </td> <td id="new_id-2608"> </td> <td id="new_id-2609"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 62%;"> 2020 Convertible Notes </td> <td id="new_id-2610" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2611" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2612" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,494,840</td> <td id="new_id-2613" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2614" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2615" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2616" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2617" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Accrued interest </td> <td id="new_id-2618" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2619" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2620" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">120,939</td> <td id="new_id-2621" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2622" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2623" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2624" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2625" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Less beneficial conversion feature discount </td> <td id="new_id-2626" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2627" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2628" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(934,769</td> <td id="new_id-2629" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> ) </td> <td id="new_id-2630" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2631" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2632" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2633" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Less options discount </td> <td id="new_id-2634" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2635" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2636" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(809,649</td> <td id="new_id-2637" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> ) </td> <td id="new_id-2638" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2639" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2640" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2641" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Less warrants discount </td> <td id="new_id-2642" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2643" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2644" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(974,669</td> <td id="new_id-2645" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> ) </td> <td id="new_id-2646" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2647" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2648" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2649" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td id="new_id-2650"> </td> <td id="new_id-2651"> </td> <td id="new_id-2652"> </td> <td id="new_id-2653"> </td> <td id="new_id-2654"> </td> <td id="new_id-2655"> </td> <td id="new_id-2656"> </td> <td id="new_id-2657"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Less issuance cost </td> <td id="new_id-2658" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2659" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2660" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(289,171</td> <td id="new_id-2661" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> ) </td> <td id="new_id-2662" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2663" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2664" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2665" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Total, net of discount </td> <td id="new_id-2666" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2667" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2668" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">607,521</td> <td id="new_id-2669" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2670" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2671" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2672" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td> <td id="new_id-2673" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

3494840

120939

934769

809649

974669

289171

607521

50000

0.10

25000

597

1836

10000

0.10

0.32

253

749

65197

40000

0.09

6.40

907

1380

2692

4687

6.40

30000

93750000000

1530000

1800

2134

8168

1271

1380

4792

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>Principal balances of the Related Party loans were as follows:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2674" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2675" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> September 30, 2020 </td> <td id="new_id-2676" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2677" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2678" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> December 31, 2019 </td> <td id="new_id-2679" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td id="new_id-2680"> </td> <td id="new_id-2681"> </td> <td id="new_id-2682"> </td> <td id="new_id-2683"> </td> <td id="new_id-2684"> </td> <td id="new_id-2685"> </td> <td id="new_id-2686"> </td> <td id="new_id-2687"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 62%;"> James Bowdring Family – 2018 Convertible Notes </td> <td id="new_id-2688" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2689" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2690" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2691" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2692" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2693" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2694" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">45,975</td> <td id="new_id-2695" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Less discount </td> <td id="new_id-2696" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2697" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2698" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2699" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2700" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2701" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2702" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(17,151</td> <td id="new_id-2703" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> ) </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Total, net of discount </td> <td id="new_id-2704" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2705" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2706" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td> <td id="new_id-2707" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2708" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2709" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2710" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">28,824</td> <td id="new_id-2711" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

45975

17151

28824

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>Accounts payable and accrued liabilities balances include accrued directors fees, expenses reports for management and employees for expenses they paid for personally related to travel or normal business expenses.</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2712" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2713" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> September 30, </td> <td id="new_id-2714" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2715" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2716" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> December 31, </td> <td id="new_id-2717" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2718" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2719" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2020 </td> <td id="new_id-2720" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2721" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2722" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2019 </td> <td id="new_id-2723" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 62%;"> Accounts payable and accrued liabilities </td> <td id="new_id-2724" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2725" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2726" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5,756</td> <td id="new_id-2727" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2728" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2729" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2730" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">13,018</td> <td id="new_id-2731" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

5756

13018

1-for-20

5-for-8

125000000

31250

221400

3125

24750

14438

3098

25000

1875

15000

1563

11500

1563

11500

3438

25930

12804

3750

22800

12500

72200

12032

3750

19500

1875

26600

8394

53723

25000

160000

3907

25000

1562

15000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> Note 11 – Stock Options and Warrants Equity Incentive Plans In October 2019, the Company adopted its 2019 Stock Incentive Plan (the "2019 Plan"). Under the 2019 Plan, the Company’s Board of Directors is authorized to grant both incentive and non-statutory stock options to purchase common stock and restricted stock awards to its employees, directors, and consultants. The 2019 Plan initially provided for the issuance of 500,000 shares. However, in January 2020, under the terms of the plan, the number of available shares issuable increased to 793,093 shares as the aggregate number of shares under the Plan automatically increases on January 1st of each year, in an amount equal to six percent (6%) of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year. Options generally have a life of 3 to 10 years and exercise price equal to or greater than the fair market value of the Common Stock as determined by the Company’s Board of Directors. Vesting for employees typically occurs over a three-year period or based on performance objective. The following table sets forth the activity of the options to purchase common stock under the 2019 Plan. The prices represent the closing price of the Company’s Common Stock on the OTCQB Market on the respective dates. <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2732" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="14" id="new_id-2733" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Options Outstanding </td> <td id="new_id-2734" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2735" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="10" id="new_id-2736" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Options Exercisable </td> <td id="new_id-2737" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2738" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2739" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Number of Shares </td> <td id="new_id-2740" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2741" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2742" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Price per Share Range </td> <td id="new_id-2743" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2744" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2745" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Weighted Average Exercise Price </td> <td id="new_id-2746" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2747" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2748" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Aggregate Intrinsic Value (1) </td> <td id="new_id-2749" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2750" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2751" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Number of Shares </td> <td id="new_id-2752" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2753" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2754" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Weighted Average Exercise Price </td> <td id="new_id-2755" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2756" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2757" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Aggregate Intrinsic Value (1) </td> <td id="new_id-2758" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 30%;"> Balance at December 31, 2019 </td> <td id="new_id-2759" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2760" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2761" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">260,018</td> <td id="new_id-2762" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2763" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2764" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2765" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8.16-9.25</td> <td id="new_id-2766" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2767" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2768" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2769" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8.41</td> <td id="new_id-2770" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2771" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2772" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2773" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2774" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2775" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2776" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2777" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">11,256</td> <td id="new_id-2778" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2779" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2780" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2781" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8.16</td> <td id="new_id-2782" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2783" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2784" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2785" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2786" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Forfeited </td> <td id="new_id-2787" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2788" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2789" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2790" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2791" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2792" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2793" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2794" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2795" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2796" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2797" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2798" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2799" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2800" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2801" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2802" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2803" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2804" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2805" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2806" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2807" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2808" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2809" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2810" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2811" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2812" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2813" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2814" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Vested </td> <td id="new_id-2815" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2816" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2817" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2818" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2819" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2820" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2821" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2822" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2823" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2824" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2825" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;">-</td> <td id="new_id-2826" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2827" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2828" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2829" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2830" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2831" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2832" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2833" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">140,399</td> <td id="new_id-2834" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2835" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2836" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2837" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">6.48</td> <td id="new_id-2838" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2839" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2840" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2841" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2842" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Exercised </td> <td id="new_id-2843" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2844" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2845" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2846" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2847" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2848" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2849" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2850" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2851" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2852" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2853" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2854" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2855" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2856" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2857" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2858" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2859" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2860" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2861" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2862" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2863" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2864" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2865" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2866" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2867" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2868" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2869" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2870" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Granted </td> <td id="new_id-2871" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2872" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2873" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">328,303</td> <td id="new_id-2874" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2875" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2876" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2877" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5.76-8.32</td> <td id="new_id-2878" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2879" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2880" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2881" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">6.47</td> <td id="new_id-2882" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2883" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2884" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2885" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2886" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2887" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2888" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2889" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2890" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2891" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2892" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2893" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2894" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2895" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2896" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2897" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2898" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Balance at September 30, 2020 </td> <td id="new_id-2899" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2900" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td id="new_id-2901" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">588,321</td> <td id="new_id-2902" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2903" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2904" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2905" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">5.76-9.25</td> <td id="new_id-2906" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2907" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2908" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2909" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">7.32</td> <td id="new_id-2910" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2911" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2912" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2913" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td> <td id="new_id-2914" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2915" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2916" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td id="new_id-2917" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">151,655</td> <td id="new_id-2918" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2919" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2920" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2921" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">7.16</td> <td id="new_id-2922" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2923" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2924" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2925" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td> <td id="new_id-2926" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;"> <tr> <td style="vertical-align:top;width:5.5%;"> (1) </td> <td style="vertical-align:top;width:94.5%;"> The intrinsic value of an option represents the amount by which the market value of the stock exceeds the exercise price of the option of in-the-money options only. </td> </tr> </table> The fair value of each option granted is estimated as of the grant date using the Black-Scholes option pricing model with the following assumptions: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2927" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" id="new_id-2928" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Nine Months ended September 30, </td> <td id="new_id-2929" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2930" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2931" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2020 </td> <td id="new_id-2932" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2933" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2934" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2019 </td> <td id="new_id-2935" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 62%;"> Risk-free interest rate range </td> <td id="new_id-2936" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2937" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2938" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">0.48 to 1.65</td> <td id="new_id-2939" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> <td id="new_id-2940" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2941" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2942" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2943" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Expected life of option-years </td> <td id="new_id-2944" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2945" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2946" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5.20 to 5.77</td> <td id="new_id-2947" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2948" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2949" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2950" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2951" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Expected stock price volatility </td> <td id="new_id-2952" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2953" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2954" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">110.8 to 128.0</td> <td id="new_id-2955" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> <td id="new_id-2956" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2957" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2958" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2959" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Expected dividend yield </td> <td id="new_id-2960" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2961" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2962" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2963" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> <td id="new_id-2964" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2965" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2966" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2967" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> </table> The risk-free interest rate is based on U.S. Treasury interest rates, the terms of which are consistent with the expected life of the stock options. Expected volatility is based upon the average historical volatility of the Company’s common stock over the period commensurate with the expected term of the related instrument. The expected life and estimated post-employment termination behavior is based upon historical experience of homogeneous groups, executives and non-executives, within the Company. The Company does not currently pay dividends on its common stock nor does it expect to do so in the foreseeable future. <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2968" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2969" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2970" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2971" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2972" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="10" id="new_id-2973" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Options Outstanding </td> <td id="new_id-2974" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2975" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" id="new_id-2976" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Options Exercisable </td> <td id="new_id-2977" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2978" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2979" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Range of Exercise Prices </td> <td id="new_id-2980" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2981" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2982" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Options Outstanding </td> <td id="new_id-2983" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2984" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2985" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Weighted Average Remaining Life in Years </td> <td id="new_id-2986" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2987" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2988" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Weighted Average Exercise Price </td> <td id="new_id-2989" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2990" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2991" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Options Exercisable </td> <td id="new_id-2992" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2993" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2994" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Weighted Average Exercise Price of Options Exercisable </td> <td id="new_id-2995" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 28%;"> Year ended December 31, 2019 </td> <td id="new_id-2996" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2997" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2998" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8.16-9.25</td> <td id="new_id-2999" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3000" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3001" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3002" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">260,018</td> <td id="new_id-3003" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3004" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3005" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3006" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2.6</td> <td id="new_id-3007" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3008" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3009" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3010" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8.41</td> <td id="new_id-3011" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3012" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3013" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3014" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">11,256</td> <td id="new_id-3015" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3016" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3017" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3018" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8.16</td> <td id="new_id-3019" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Nine Months ended September 30, 2020 </td> <td id="new_id-3020" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3021" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3022" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5.76-9.25</td> <td id="new_id-3023" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3024" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3025" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3026" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">588,321</td> <td id="new_id-3027" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3028" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3029" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3030" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3.7</td> <td id="new_id-3031" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3032" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3033" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3034" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">7.32</td> <td id="new_id-3035" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3036" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3037" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3038" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">151,655</td> <td id="new_id-3039" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3040" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3041" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3042" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">7.16</td> <td id="new_id-3043" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3044" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3045" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Total Intrinsic Value of Options Exercised </td> <td id="new_id-3046" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-3047" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3048" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Total Fair Value of Options Vested </td> <td id="new_id-3049" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 62%;"> Year ended December 21, 2019 </td> <td id="new_id-3050" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3051" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3052" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-3053" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3054" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3055" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3056" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">69,787</td> <td id="new_id-3057" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Nine months ended September 30, 2020 </td> <td id="new_id-3058" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3059" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3060" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-3061" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3062" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3063" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3064" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">910,444</td> <td id="new_id-3065" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table> For the nine months ended September 30, 2020, the weighted average grant date fair value of options granted was $5.44 per share. The Company estimates the fair value of options at the grant date using the Black-Scholes model. For all stock options granted through September 30, 2020, the weighted average remaining service period is 3.7 years. The Company recognized $259,547 and $0 in stock-based compensation expense, which is recorded in selling, general and administrative expenses on the consolidated statement of operations for the three months ended September 30, 2020 and 2019, respectively. In addition, the Company recognized $852,187 and $0 in stock-based compensation expense, which is recorded in selling, general and administrative expenses on the consolidated statement of operations for the nine months ended September 30, 2020 and 2019, respectively. Unamortized stock option expense at September 30, 2020 that will be amortized over the weighted-average remaining service period totaled $2,107,857. Restricted Stock and Restricted Stock Units In the nine months ended September 30, 2020, the Company issued 90,412 shares of restricted stock, to certain employees and directors. Shares issued to employees and directors are generally either vest at grant or vest over a period of one year from grant. In the nine months ended September 30, 2020, 50,871 shares of restricted stock vested. The following table summarizes the Company’s aggregate restricted stock awards and restricted stock unit activity during the nine months ended September 30, 2020: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3066" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3067" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Number of Unvested Shares </td> <td id="new_id-3068" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-3069" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3070" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Weighted Average Grant Date Fair Value </td> <td id="new_id-3071" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-3072" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3073" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Aggregate Value of Unvested Shares </td> <td id="new_id-3074" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td id="new_id-3075"> </td> <td id="new_id-3076"> </td> <td id="new_id-3077"> </td> <td id="new_id-3078"> </td> <td id="new_id-3079"> </td> <td id="new_id-3080"> </td> <td id="new_id-3081"> </td> <td id="new_id-3082"> </td> <td id="new_id-3083"> </td> <td id="new_id-3084"> </td> <td id="new_id-3085"> </td> <td id="new_id-3086"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 55%;"> Balance at December 31, 2019 </td> <td id="new_id-3087" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3088" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3089" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">10,417</td> <td id="new_id-3090" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3091" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3092" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3093" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">9.60</td> <td id="new_id-3094" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3095" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3096" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3097" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">100,000</td> <td id="new_id-3098" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Granted </td> <td id="new_id-3099" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3100" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3101" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">56,509</td> <td id="new_id-3102" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3103" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3104" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3105" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">6.98</td> <td id="new_id-3106" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3107" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3108" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3109" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">394,280</td> <td id="new_id-3110" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Vested </td> <td id="new_id-3111" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3112" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3113" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(50,871</td> <td id="new_id-3114" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> ) </td> <td id="new_id-3115" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3116" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3117" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">7.63</td> <td id="new_id-3118" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3119" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3120" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3121" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(388,173</td> <td id="new_id-3122" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> ) </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Forfeitures </td> <td id="new_id-3123" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3124" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-3125" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(-</td> <td id="new_id-3126" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> ) </td> <td id="new_id-3127" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3128" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-3129" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-3130" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3131" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3132" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-3133" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(-</td> <td id="new_id-3134" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> ) </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Balance at September 30, 2020 </td> <td id="new_id-3135" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3136" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td id="new_id-3137" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">16,055</td> <td id="new_id-3138" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3139" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3140" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-3141" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">6.61</td> <td id="new_id-3142" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3143" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3144" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-3145" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">106,107</td> <td id="new_id-3146" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table> The Company recognized $67,202 and $388,173 in stock-based compensation expense for the three and nine months ended September 30, 2020, respectively. It will recognize $106,107 over the remaining requisite service period. Stock-based compensation expense is recorded in selling, general and administrative expenses on the consolidated statement of operations In October 2019, the Company issued 12,500 shares of common stock under its 2019 Stock Incentive Plan with a fair value of $120,000 to an officer, of which $90,000 was amortized in the nine months ended September 30, 2020. Warrants In connection with the issuance of the 2020 Convertible Notes, the Company also issued 310,373 unit purchase options to purchase 310,373 units at an exercise price of $8.00 per unit, with each unit consisting of one share of common, and a warrant to purchase one share of common stock at an exercise price of $9.60 per share. The units and warrants are exercisable for a period of five years from the date of issuance and are subject to a downward provision if the Company issues securities at a lower price. Warrant holders have a right to require the Company to pay cash in the event of a fundamental transaction. In accordance with ASC 815, the warrants and options issued in this period were determined to require equity treatment and $868,973 related to the options and $998,818 related to warrants was recorded in equity in the nine months ended September 30, 2020. In connection with the issuance of the 2020 Convertible Notes, the Company agreed to issue the placement agent and the selling agent five-year warrants to purchase 6,750 shares of the Company’s common stock at an exercise price of $5.76. In the nine months ended September 30, 2020, $47,293 was recorded in equity related to these warrants. A Monte Carlo model was used because the investor warrants and options contain fundamental transaction payouts and reset events that cannot be modeled with a Black Scholes model. The fair value of the options and warrants issued to the convertible debt holders is estimated as of the issue date using a Monte Carlo model with the following assumptions: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3147" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" id="new_id-3148" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Nine Months ended September 30, </td> <td id="new_id-3149" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3150" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3151" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2020 </td> <td id="new_id-3152" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-3153" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3154" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2019 </td> <td id="new_id-3155" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 62%;"> Risk-free interest rate range </td> <td id="new_id-3156" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3157" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3158" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">0.33% - 0.39</td> <td id="new_id-3159" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> <td id="new_id-3160" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3161" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3162" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-3163" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Stock Price </td> <td id="new_id-3164" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3165" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> $3.00 - $3.95 </td> <td id="new_id-3166" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3167" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3168" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3169" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-3170" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Expected life of warrants and option (years) </td> <td id="new_id-3171" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3172" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3173" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5.00</td> <td id="new_id-3174" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3175" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3176" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3177" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-3178" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Expected stock price volatility </td> <td id="new_id-3179" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3180" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3181" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">108.2% - 112.5</td> <td id="new_id-3182" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> <td id="new_id-3183" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3184" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3185" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-3186" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Expected dividend yield </td> <td id="new_id-3187" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3188" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3189" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">0</td> <td id="new_id-3190" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> <td id="new_id-3191" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3192" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3193" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-3194" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> </table> The risk-free interest rate is based on U.S. Treasury interest rates, the terms of which are consistent with the expected life of the stock options and warrants. Expected volatility is based upon the historical volatility of the Company’s common stock over the period commensurate with the expected term of the related instrument. The options and warrants are valued assuming projected reset events adjusting the exercise price and a forced exercise upon a projected fundamental transaction by management. The options and warrants early exercise are modeled assuming registration after 180 days. We do not currently pay dividends on our common stock nor do we expect to in the foreseeable future. </div>

500000

793093

Plan automatically increases on January 1st of each year, in an amount equal to six percent (6%) of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year

P3Y

P10Y

5.44

P3Y255D

259547

852187

2107857

90412

50871

67202

388173

106107

12500

120000

90000

310373 310373 8.00 one share of common, and a warrant to purchase one share of common stock

9.60

P5Y

868973

998818

6750

5.76

47293

P5Y

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>The following table sets forth the activity of the options to purchase common stock under the 2019 Plan. The prices represent the closing price of the Company’s Common Stock on the OTCQB Market on the respective dates.</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2732" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="14" id="new_id-2733" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Options Outstanding </td> <td id="new_id-2734" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2735" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="10" id="new_id-2736" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Options Exercisable </td> <td id="new_id-2737" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2738" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2739" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Number of Shares </td> <td id="new_id-2740" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2741" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2742" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Price per Share Range </td> <td id="new_id-2743" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2744" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2745" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Weighted Average Exercise Price </td> <td id="new_id-2746" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2747" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2748" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Aggregate Intrinsic Value (1) </td> <td id="new_id-2749" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2750" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2751" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Number of Shares </td> <td id="new_id-2752" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2753" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2754" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Weighted Average Exercise Price </td> <td id="new_id-2755" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2756" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2757" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Aggregate Intrinsic Value (1) </td> <td id="new_id-2758" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 30%;"> Balance at December 31, 2019 </td> <td id="new_id-2759" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2760" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2761" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">260,018</td> <td id="new_id-2762" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2763" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2764" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2765" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8.16-9.25</td> <td id="new_id-2766" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2767" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2768" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2769" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8.41</td> <td id="new_id-2770" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2771" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2772" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2773" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2774" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2775" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2776" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2777" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">11,256</td> <td id="new_id-2778" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2779" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2780" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2781" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8.16</td> <td id="new_id-2782" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2783" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2784" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2785" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2786" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Forfeited </td> <td id="new_id-2787" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2788" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2789" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2790" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2791" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2792" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2793" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2794" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2795" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2796" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2797" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2798" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2799" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2800" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2801" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2802" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2803" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2804" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2805" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2806" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2807" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2808" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2809" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2810" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2811" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2812" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2813" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2814" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Vested </td> <td id="new_id-2815" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2816" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2817" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2818" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2819" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2820" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2821" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2822" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2823" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2824" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2825" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;">-</td> <td id="new_id-2826" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2827" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2828" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2829" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2830" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2831" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2832" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2833" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">140,399</td> <td id="new_id-2834" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2835" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2836" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2837" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">6.48</td> <td id="new_id-2838" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2839" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2840" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2841" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2842" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Exercised </td> <td id="new_id-2843" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2844" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2845" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2846" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2847" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2848" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2849" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2850" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2851" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2852" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2853" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2854" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2855" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2856" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2857" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2858" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2859" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2860" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2861" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2862" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2863" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2864" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2865" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2866" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2867" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2868" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2869" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2870" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Granted </td> <td id="new_id-2871" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2872" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2873" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">328,303</td> <td id="new_id-2874" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2875" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2876" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2877" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5.76-8.32</td> <td id="new_id-2878" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2879" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2880" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2881" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">6.47</td> <td id="new_id-2882" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2883" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2884" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2885" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2886" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2887" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2888" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2889" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2890" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2891" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2892" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2893" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2894" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2895" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2896" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2897" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2898" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Balance at September 30, 2020 </td> <td id="new_id-2899" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2900" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td id="new_id-2901" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">588,321</td> <td id="new_id-2902" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2903" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2904" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2905" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">5.76-9.25</td> <td id="new_id-2906" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2907" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2908" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2909" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">7.32</td> <td id="new_id-2910" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2911" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2912" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2913" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td> <td id="new_id-2914" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2915" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2916" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td id="new_id-2917" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">151,655</td> <td id="new_id-2918" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2919" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2920" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2921" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">7.16</td> <td id="new_id-2922" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2923" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2924" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2925" style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td> <td id="new_id-2926" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table><table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;"> <tr> <td style="vertical-align:top;width:5.5%;"> (1) </td> <td style="vertical-align:top;width:94.5%;"> The intrinsic value of an option represents the amount by which the market value of the stock exceeds the exercise price of the option of in-the-money options only. </td> </tr> </table></div>

260018

8.16 9.25

8.41

11256

8.16

140399

6.48

328303

5.76

8.32

6.47

588321

5.76 9.25

7.32

151655

7.16

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>The fair value of each option granted is estimated as of the grant date using the Black-Scholes option pricing model with the following assumptions:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2927" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" id="new_id-2928" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Nine Months ended September 30, </td> <td id="new_id-2929" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2930" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2931" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2020 </td> <td id="new_id-2932" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2933" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2934" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2019 </td> <td id="new_id-2935" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 62%;"> Risk-free interest rate range </td> <td id="new_id-2936" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2937" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2938" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">0.48 to 1.65</td> <td id="new_id-2939" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> <td id="new_id-2940" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2941" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2942" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2943" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Expected life of option-years </td> <td id="new_id-2944" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2945" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2946" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5.20 to 5.77</td> <td id="new_id-2947" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2948" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2949" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2950" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2951" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Expected stock price volatility </td> <td id="new_id-2952" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2953" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2954" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">110.8 to 128.0</td> <td id="new_id-2955" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> <td id="new_id-2956" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2957" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2958" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2959" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Expected dividend yield </td> <td id="new_id-2960" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2961" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2962" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2963" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> <td id="new_id-2964" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2965" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2966" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2967" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> </table><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3147" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" id="new_id-3148" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Nine Months ended September 30, </td> <td id="new_id-3149" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3150" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3151" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2020 </td> <td id="new_id-3152" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-3153" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3154" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2019 </td> <td id="new_id-3155" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 62%;"> Risk-free interest rate range </td> <td id="new_id-3156" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3157" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3158" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">0.33% - 0.39</td> <td id="new_id-3159" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> <td id="new_id-3160" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3161" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3162" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-3163" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Stock Price </td> <td id="new_id-3164" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3165" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> $3.00 - $3.95 </td> <td id="new_id-3166" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3167" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3168" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3169" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-3170" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Expected life of warrants and option (years) </td> <td id="new_id-3171" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3172" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3173" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5.00</td> <td id="new_id-3174" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3175" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3176" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3177" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-3178" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Expected stock price volatility </td> <td id="new_id-3179" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3180" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3181" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">108.2% - 112.5</td> <td id="new_id-3182" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> <td id="new_id-3183" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3184" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3185" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-3186" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Expected dividend yield </td> <td id="new_id-3187" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3188" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3189" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">0</td> <td id="new_id-3190" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> <td id="new_id-3191" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3192" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3193" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-3194" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> </table></div>

0.0048

0.0165

P5Y73D

P5Y281D

P0Y

1.108

1.280

0.0033

0.0039

3.00

3.95

P5Y

1.082

1.125

0.00

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>The risk-free interest rate is based on U.S. Treasury interest rates, the terms of which are consistent with the expected life of the stock options. Expected volatility is based upon the average historical volatility of the Company’s common stock over the period commensurate with the expected term of the related instrument. The expected life and estimated post-employment termination behavior is based upon historical experience of homogeneous groups, executives and non-executives, within the Company. The Company does not currently pay dividends on its common stock nor does it expect to do so in the foreseeable future.</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2968" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2969" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2970" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2971" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2972" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="10" id="new_id-2973" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Options Outstanding </td> <td id="new_id-2974" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2975" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" id="new_id-2976" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Options Exercisable </td> <td id="new_id-2977" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2978" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2979" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Range of Exercise Prices </td> <td id="new_id-2980" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2981" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2982" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Options Outstanding </td> <td id="new_id-2983" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2984" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2985" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Weighted Average Remaining Life in Years </td> <td id="new_id-2986" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2987" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2988" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Weighted Average Exercise Price </td> <td id="new_id-2989" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2990" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2991" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Options Exercisable </td> <td id="new_id-2992" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2993" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2994" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Weighted Average Exercise Price of Options Exercisable </td> <td id="new_id-2995" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 28%;"> Year ended December 31, 2019 </td> <td id="new_id-2996" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2997" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2998" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8.16-9.25</td> <td id="new_id-2999" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3000" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3001" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3002" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">260,018</td> <td id="new_id-3003" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3004" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3005" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3006" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2.6</td> <td id="new_id-3007" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3008" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3009" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3010" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8.41</td> <td id="new_id-3011" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3012" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3013" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3014" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">11,256</td> <td id="new_id-3015" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3016" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3017" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3018" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8.16</td> <td id="new_id-3019" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Nine Months ended September 30, 2020 </td> <td id="new_id-3020" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3021" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3022" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5.76-9.25</td> <td id="new_id-3023" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3024" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3025" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3026" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">588,321</td> <td id="new_id-3027" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3028" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3029" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3030" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3.7</td> <td id="new_id-3031" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3032" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3033" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3034" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">7.32</td> <td id="new_id-3035" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3036" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3037" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3038" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">151,655</td> <td id="new_id-3039" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3040" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3041" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3042" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">7.16</td> <td id="new_id-3043" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3044" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3045" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Total Intrinsic Value of Options Exercised </td> <td id="new_id-3046" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-3047" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3048" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Total Fair Value of Options Vested </td> <td id="new_id-3049" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 62%;"> Year ended December 21, 2019 </td> <td id="new_id-3050" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3051" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3052" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-3053" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3054" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3055" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3056" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">69,787</td> <td id="new_id-3057" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Nine months ended September 30, 2020 </td> <td id="new_id-3058" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3059" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3060" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-3061" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3062" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3063" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3064" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">910,444</td> <td id="new_id-3065" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

8.16 9.25

260018

P2Y219D

8.41

11256

8.16

P3Y255D

7.32

151655

7.16

69787

910444

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>The following table summarizes the Company’s aggregate restricted stock awards and restricted stock unit activity during the nine months ended September 30, 2020:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3066" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3067" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Number of Unvested Shares </td> <td id="new_id-3068" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-3069" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3070" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Weighted Average Grant Date Fair Value </td> <td id="new_id-3071" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-3072" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3073" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Aggregate Value of Unvested Shares </td> <td id="new_id-3074" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td id="new_id-3075"> </td> <td id="new_id-3076"> </td> <td id="new_id-3077"> </td> <td id="new_id-3078"> </td> <td id="new_id-3079"> </td> <td id="new_id-3080"> </td> <td id="new_id-3081"> </td> <td id="new_id-3082"> </td> <td id="new_id-3083"> </td> <td id="new_id-3084"> </td> <td id="new_id-3085"> </td> <td id="new_id-3086"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 55%;"> Balance at December 31, 2019 </td> <td id="new_id-3087" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3088" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3089" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">10,417</td> <td id="new_id-3090" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3091" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3092" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3093" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">9.60</td> <td id="new_id-3094" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3095" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3096" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3097" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">100,000</td> <td id="new_id-3098" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Granted </td> <td id="new_id-3099" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3100" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3101" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">56,509</td> <td id="new_id-3102" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3103" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3104" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3105" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">6.98</td> <td id="new_id-3106" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3107" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3108" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3109" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">394,280</td> <td id="new_id-3110" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Vested </td> <td id="new_id-3111" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3112" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3113" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(50,871</td> <td id="new_id-3114" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> ) </td> <td id="new_id-3115" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3116" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3117" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">7.63</td> <td id="new_id-3118" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3119" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3120" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3121" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(388,173</td> <td id="new_id-3122" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> ) </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Forfeitures </td> <td id="new_id-3123" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3124" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-3125" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(-</td> <td id="new_id-3126" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> ) </td> <td id="new_id-3127" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3128" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-3129" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-3130" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3131" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3132" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-3133" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(-</td> <td id="new_id-3134" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> ) </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Balance at September 30, 2020 </td> <td id="new_id-3135" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3136" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td id="new_id-3137" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">16,055</td> <td id="new_id-3138" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3139" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3140" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-3141" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">6.61</td> <td id="new_id-3142" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3143" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3144" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-3145" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">106,107</td> <td id="new_id-3146" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

10417

9.60

100000

56509

6.98

394280

50871

7.63

388173

16055

6.61

106107

0.00

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> Note 13 – Commitments and Contingencies <table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;"> <tr> <td style="vertical-align:top;width:3.3%;"> A) </td> <td style="vertical-align:top;width:96.7%;"> Litigation </td> </tr> </table> INVO Bioscience, Inc. v. James Bowdring On August 7, 2019, the Company sent James Bowdring, the brother of the Company’s then Chief Financial Officer, a check in the amount of $65,197 as full and final payment under those certain promissory notes dated April 8, 2011 and November 9, 2011.  On August 8, 2019, Mr. Bowdring’s legal counsel returned the check.  A basis for returning the check was a claim that the interest due under the Notes called for compounded interest and not per annum interest.  In addition, the letter rejecting the tender of the payment in full check alleged Mr. Bowdring was considering a future intention to convert his Promissory Notes into shares of the Company’s common stock.  Mr. Bowdring, through his counsel, indicated that such future intention to convert the Notes to common stock were contingent upon Mr. Bowdring addressing certain personal issues which were not disclosed by his counsel in the correspondence returning the checks.  The Company does not believe that Mr. Bowdring has the right to seek conversion of the Notes once payment for the Notes has been tendered.  In order to resolve the issue of the Company’s tender of payment in full versus Mr. Bowdring’s assertion that he can reject tender and seek conversion, the Company has filed an action in the Suffolk Superior Court in Boston on September 3, 2019 seeking Declaratory Judgment and Judgment for Breach of Contract. On September 30, 2019, Mr. Bowdring filed an answer and counterclaim under which he alleged breach of contract, fraud, promissory estoppel, unfair and deceptive practices and constructive trust. Mr. Bowdring is seeking receipt of all shares due under the adjusted conversion price. The 10% Senior Secured Convertible Promissory Notes were issued on April 8, 2011 and November 9, 2011, with maturity dates thirty days subsequent to the dates of issuance.  Interest was calculated at 10% per annum, compounded based on a 360-day year. Investors had the option to convert any unpaid principal and accrued interest into shares of Company’s common stock original conversion prices of $0.96 and $0.32, respectively, subject to adjustments upon the Company’s issuances of stock at prices less than the original conversion prices during the 24-months after issuance of each note (i.e. currently $0.2100). The Company does not currently expect the above matter to have a material adverse effect upon either the Company’s results of operations, financial position, or cash flows. <table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;"> <tr> <td style="vertical-align:top;width:5.3%;"> B) </td> <td style="vertical-align:top;width:94.7%;"> Employee Agreements </td> </tr> </table> On October 10, 2019, the Company entered into an agreement with its CEO, Steve Shum. The Company agreed to pay Mr. Shum an annual salary of $260,000. In addition, Mr. Shum is eligible to earn bonus compensation of up to $75,000 bonus upon a successful up-listing to the NASDAQ exchange. All other bonus amounts will be determined by the Board of Directors, in their sole discretion. In addition to his base salary and performance bonus, the Company granted Mr. Shum: (i) 12,500 shares of common stock and (ii) a three-year option to purchase 202,599 shares of common stock at an exercise price of $8.16 per share. These options will vest monthly over a 3-year period. On January 15, 2020, the Company entered into an employment agreement (the “Employment Agreement”) with Michael Campbell to continue serving as the Company’s Chief Operating Officer and Vice President of Business Development, a position he has held since February 2019. Mr. Campbell’s compensation will consist of an annual base salary of $220,000, and a target annual incentive bonus of up to 50% of his base salary if the Company achieves goals and objectives determined by the board of directors. In connection with the Employment Agreement, on January 17, 2020, the Company granted Mr. Campbell 31,250 shares of Company common stock, and an option to purchase 125,000 shares of Company common stock (the “Option”) at an exercise price of $6.84 per share. One quarter of the Option vested upon grant, and the remainder vests in monthly increments over a period of two years from the date of grant. The Company has entered into a consulting agreement with Shine Management, Inc. through which it is receiving outsourced accounting and the support of its acting CFO, Debra Hoopes. Debra is the CFO and Chief Administrative Officer of Shine Management, Inc. and Management Services Company in Charlottesville, VA. </div>

P30D

0.10

Investors had the option to convert any unpaid principal and accrued interest into shares of Company’s common stock original conversion prices of $0.96 and $0.32, respectively, subject to adjustments upon the Company’s issuances of stock at prices less than the original conversion prices during the 24-months after issuance of each note (i.e. currently $0.2100)

0.2100

260000

Mr. Shum is eligible to earn bonus compensation of up to $75,000 bonus upon a successful up-listing to the NASDAQ exchange. All other bonus amounts will be determined by the Board of Directors, in their sole discretion.

12500

202599

8.16

P3Y

220000 target annual incentive bonus of up to 50% of his base salary if the Company achieves goals and objectives determined by the board of directors

31250

125000

6.84

One quarter of the Option vested upon grant, and the remainder vests in monthly increments over a period of two years from the date of grant.

5000000

3000000

P7Y

5000000

178572

357143

3750000

4285715

P1Y P1Y P1Y 0.50

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>For the nine months ended September 30, 2020 and 2019 the source of revenue was derived from:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3195" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3196" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> September 30, 2020 </td> <td id="new_id-3197" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-3198" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3199" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> September 30, 2019 </td> <td id="new_id-3200" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 62%;"> Domestic Product revenue </td> <td id="new_id-3201" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3202" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3203" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">305,000</td> <td id="new_id-3204" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3205" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3206" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3207" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">615,927</td> <td id="new_id-3208" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td id="new_id-3209"> </td> <td id="new_id-3210"> </td> <td id="new_id-3211"> </td> <td id="new_id-3212"> </td> <td id="new_id-3213"> </td> <td id="new_id-3214"> </td> <td id="new_id-3215"> </td> <td id="new_id-3216"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Domestic licensing fee </td> <td id="new_id-3217" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3218" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-3219" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">535,714</td> <td id="new_id-3220" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3221" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3222" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-3223" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">535,714</td> <td id="new_id-3224" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td id="new_id-3225"> </td> <td id="new_id-3226"> </td> <td id="new_id-3227"> </td> <td id="new_id-3228"> </td> <td id="new_id-3229"> </td> <td id="new_id-3230"> </td> <td id="new_id-3231"> </td> <td id="new_id-3232"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Total revenue </td> <td id="new_id-3233" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3234" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-3235" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">840,714</td> <td id="new_id-3236" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3237" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-3238" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-3239" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">1,151,641</td> <td id="new_id-3240" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

305000

615927

535714

23517

9157

109

3625000

0.0001

3.20

543750

10100000

EX-101.SCH 6 invo-20200930.xsd XBRL TAXONOMY EXTENSION SCHEMA 001 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 003 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS link:presentationLink link:definitionLink link:calculationLink 004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY DEFICIENCY link:presentationLink link:definitionLink link:calculationLink 005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 006 - Disclosure - Basis of Presentation link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - Recent Accounting Pronouncements link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - Going Concern link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - Inventory link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - Property and Equipment link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - Patents link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - Leases link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - Notes Payable link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - Notes Payable and Other Related Party Transactions link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - Stockholders' Equity link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - Stock Options and Warrants link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - Income Taxes link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - Commitments and Contingencies link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - Contracts with Customers link:presentationLink link:definitionLink link:calculationLink 020 - Disclosure - Investment in Joint Ventures link:presentationLink link:definitionLink link:calculationLink 021 - Disclosure - Subsequent Events link:presentationLink link:definitionLink link:calculationLink 022 - Disclosure - Inventory (Tables) link:presentationLink link:definitionLink link:calculationLink 023 - Disclosure - Property and Equipment (Tables) link:presentationLink link:definitionLink link:calculationLink 024 - Disclosure - Patents (Tables) link:presentationLink link:definitionLink link:calculationLink 025 - Disclosure - Leases (Tables) link:presentationLink link:definitionLink link:calculationLink 026 - Disclosure - Notes Payable (Tables) link:presentationLink link:definitionLink link:calculationLink 027 - Disclosure - Notes Payable and Other Related Party Transactions (Tables) link:presentationLink link:definitionLink link:calculationLink 028 - Disclosure - Stock Options and Warrants (Tables) link:presentationLink link:definitionLink link:calculationLink 029 - Disclosure - Contracts with Customers (Tables) link:presentationLink link:definitionLink link:calculationLink 030 - Disclosure - Going Concern (Details) link:presentationLink link:definitionLink link:calculationLink 031 - Disclosure - Inventory (Details) - Schedule of Inventory, Current link:presentationLink link:definitionLink link:calculationLink 032 - Disclosure - Property and Equipment (Details) link:presentationLink link:definitionLink link:calculationLink 033 - Disclosure - Property and Equipment (Details) - Property, Plant and Equipment link:presentationLink link:definitionLink link:calculationLink 034 - Disclosure - Property and Equipment (Details) - Property, Plant and Equipment link:presentationLink link:definitionLink link:calculationLink 035 - Disclosure - Patents (Details) link:presentationLink link:definitionLink link:calculationLink 036 - Disclosure - Patents (Details) - Schedule of Finite-Lived Intangible Assets link:presentationLink link:definitionLink link:calculationLink 037 - Disclosure - Patents (Details) - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense link:presentationLink link:definitionLink link:calculationLink 038 - Disclosure - Patents (Details) - Schedule of Indefinite-Lived Intangible Assets link:presentationLink link:definitionLink link:calculationLink 039 - Disclosure - Leases (Details) link:presentationLink link:definitionLink link:calculationLink 040 - Disclosure - Leases (Details) - Lessee, Operating Lease, Disclosure link:presentationLink link:definitionLink link:calculationLink 041 - Disclosure - Leases (Details) - Lease, Cost link:presentationLink link:definitionLink link:calculationLink 042 - Disclosure - Leases (Details) - Lessee, Operating Lease, Liability, Maturity link:presentationLink link:definitionLink link:calculationLink 043 - Disclosure - Notes Payable (Details) link:presentationLink link:definitionLink link:calculationLink 044 - Disclosure - Notes Payable (Details) - Convertible Debt link:presentationLink link:definitionLink link:calculationLink 045 - Disclosure - Notes Payable and Other Related Party Transactions (Details) link:presentationLink link:definitionLink link:calculationLink 046 - Disclosure - Notes Payable and Other Related Party Transactions (Details) - Schedule of Related Party Transactions link:presentationLink link:definitionLink link:calculationLink 047 - Disclosure - Notes Payable and Other Related Party Transactions (Details) - Schedule of Accounts Payable and Accrued Liabilities link:presentationLink link:definitionLink link:calculationLink 048 - Disclosure - Stockholders' Equity (Details) link:presentationLink link:definitionLink link:calculationLink 049 - Disclosure - Stock Options and Warrants (Details) link:presentationLink link:definitionLink link:calculationLink 050 - Disclosure - Stock Options and Warrants (Details) - Schedule of Stock Options Roll Forward link:presentationLink link:definitionLink link:calculationLink 051 - Disclosure - Stock Options and Warrants (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions link:presentationLink link:definitionLink link:calculationLink 052 - Disclosure - Stock Options and Warrants (Details) - Share-based Payment Arrangement, Option, Exercise Price Range link:presentationLink link:definitionLink link:calculationLink 053 - Disclosure - Stock Options and Warrants (Details) - Nonvested Restricted Stock Shares Activity link:presentationLink link:definitionLink link:calculationLink 054 - Disclosure - Income Taxes (Details) link:presentationLink link:definitionLink link:calculationLink 055 - Disclosure - Commitments and Contingencies (Details) link:presentationLink link:definitionLink link:calculationLink 056 - Disclosure - Contracts with Customers (Details) link:presentationLink link:definitionLink link:calculationLink 057 - Disclosure - Contracts with Customers (Details) - Disaggregation of Revenue link:presentationLink link:definitionLink link:calculationLink 058 - Disclosure - Investment in Joint Ventures (Details) link:presentationLink link:definitionLink link:calculationLink 059 - Disclosure - Subsequent Events (Details) link:presentationLink link:definitionLink link:calculationLink 000 - Document - Document And Entity Information link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 7 invo-20200930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 8 invo-20200930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 9 invo-20200930_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Statement of Financial Position [Abstract] Cash Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Accounts receivable Inventory Total Inventory Prepaid expenses and other current assets Total current assets Property and equipment, net of depreciation of $49,730 and $42,147 respectively Total Capitalized patents, net of amortization of $71,843 and $70,488 respectively Patent costs, net Total Lease right of use ROU assets - operating lease Trademarks Total Trademarks Total other assets Total assets Accounts payable and accrued liabilities, including related parties Accrued compensation – related party Deferred revenue, current portion Current portion of lease liability Current operating lease liability Income taxes payable Total current liabilities Lease liability, net of current portion Long-term operating lease liability Deferred revenue, net of current portion Convertible notes, net of discount of $3,008,258 and $174,310 respectively Convertible notes – related party, net of discount of $0 and $17,151 respectively Total liabilities Preferred Stock, $.0001 par value; 100,000,000 shares authorized; No shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively Preferred Stock, par value (in Dollars per share) Preferred Stock, shares authorized Preferred Stock, shares issued Preferred Stock, shares outstanding Common Stock, $.0001 par value; 200,000,000 shares authorized; 4,953,910 and 4,884,879 issued and outstanding as of September 30, 2020 and December 31, 2019, respectively Common Stock, par value (in Dollars per share) Common Stock, Par or Stated Value Per Share (in Dollars per share) Common Stock, shares authorized Common Stock, Shares Authorized (in Shares) Common Stock, shares issued Common Stock, shares outstanding Balance (in Shares) Balance (in Shares) Additional paid-in capital Accumulated deficit Total stockholders’ deficiency Balance Balance Stockholders' Equity Attributable to Parent Total liabilities and stockholders' deficiency Income Statement [Abstract] Product and Service [Axis] Revenue Cost of goods sold Gross margin Selling, general and administrative expenses Total operating expenses Loss from operations Interest expense Total other ( income) expenses Loss before income taxes Provision for income taxes Income Tax Expense (Benefit) Net loss Net loss Net Income (Loss) Attributable to Parent Basic net loss per weighted average shares of common stock (in Dollars per share) Diluted net loss per weighted average shares of common stock (in Dollars per share) Basic weighted average number of shares of common stock (in Shares) Diluted weighted average number of shares of common stock (in Shares) Statement of Stockholders' Equity [Abstract] Equity Components [Axis] Statement of Cash Flows [Abstract] Non-cash stock compensation issued for services Amortization of discount on notes payable Amortization of Debt Discount (Premium) Amortization of leasehold right of use asset Depreciation and amortization Accounts receivable Inventories Prepaid expenses and other current assets Accounts payable and accrued expenses Leasehold liability Deferred revenue Accrued interest - related party Accrued compensation Net cash provided by (used in) operating activities Net Cash Provided by (Used in) Operating Activities Payments to acquire property, plant and equipment Net cash (used in) investing activities Cash paid for notes payable Principal payments on note payable - related parties Repayments of Related Party Debt Net cash (used in) provided by financing activities Increase (decrease) in cash and cash equivalents Interest Taxes Common stock issued for conversion of notes payable and accrued interest Debt Conversion, Original Debt, Amount Accounting Policies [Abstract] Accounting Standards Update and Change in Accounting Principle [Abstract] Organization, Consolidation and Presentation of Financial Statements [Abstract] Inventory Disclosure [Abstract] Schedule of Inventory, Current [Abstract] Property, Plant and Equipment [Abstract] Long-Lived Tangible Asset [Axis] Statistical Measurement [Axis] Goodwill and Intangible Assets Disclosure [Abstract] Schedule of Finite-Lived Intangible Assets [Abstract] Total Patents Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] Schedule of Indefinite-Lived Intangible Assets [Abstract] Total Trademarks Disclosure Text Block [Abstract] Lessee, Operating Lease, Disclosure [Abstract] Total ROU assets Total lease liabilities Total operating lease liabilities Lease, Cost [Abstract] Total rent expense Lessee, Operating Lease, Liability, Maturity [Abstract] Total future minimum lease payments Debt Disclosure [Abstract] Convertible Debt [Abstract] Derivative Instrument [Axis] Total, net of discount Convertible Notes Payable Debt Instrument [Axis] Related Party Transactions [Abstract] Schedule of Related Party Transactions [Abstract] Related Party [Axis] Less discount Less beneficial conversion feature discount Debt Instrument, Unamortized Discount Schedule of Accounts Payable and Accrued Liabilities [Abstract] Stockholders' Equity Note [Abstract] Disclosure Text Block Supplement [Abstract] Schedule of Stock Options Roll Forward [Abstract] Balance, Options Outstanding, Number of Shares (in Shares) Balance, Options Outstanding, Number of Shares (in Shares) Balance, Options Outstanding, Number of Shares (in Shares) Balance, Options Outstanding, Price per Share Range Balance, Options Outstanding, Price per Share Range Exercise Prices Balance, Options Outstanding, Aggregate Intrinsic Value (in Shares) Balance, Options Exercisable, Number of Shares Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Abstract] Award Type [Axis] Share-based Payment Arrangement, Option, Exercise Price Range [Abstract] Weighted Average Exercise Price Options Exercisable (in Shares) Weighted Average Exercise Price of Options Exercisable Total Intrinsic Value of Options Exercised (in Dollars) Nonvested Restricted Stock Shares Activity [Abstract] Balance, Number of Unvested Shares Income Tax Disclosure [Abstract] Commitments and Contingencies Disclosure [Abstract] Revenue from Contract with Customer [Abstract] Disaggregation of Revenue [Abstract] Equity Method Investments and Joint Ventures [Abstract] Subsequent Events [Abstract] Amendment Flag Current Fiscal Year End Date Document Fiscal Period Focus Document Fiscal Year Focus Document Period End Date Document Type Entity Central Index Key Entity Common Stock, Shares Outstanding Entity Emerging Growth Company Entity Filer Category Entity Interactive Data Current Entity Registrant Name Entity Shell Company Entity Small Business Current assets Property and equipment, depreciation (in Dollars) Accumulated Depreciation Other assets: Capitalized patents, amortization (in Dollars) Accumulated Amortization Investment in joint ventures LIABILITIES AND STOCKHOLDERS' DEFICIENCY Current liabilities Notes payable Deferred tax liability Stockholders’ deficiency Revenue: Research and development Common stock issues for settlement Common stock issues for settlement (in Shares) Conversion of notes payable and accrued interest Conversion of notes payable and accrued interest (in Shares) Common stock issued for settlement Common stock issued to directors and employees Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture Common stock issued to directors and employees (in Shares) Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture (in Shares) Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture Stock options issued to directors and employees as compensation APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition Discount on convertible notes payable Rounding shares as the result of reverse stock split (in Shares) Stockholders' Equity, Other Shares (in Shares) Cash flows from operating activities: Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Non-cash stock compensation issued to employees Fair value of stock options issued to employees Share-based Payment Arrangement, Noncash Expense EX-101.PRE 10 invo-20200930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2020	Nov. 16, 2020
Document Information Line Items
Entity Registrant Name	INVO Bioscience, Inc.,
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		4,954,019
Amendment Flag	false
Entity Central Index Key	0001417926
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes

XML 12 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash	$ 908,289	$ 1,238,585
Accounts receivable	3,699	7,558
Inventory	241,484	101,387
Prepaid expenses and other current assets	218,667	195,910
Total current assets	1,372,139	1,543,440
Property and equipment, net of depreciation of $49,730 and $42,147 respectively	106,000	93,055
Capitalized patents, net of amortization of $71,843 and $70,488 respectively	5,879	7,234
Lease right of use	84,953	101,883
Trademarks	87,347	49,867
Investment in joint ventures	32,674	0
Total other assets	210,853	158,984
Total assets	1,688,992	1,795,479
Current liabilities
Accounts payable and accrued liabilities, including related parties	455,978	371,530
Accrued compensation – related party	532,592	393,017
Deferred revenue, current portion	714,286	714,286
Current portion of lease liability	22,356	21,365
Notes payable	157,620	0
Income taxes payable	0	912
Total current liabilities	1,882,832	1,501,110
Lease liability, net of current portion	64,436	81,494
Deferred revenue, net of current portion	3,035,714	3,571,429
Convertible notes, net of discount of $3,008,258 and $174,310 respectively	607,521	325,784
Convertible notes – related party, net of discount of $0 and $17,151 respectively	0	28,824
Deferred tax liability	433	433
Total liabilities	5,590,936	5,509,074
Stockholders’ deficiency
Preferred Stock, $.0001 par value; 100,000,000 shares authorized; No shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	0	0
Common Stock, $.0001 par value; 200,000,000 shares authorized; 4,953,910 and 4,884,879 issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	495	489
Additional paid-in capital	24,525,427	20,174,682
Accumulated deficit	(28,427,866)	(23,888,766)
Total stockholders’ deficiency	(3,901,944)	(3,713,595)
Total liabilities and stockholders' deficiency	$ 1,688,992	$ 1,795,479

XML 13 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Property and equipment, depreciation (in Dollars)	$ 49,730	$ 42,147
Capitalized patents, amortization (in Dollars)	$ 71,843	$ 70,488
Preferred Stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, shares authorized	100,000,000	100,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	4,953,910	4,884,879
Common Stock, shares outstanding	4,953,910	4,884,879

XML 14 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue	$ 336,071	$ 303,571	$ 840,714	$ 1,151,641
Cost of goods sold	27,398	44,926	78,562	111,186
Gross margin	308,673	258,645	762,152	1,040,455
Research and development	112,552	0	177,492
Selling, general and administrative expenses	1,463,887	891,008	4,311,872	2,087,725
Total operating expenses	1,576,439	891,008	4,489,364	2,087,725
Loss from operations	(1,267,766)	(632,363)	(3,727,212)	(1,047,270)
Interest expense	504,061	47,462	811,888	332,677
Total other ( income) expenses	504,061	47,462	811,888	332,677
Loss before income taxes	(1,771,827)	(679,825)	(4,539,100)	(1,379,947)
Provision for income taxes	0	(30,509)	0	(30,509)
Net loss	$ (1,771,827)	$ (710,334)	$ (4,539,100)	$ (1,410,456)
Basic net loss per weighted average shares of common stock (in Dollars per share)	$ (0.36)	$ (0.15)	$ (0.92)	$ (0.29)
Diluted net loss per weighted average shares of common stock (in Dollars per share)	$ (0.36)	$ (0.15)	$ (0.92)	$ (0.29)
Basic weighted average number of shares of common stock (in Shares)	4,946,125	4,861,377	4,932,405	4,847,074
Diluted weighted average number of shares of common stock (in Shares)	4,946,125	4,861,377	4,932,405	4,847,074
Product Revenue [Member]
Revenue	$ 157,500	$ 125,000	$ 305,000	$ 615,927
License [Member]
Revenue	$ 178,571	$ 178,571	$ 535,714	$ 535,714

XML 15 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY DEFICIENCY - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2018	$ 482	$ 18,996,517	$ (21,721,222)	$ (2,724,223)
Balance (in Shares) at Dec. 31, 2018	4,821,641
Common stock issues for settlement		26,600		26,600
Common stock issues for settlement (in Shares)	1,875
Conversion of notes payable and accrued interest	$ 1	53,722		53,723
Conversion of notes payable and accrued interest (in Shares)	8,394
Net loss			(458,570)	(458,570)
Balance at Mar. 31, 2019	$ 483	19,076,839	(22,179,792)	(3,102,470)
Balance (in Shares) at Mar. 31, 2019	4,831,910
Balance at Dec. 31, 2018	$ 482	18,996,517	(21,721,222)	(2,724,223)
Balance (in Shares) at Dec. 31, 2018	4,821,641
Stock issuance costs				0
Net loss				(1,410,456)
Balance at Sep. 30, 2019	$ 486	19,370,586	(23,131,678)	(3,760,606)
Balance (in Shares) at Sep. 30, 2019	4,862,379
Balance at Mar. 31, 2019	$ 483	19,076,839	(22,179,792)	(3,102,470)
Balance (in Shares) at Mar. 31, 2019	4,831,910
Conversion of notes payable and accrued interest	$ 3	184,997		185,000
Conversion of notes payable and accrued interest (in Shares)	28,907
Net loss			(241,552)	(241,552)
Balance at Jun. 30, 2019	$ 486	19,261,836	(22,421,344)	(3,159,022)
Balance (in Shares) at Jun. 30, 2019	4,860,817
Common stock issues for settlement		15,000		15,000
Common stock issues for settlement (in Shares)	1,562
Common stock issued for settlement		93,750		93,750
Net loss			(710,334)	(710,334)
Balance at Sep. 30, 2019	$ 486	19,370,586	(23,131,678)	(3,760,606)
Balance (in Shares) at Sep. 30, 2019	4,862,379
Balance at Dec. 31, 2019	$ 489	20,174,682	(23,888,766)	$ (3,713,595)
Balance (in Shares) at Dec. 31, 2019	4,884,879			4,884,879
Common stock issued to directors and employees	$ 4	303,459		$ 303,463
Common stock issued to directors and employees (in Shares)	40,569
Common stock issues for settlement		38,000		38,000
Common stock issues for settlement (in Shares)	5,001
Stock options issued to directors and employees as compensation		381,475		381,475
Net loss			(1,444,392)	(1,444,392)
Balance at Mar. 31, 2020	$ 493	20,897,616	(25,333,158)	(4,435,049)
Balance (in Shares) at Mar. 31, 2020	4,930,449
Balance at Dec. 31, 2019	$ 489	20,174,682	(23,888,766)	$ (3,713,595)
Balance (in Shares) at Dec. 31, 2019	4,884,879			4,884,879
Stock issuance costs				$ (106,316)
Net loss				(4,539,100)
Balance at Sep. 30, 2020	$ 495	24,525,427	(28,427,866)	$ (3,901,944)
Balance (in Shares) at Sep. 30, 2020	4,953,910			4,953,910
Balance at Mar. 31, 2020	$ 493	20,897,616	(25,333,158)	$ (4,435,049)
Balance (in Shares) at Mar. 31, 2020	4,930,449
Common stock issued to directors and employees		42,509		42,509
Common stock issued to directors and employees (in Shares)	3,437
Common stock issues for settlement	$ 1	22,799		22,800
Common stock issues for settlement (in Shares)	3,750
Stock options issued to directors and employees as compensation		214,915		214,915
Discount on convertible notes payable		1,879,542		1,879,542
Rounding shares as the result of reverse stock split (in Shares)	24
Net loss			(1,322,881)	(1,322,881)
Balance at Jun. 30, 2020	$ 494	23,057,381	(26,656,039)	(3,598,164)
Balance (in Shares) at Jun. 30, 2020	4,937,660
Common stock issued to directors and employees	$ 1	54,702		54,703
Common stock issued to directors and employees (in Shares)	12,500
Common stock issues for settlement		19,500		19,500
Common stock issues for settlement (in Shares)	3,750
Stock options issued to directors and employees as compensation		255,797		255,797
Discount on convertible notes payable		1,244,363		1,244,363
Stock issuance costs		(106,316)		(106,316)
Net loss			(1,771,827)	(1,771,827)
Balance at Sep. 30, 2020	$ 495	$ 24,525,427	$ (28,427,866)	$ (3,901,944)
Balance (in Shares) at Sep. 30, 2020	4,953,910			4,953,910

XML 16 R6.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ (4,539,100)	$ (1,410,456)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Non-cash stock compensation issued for services	80,300	36,600
Non-cash stock compensation issued to employees	400,675	0
Stock to be issued for legal settlement	0	93,750
Fair value of stock options issued to employees	852,187	0
Amortization of discount on notes payable	465,525	297,058
Amortization of discount on notes payable options	59,324	0
Amortization of discount on notes payable warrants	71,430	0
Amortization of discount on notes payable issuance costs	81,764	0
Amortization of leasehold right of use asset	16,930	9,067
Depreciation and amortization	8,938	7,126
Changes in assets and liabilities:
Accounts receivable	3,859	198,878
Inventories	(140,097)	(25,817)
Prepaid expenses and other current assets	(22,757)	56,871
Accounts payable and accrued expenses	84,448	20,498
Leasehold liability	(16,067)	(8,456)
Deferred revenue	(535,715)	4,458,366
Accrued interest - related party	34,870	(55,553)
Accrued compensation	139,575	(1,566,834)
Income taxes payable	(912)	30,509
Net cash provided by (used in) operating activities	(2,954,823)	2,141,607
Cash from investing activities:
Payments to acquire property, plant and equipment	(20,528)	(64,839)
Net cash (used) in investing activities	(37,480)	(49,867)
Investment in joint venture	(32,674)	0
Net cash (used in) investing activities	(90,682)	(114,706)
Cash from financing activities:
Cash paid for notes payable	2,998,905	0
Proceeds from notes payable	157,620	0
Principal payments on note payable - related parties	(40,000)	(97,743)
Principal payment on notes payable	(295,000)	(131,722)
Payment of stock issuance expenses	(106,316)	0
Net cash (used in) provided by financing activities	2,715,209	(229,465)
Increase (decrease) in cash and cash equivalents	(330,296)	1,797,436
Cash and cash equivalents at beginning of period	1,238,585	212,243
Cash and cash equivalents at end of period	908,289	2,009,679
Cash paid during the period for:
Interest	83,134	84,043
Taxes	1,062	912
Leasehold right of use asset and leasehold liability upon adoption of ASU 2016-02, lease (Topic 842)	0	116,441
Common stock issued for conversion of notes payable and accrued interest	0	238,723
Common stock issued for prepaid services	0	5,000
Beneficial conversion feature on convertible notes	1,208,163	0
Fair value of shares issued with debt	868,985	0
Fair value of warrants issued with debt	999,464	0
Fair value of warrants issued related to debt placement	$ 47,293	$ 0

XML 17 R7.htm IDEA: XBRL DOCUMENT

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2020
Accounting Policies [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 – Basis of Presentation The accompanying unaudited condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019, the condensed consolidated statements of operations and stockholders’ deficiency for the three and nine months ended September 30, 2020 and 2019, and condensed consolidated statement of cash flows for the nine months ended September 30, 2020 and 2019 of INVO Bioscience, Inc. (the “Company”), and the related information contained in these notes have been prepared by management and are unaudited. In the opinion of management, all adjustments (which include normal recurring and nonrecurring items) necessary to present fairly the Company’s financial position, results of operations and cash flows in conformity with generally accepted accounting principles for the periods presented have been made. Interim operating results are not necessarily indicative of operating results for a full year. The preparation of the Company’s unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Certain information and note disclosures normally included in the Company’s annual consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31,2019 previously filed by the Company with the Securities and Exchange Commission (“SEC”) on March 30, 2020. The Company considers events or transactions that have occurred after the unaudited condensed consolidated balance sheet date of September 30, 2020, but prior to the filing of the unaudited condensed consolidated financial statements with the SEC on this Quarterly Report on Form 10-Q, to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure, as applicable. Subsequent events have been evaluated through the date of the filing of this Quarterly Report on Form 10-Q with the SEC.

XML 18 R8.htm IDEA: XBRL DOCUMENT

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Standards Update and Change in Accounting Principle [Text Block]	Note 2 – Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined not to be applicable or are expected to have minimal impact on the Company’s consolidated financial position and results of operations. Recently Adopted Accounting Pronouncements In February 2016, FASB issued ASU 2016-02, Leases (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The adoption of the new standard did not have an impact on the Company’s consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI http://asc.fasb.org/topic&trid=2122394

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=112272810&loc=SL108384541-122693

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)(2)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (g)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (j)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-URI http://asc.fasb.org/extlink&oid=112272810&loc=d3e31137-122693

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(1)

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)

+ Details

XML 19 R9.htm IDEA: XBRL DOCUMENT

Going Concern	9 Months Ended
Going Concern	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Substantial Doubt about Going Concern [Text Block]	Note 3 – Going Concern On January 14, 2019, the Company entered into a distribution agreement (the “Distribution Agreement”) with Ferring International Center S.A. (“Ferring”) which granted Ferring an exclusive licensing rights to sublicense the Company’s patented INVOcell together with the retention device for the U.S. market. Under the terms of the Distribution Agreement, Ferring made an initial cash payment to the Company of $5,000,000 upon the execution of the Ferring distribution agreement in January 2019. For the nine months ended September 30, 2020 and 2019, the Company had net losses of $4,539,100 and $1,410,456, respectively. The Company had a working capital deficit of $510,693 as of September 30, 2020, compared to working capital of $42,330 as of December 31, 2019. As of September 30, 2020, the Company’s stockholder’s deficiency was $3,901,944 compared to $3,713,595 as of December 31, 2019 and cash used in operations was $2,954,823 for the nine months ended September 30, 2020 compared to cash provided by operations of $2,141,607 for the nine months ended September 30, 2019. Those factors raise substantial doubt about the Company’s ability to continue as a going concern. Based on the Company’s projected cash needs, it will be dependent on generating sufficient sales, entering into new distribution agreements, or raising additional debt or equity capital to support the Company’s plans over the next 12 months.

XML 20 R10.htm IDEA: XBRL DOCUMENT

Inventory

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

Note 4 – Inventory

As of September 30, 2020, and December 31, 2019, the Company recorded the following inventory balances:

	September 30, 2020		December 31, 2019
Raw Materials	$	99,363	$	44,333
Work in Process		14,823		55,502
Finished Goods		127,298		1,552
Total Inventory	$	241,484	$	101,387

XML 21 R11.htm IDEA: XBRL DOCUMENT

Property and Equipment

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Note 5 – Property and Equipment

The estimated useful lives and accumulated depreciation for furniture, equipment and software are as follows as of September 30, 2020 and December 31, 2019:

	Estimated Useful Life
Manufacturing equipment	6 to 10 years
Medical equipment	10 years
Office equipment	3 to 7 years

	September 30, 2020			December 31, 2019
Manufacturing Equipment	$	132,513		$	132,513
Medical equipment		20,528			-
Office equipment		2,689			2,689
Less: Accumulated Depreciation		(49,730	)		(42,147	)
Total	$	106,000		$	93,055

During the three months ended September 30, 2020 and 2019, the Company recorded depreciation expense of $2,528 and $2,527, respectively.

During the nine months ended September 30, 2020 and 2019, the Company recorded depreciation expense of $7,583 and $3,703, respectively.

XML 22 R12.htm IDEA: XBRL DOCUMENT

Patents

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure [Text Block]

Note 6 – Patents

As of September 30, 2020, and December 31, 2019, the Company recorded the following patent balances:

	September 30, 2020			December 31, 2019
Total Patents	$	77,722		$	77,722
Accumulated Amortization		(71,843	)		(70,488	)
Patent costs, net	$	5,879		$	7,234

During the three months ended September 30, 2020 and 2019, the Company recorded $452 and $1,455, respectively, in amortization expenses related to patents.

During the nine months ended September 30, 2020 and 2019, the Company recorded $1,355 and $3,423, respectively, in amortization expenses related to patents.

Estimated amortization expense as of September 30, 2020 is as follows:

Years ended December 31,
2020 – remaining three months	$	454
2021		1,809
2022		1,809
2023 and thereafter		1,807
Total	$	5,879

As of September 30, 2020, and December 31, 2019, the Company recorded the following trademarks balances:

September 30,

2020

December 31,

2019

Total Trademarks

87,347

49,867

Trademarks

87,347

49,867

The increase in the trademark assets of $37,480 was the result of additional legal fees.

XML 23 R13.htm IDEA: XBRL DOCUMENT

Leases

9 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

Lessor, Operating Leases [Text Block]

Note 7 – Leases

As of September 30, 2020, the Company's lease components included in the consolidated balance sheet were as follows:

Lease component	Classification	September 30, 2020
Assets
ROU assets - operating lease	Other assets	$	84,953

Total ROU assets		$	84,953

Liabilities
Current operating lease liability	Current liabilities	$	22,356

Long-term operating lease liability	Other liabilities		64,436

Total lease liabilities		$	86,792

Rent expense is recognized on a straight-line basis over the life of the lease. Rent expense consists of the following:

	Nine months ended
	September 30, 2020
Operating lease costs	$	18,924
Short term lease cost		-

Total rent expense	$	18,924

Future minimum lease payments under non-cancellable leases were as follows:

	September 30, 2020
2020 - remaining three months	$	6,088
2021		24,839
2022		25,585
2023		26,352
2024		8,870
Total future minimum lease payments	$	91,734
Less: Interest		(4,942	)
Total operating lease liabilities	$	86,792

Current operating lease liability	$	22,356
Long-term operating lease liability		64,436
Total operating lease liabilities	$	86,792

XML 24 R14.htm IDEA: XBRL DOCUMENT

Notes Payable

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Long-term Debt [Text Block]

Note 8 – Notes Payable

Notes Payable

2018 Convertible Notes Payable

2020 Convertible Notes Payable

Principal balances of the 2020 Convertible Notes were as follows:

	September 30, 2020			December 31, 2019

2020 Convertible Notes		3,494,840			-
Accrued interest		120,939			-
Less beneficial conversion feature discount		(934,769	)		-
Less options discount		(809,649	)		-
Less warrants discount		(974,669	)		-

Less issuance cost		(289,171	)		-
Total, net of discount	$	607,521		$	-

XML 25 R15.htm IDEA: XBRL DOCUMENT

Notes Payable and Other Related Party Transactions

9 Months Ended

Sep. 30, 2020

Note 9 – Notes Payable and Other Related Party Transactions

Principal balances of the related party loans were as follows:

	September 30, 2020		December 31, 2019

James Bowdring Family – 2018 Convertible Notes		-		45,975
Less discount		-		(17,151	)
Total, net of discount	$	-	$	28,824

	September 30,		December 31,
	2020		2019
Accounts payable and accrued liabilities	$	5,756	$	13,018

XML 26 R16.htm IDEA: XBRL DOCUMENT

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 10 – Stockholders’ Equity Reverse Stock Split On December 16, 2019, the Company’s stockholders approved a reverse stock split at a ratio of between 1-for 5 and 1-for-25, with discretion for the exact ratio to be approved by the Company’s board of directors. On February 19, 2020, the Company’s board of directors approved a reverse stock split of the Company’s common stock at a ratio of 1-for-20. On May 21, 2020, the Company filed a certificate of change (with an effective date of May 26, 2020) with the Nevada Secretary of State pursuant to Nevada Revised Statutes 78.209 to effectuate a 1-for-20 reverse stock split of its outstanding common stock. The reverse split took effect at the open of business on May 26, 2020. On October 22, 2020 the Company’s board of directors approved a reverse stock split of the Company’s common stock at a ratio of 5-for-8 and also approved a proportionate decrease in the Company’s authorized common stock to 125,000,000 shares from 200,000,000. Pursuant to Nevada Revised Statutes, a company may effect a reverse split without stockholder approval if both the number of authorized shares of common stock and the number of outstanding shares of common stock are proportionally reduced as a result of the reverse split, the reverse split does not adversely affect any other class of stock of the company, and the company does not pay money or issue scrip to stockholders who would otherwise be entitled to receive a fractional share as a result of the reverse split. On November 5, 2020, the Company filed a certificate of change (with an effective date of November 9, 2020) with the Nevada Secretary of State pursuant to Nevada Revised Statutes 78.209 to effectuate a 5-for-8 reverse stock split of its outstanding common stock. On November 6 , 2020, the Company received notice from FINRA/OTC Corporate Actions that the reverse split would take effect at the open of business on November 9, 2020 and the reverse stock split took effect on that date. During the three months ended September 30, 2020 we incurred $106,316 of offering costs related to issuance of common stock. Nine Months Ended September 30, 2020 In January 2020, the Company issued 31,250 shares of common stock under its 2019 Stock Incentive Plan with a fair value of $221,400 to an officer. In February 2020, the Company issued 3,125 shares of common stock under its 2019 Stock Incentive Plan with a fair value of $24,750 to an employee of which $14,438 was amortized in the nine months ended September 30, 2020. In February 2020, the Company issued 3,098 shares of common stock under its 2019 Stock Incentive Plan with a fair value of $25,000 to a board member. In February 2020, the Company issued 3,098 shares of common stock under its 2019 Stock Incentive Plan with a fair value of $25,000 to a board member. In February 2020, the Company issued 1,875 shares of common stock under its 2019 Stock Incentive Plan with a fair value of $15,000 for services. In February 2020, pursuant to Section 4(a)(2) of the Securities Act of 1933 as amended (the “Securities Act”), the Company issued 1,563 shares of common stock with a fair value of $11,500 in consideration of consulting services rendered. The Company did not receive any proceeds from the issuance. In March 2020, pursuant to Section 4(a)(2) of the Securities Act, the Company issued 1,563 shares of common stock with a fair value of $11,500 in consideration of consulting services rendered. The Company did not receive any proceeds from the issuance. In May 2020, pursuant to Section 3(a)(9) of the Securities Act, the Company issued 24 shares of common stock as the result of the rounding on the reverse stock split. The Company did not receive any proceeds from the issuance. In May 2020, the Company issued 3,438 shares of common stock under its 2019 Stock Incentive Plan with a fair value of $25,930 to an employee of which $12,804 was amortized in the nine months ended September 30, 2020. In June 2020, pursuant to Section 4(a)(2) of the Securities Act, the Company issued 3,750 shares of common stock with a fair value of $22,800 in consideration of consulting services rendered. The Company did not receive any proceeds from the issuance. In August 2020, the Company issued 12,500 shares of restricted stock under its 2019 Stock Incentive Plan with a fair value of $72,200 to an employee of which $12,032 was amortized in the nine months ended September 30, 2020. In August 2020, pursuant to Section 4(a)(2) of the Securities Act, the Company issued 3,750 shares of common stock with a fair value of $19,500 in consideration of consulting services rendered. The Company did not receive any proceeds from the issuance. Nine Months Ended September 30, 2019 In January 2019, pursuant to Section 4(a)(2) of the Securities Act, the Company issued 1,875 shares of common stock with a fair value of $26,600 to service providers. In February 2019, pursuant to Section 4(a)(2) of the Securities Act, the Company issued 8,394 shares of common stock for conversion of notes payable and accrued interest in the amount of $53,723. In April 2019, pursuant to Section 4(a)(2) of the Securities Act, the Company issued 25,000 shares of common stock for conversion of notes payable in the amount of $160,000. In May 2019, pursuant to Section 4(a)(2) of the Securities Act, the Company issued 3,907 shares of common stock for conversion of notes payable in the amount of $25,000. In August 2019, pursuant to Section 4(a)(2) of the Securities Act, the Company issued 1,562 shares of common stock with a fair value of $15,000 to service providers.

XML 27 R17.htm IDEA: XBRL DOCUMENT

Stock Options and Warrants

9 Months Ended

Sep. 30, 2020

Disclosure Text Block Supplement [Abstract]

Shareholders' Equity and Share-based Payments [Text Block]

Note 11 – Stock Options and Warrants

Equity Incentive Plans

Options generally have a life of 3 to 10 years and exercise price equal to or greater than the fair market value of the Common Stock as determined by the Company’s Board of Directors.

Vesting for employees typically occurs over a three-year period or based on performance objective.

	Options Outstanding								Options Exercisable
	Number of Shares		Price per Share Range		Weighted Average Exercise Price		Aggregate Intrinsic Value (1)		Number of Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value (1)
Balance at December 31, 2019		260,018	$	8.16-9.25	$	8.41	$	-		11,256	$	8.16	$	-
Forfeited		-	$	-	$	-		-		-		-		-
Vested		-		-		-		-		140,399		6.48		-
Exercised		-	$	-	$	-		-		-		-		-
Granted		328,303	$	5.76-8.32	$	6.47		-		-		-		-
Balance at September 30, 2020		588,321	$	5.76-9.25	$	7.32	$	-		151,655	$	7.16	$	-

(1)	The intrinsic value of an option represents the amount by which the market value of the stock exceeds the exercise price of the option of in-the-money options only.

The fair value of each option granted is estimated as of the grant date using the Black-Scholes option pricing model with the following assumptions:

	Nine Months ended September 30,
	2020			2019
Risk-free interest rate range		0.48 to 1.65	%		-	%
Expected life of option-years		5.20 to 5.77			-
Expected stock price volatility		110.8 to 128.0	%		-	%
Expected dividend yield		-	%		-	%

			Options Outstanding						Options Exercisable
	Range of Exercise Prices		Options Outstanding		Weighted Average Remaining Life in Years		Weighted Average Exercise Price		Options Exercisable		Weighted Average Exercise Price of Options Exercisable
Year ended December 31, 2019	$	8.16-9.25		260,018		2.6	$	8.41		11,256	$	8.16
Nine Months ended September 30, 2020	$	5.76-9.25		588,321		3.7	$	7.32		151,655	$	7.16

Total Intrinsic Value of

Options Exercised

Total Fair Value of

Options Vested

Year ended December 21, 2019

69,787

Nine months ended September 30, 2020

910,444

Restricted Stock and Restricted Stock Units

The following table summarizes the Company’s aggregate restricted stock awards and restricted stock unit activity during the nine months ended September 30, 2020:

	Number of Unvested Shares			Weighted Average Grant Date Fair Value		Aggregate Value of Unvested Shares

Balance at December 31, 2019		10,417		$	9.60	$	100,000
Granted		56,509		$	6.98	$	394,280
Vested		(50,871	)	$	7.63	$	(388,173	)
Forfeitures		(-	)	$	-	$	(-	)
Balance at September 30, 2020		16,055		$	6.61	$	106,107

Warrants

A Monte Carlo model was used because the investor warrants and options contain fundamental transaction payouts and reset events that cannot be modeled with a Black Scholes model.

The fair value of the options and warrants issued to the convertible debt holders is estimated as of the issue date using a Monte Carlo model with the following assumptions:

	Nine Months ended September 30,
	2020			2019
Risk-free interest rate range		0.33% - 0.39	%		-	%
Stock Price	$3.00 - $3.95				-	%
Expected life of warrants and option (years)		5.00			-	%
Expected stock price volatility		108.2% - 112.5	%		-	%
Expected dividend yield		0	%		-	%

XML 28 R18.htm IDEA: XBRL DOCUMENT

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Note 12 – Income Taxes The Company uses the asset and liability method to account for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. If a carryforward exists, the Company makes a determination as to whether the carryforward will be utilized in the future. Currently, a valuation allowance is established for all DTA’s and carryforwards as their recoverability is deemed to be uncertain. If the Company’s expectations for future operating results at the federal or at the state jurisdiction level vary from actual results due to changes in healthcare regulations, general economic conditions, or other factors, it may need to adjust the valuation allowance, for all or a portion of the Company’s deferred tax assets. The Company’s income tax expense in future periods will be reduced or increased to the extent of offsetting decreases or increases, respectively, in the Company’s valuation allowance in the period when the change in circumstances occurs. These changes could have a significant impact on the Company’s future earnings. Income tax expense was $0 and $30,509 for the nine months ended September 30, 2020 and 2019. The annual forecasted effective income tax rate for 2020 is 0% with a year-to-date effective income tax rate for the three and nine months ended September 30, 2020 respectively of 0%.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

XML 29 R19.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note 13 – Commitments and Contingencies

A)	Litigation

INVO Bioscience, Inc. v. James Bowdring

The Company does not currently expect the above matter to have a material adverse effect upon either the Company’s results of operations, financial position, or cash flows.

B)	Employee Agreements

XML 30 R20.htm IDEA: XBRL DOCUMENT

Contracts with Customers

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Note 14 – Contracts with Customers

As of September 30, 2020, and December 31, 2019, the Company had deferred revenues of $3,750,000 and $4,285,715, respectively.

Sources of Revenue

The Company has identified the following revenues disaggregated by revenue source:

Domestic Physicians – direct sales of products concluded in January 2019

Domestic Distributor - sales to Ferring who then sells to physicians

Domestic Licensing fee

International Distributors – direct sales of products.

For the nine months ended September 30, 2020 and 2019 the source of revenue was derived from:

	September 30, 2020		September 30, 2019
Domestic Product revenue	$	305,000	$	615,927

Domestic licensing fee		535,714		535,714

Total revenue	$	840,714	$	1,151,641

The Company’s revenue is highly concentrated as 100 percent of revenue is currently derived from the Company’s agreement with Ferring.

Contract Balances

Warranty

Commissions and Contract Costs

Practical Expedients

Shipping and Handling Charges

Fees charged to customers for shipping and handling of products are included as an offset to the costs for shipping and handling of products included as a component of cost of products.

Taxes Collected from Customers

Effective Date and Transition Disclosures

Adoption of the new standards did not have a material impact on the Company’s consolidated financial statements and is not expected to have a material impact in future periods.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

XML 31 R21.htm IDEA: XBRL DOCUMENT

Investment in Joint Ventures	9 Months Ended
Investment in Joint Ventures	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Joint Ventures Disclosure [Text Block]	Note 15 – Investment in Joint Ventures Effective September 24, 2020, the Company’s wholly owned subsidiary, INVO Centers, LLC a Delaware limited liability company (“INVO Centers”) entered into a Pre-Incorporation and Shareholders Agreement (the “Agreement”) with Francisco Arredondo, MD PLLC (“Arredondo”) and Security Health LLC, a Texas limited liability company (“Ramirez” together with INVO and Arredondo, the “Shareholders”) under which INVO Centers, Arredondo and Ramirez intend to commercialize the INVO IVC procedure and offer related medical treatments in Mexico (the Business”) and to further become shareholders in a Mexican company to be incorporated in Mexico (the “Mexico Company”) for purposes of operating the Business. For the nine months ended September 30, 2020 the Company has invested $23,517 in this joint venture. The Mexico Company, which will be named Positib Fertility, S.A. de C.V, is to be established within three weeks of executing the Agreement, with each of INVO Centers, Arredondo and Ramirez to be equal shareholders (1/3 each). The Mexico Company will acquire exclusively from INVO Bioscience, Inc. the INVOcell product to be used by the Mexico Company to render its services at cost plus any uncured shipping, customs and related fees. The joint venture partners have begun the process to identify key personnel, started the build out, and have requested approval from Cofepris (the Mexico Ministry of Health). The Company believes that, the earliest possible operational timeframe for the joint venture is second quarter of 2021. The Shareholders agree that the Mexico Company will operate in Monterrey Nuevo Leon, Mexico and any other cities and places in Mexico as approved by the Mexico Company board of directors and Shareholders. In addition, the Shareholders agree that the Mexico Company will be the exclusive distributor of INVO Bioscience, Inc. and affiliates with respect to the INVO Products in Mexico and the Shareholders agree not to compete directly or indirectly with the Mexico Company in Mexico. Each Shareholder agreed to certain restrictions on transfer of its equity in the Mexico Company and afforded the other Shareholders a right of first refusal prior to any transfer. In addition, the Company has invested $9,157 in joint ventures the Company is currently exploring.

XML 32 R22.htm IDEA: XBRL DOCUMENT

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 16 – Subsequent Events The Company issued 109 rounding shares in conjunction with the reverse stock split of the Company’s common stock at a ratio of 5-for-8. On November 12, 2020, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Roth Capital Partners, LLC, as representative of the several underwriters (the “Underwriters”), in connection with the Company’s public offering (the “Offering”) of 3,625,000 shares (the “Firm Shares”) of the Company’s common stock, $0.0001 par value per share (the “Common Stock”), at a public offering price of $3.20 per share. Under the terms of the Underwriting Agreement, the Company granted the Underwriters an option, exercisable for 45 days, to purchase up to an additional 543,750 shares of Common Stock at the public offering price, less underwriting discounts and commissions (the “Option Shares,” and together with the Firm Shares, the “Shares”). The Company expects to close the sale of the Common Stock on November 17, 2020, subject to customary closing conditions. The net proceeds to the Company from the Offering are expected to be approximately $10.1 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company has evaluated subsequent events through the date the financial statements were released and there were no others.

XML 33 R23.htm IDEA: XBRL DOCUMENT

Inventory (Tables)

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

As of September 30, 2020, and December 31, 2019, the Company recorded the following inventory balances:

	September 30, 2020		December 31, 2019
Raw Materials	$	99,363	$	44,333
Work in Process		14,823		55,502
Finished Goods		127,298		1,552
Total Inventory	$	241,484	$	101,387

XML 34 R24.htm IDEA: XBRL DOCUMENT

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2020

Property and Equipment (Tables) [Line Items]

Property, Plant and Equipment [Table Text Block]

The estimated useful lives and accumulated depreciation for furniture, equipment and software are as follows as of September 30, 2020 and December 31, 2019:

	September 30, 2020			December 31, 2019
Manufacturing Equipment	$	132,513		$	132,513
Medical equipment		20,528			-
Office equipment		2,689			2,689
Less: Accumulated Depreciation		(49,730	)		(42,147	)
Total	$	106,000		$	93,055

Estimated Useful Life [Member]

Property and Equipment (Tables) [Line Items]

Property, Plant and Equipment [Table Text Block]

The estimated useful lives and accumulated depreciation for furniture, equipment and software are as follows as of September 30, 2020 and December 31, 2019:

	Estimated Useful Life
Manufacturing equipment	6 to 10 years
Medical equipment	10 years
Office equipment	3 to 7 years

XML 35 R25.htm IDEA: XBRL DOCUMENT

Patents (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets [Table Text Block]

As of September 30, 2020, and December 31, 2019, the Company recorded the following patent balances:

	September 30, 2020			December 31, 2019
Total Patents	$	77,722		$	77,722
Accumulated Amortization		(71,843	)		(70,488	)
Patent costs, net	$	5,879		$	7,234

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Estimated amortization expense as of September 30, 2020 is as follows:

Years ended December 31,
2020 – remaining three months	$	454
2021		1,809
2022		1,809
2023 and thereafter		1,807
Total	$	5,879

Schedule of Indefinite-Lived Intangible Assets [Table Text Block]

As of September 30, 2020, and December 31, 2019, the Company recorded the following trademarks balances:

September 30,

2020

December 31,

2019

Total Trademarks

87,347

49,867

Trademarks

87,347

49,867

XML 36 R26.htm IDEA: XBRL DOCUMENT

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

Lessee, Operating Lease, Disclosure [Table Text Block]

As of September 30, 2020, the Company's lease components included in the consolidated balance sheet were as follows:

Lease component	Classification	September 30, 2020
Assets
ROU assets - operating lease	Other assets	$	84,953

Total ROU assets		$	84,953

Liabilities
Current operating lease liability	Current liabilities	$	22,356

Long-term operating lease liability	Other liabilities		64,436

Total lease liabilities		$	86,792

Lease, Cost [Table Text Block]

Rent expense is recognized on a straight-line basis over the life of the lease. Rent expense consists of the following:

	Nine months ended
	September 30, 2020
Operating lease costs	$	18,924
Short term lease cost		-

Total rent expense	$	18,924

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Future minimum lease payments under non-cancellable leases were as follows:

	September 30, 2020
2020 - remaining three months	$	6,088
2021		24,839
2022		25,585
2023		26,352
2024		8,870
Total future minimum lease payments	$	91,734
Less: Interest		(4,942	)
Total operating lease liabilities	$	86,792

Current operating lease liability	$	22,356
Long-term operating lease liability		64,436
Total operating lease liabilities	$	86,792

XML 37 R27.htm IDEA: XBRL DOCUMENT

Notes Payable (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Convertible Debt [Table Text Block]

Principal balances of the 2020 Convertible Notes were as follows:

	September 30, 2020			December 31, 2019

2020 Convertible Notes		3,494,840			-
Accrued interest		120,939			-
Less beneficial conversion feature discount		(934,769	)		-
Less options discount		(809,649	)		-
Less warrants discount		(974,669	)		-

Less issuance cost		(289,171	)		-
Total, net of discount	$	607,521		$	-

XML 38 R28.htm IDEA: XBRL DOCUMENT

Notes Payable and Other Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2020

Principal balances of the Related Party loans were as follows:

	September 30, 2020		December 31, 2019

James Bowdring Family – 2018 Convertible Notes		-		45,975
Less discount		-		(17,151	)
Total, net of discount	$	-	$	28,824

Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

	September 30,		December 31,
	2020		2019
Accounts payable and accrued liabilities	$	5,756	$	13,018

XML 39 R29.htm IDEA: XBRL DOCUMENT

Stock Options and Warrants (Tables)

9 Months Ended

Sep. 30, 2020

Disclosure Text Block Supplement [Abstract]

Schedule of Stock Options Roll Forward [Table Text Block]

	Options Outstanding								Options Exercisable
	Number of Shares		Price per Share Range		Weighted Average Exercise Price		Aggregate Intrinsic Value (1)		Number of Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value (1)
Balance at December 31, 2019		260,018	$	8.16-9.25	$	8.41	$	-		11,256	$	8.16	$	-
Forfeited		-	$	-	$	-		-		-		-		-
Vested		-		-		-		-		140,399		6.48		-
Exercised		-	$	-	$	-		-		-		-		-
Granted		328,303	$	5.76-8.32	$	6.47		-		-		-		-
Balance at September 30, 2020		588,321	$	5.76-9.25	$	7.32	$	-		151,655	$	7.16	$	-

(1)	The intrinsic value of an option represents the amount by which the market value of the stock exceeds the exercise price of the option of in-the-money options only.

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The fair value of each option granted is estimated as of the grant date using the Black-Scholes option pricing model with the following assumptions:

	Nine Months ended September 30,
	2020			2019
Risk-free interest rate range		0.48 to 1.65	%		-	%
Expected life of option-years		5.20 to 5.77			-
Expected stock price volatility		110.8 to 128.0	%		-	%
Expected dividend yield		-	%		-	%

	Nine Months ended September 30,
	2020			2019
Risk-free interest rate range		0.33% - 0.39	%		-	%
Stock Price	$3.00 - $3.95				-	%
Expected life of warrants and option (years)		5.00			-	%
Expected stock price volatility		108.2% - 112.5	%		-	%
Expected dividend yield		0	%		-	%

Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block]

			Options Outstanding						Options Exercisable
	Range of Exercise Prices		Options Outstanding		Weighted Average Remaining Life in Years		Weighted Average Exercise Price		Options Exercisable		Weighted Average Exercise Price of Options Exercisable
Year ended December 31, 2019	$	8.16-9.25		260,018		2.6	$	8.41		11,256	$	8.16
Nine Months ended September 30, 2020	$	5.76-9.25		588,321		3.7	$	7.32		151,655	$	7.16

Total Intrinsic Value of

Options Exercised

Total Fair Value of

Options Vested

Year ended December 21, 2019

69,787

Nine months ended September 30, 2020

910,444

Nonvested Restricted Stock Shares Activity [Table Text Block]

The following table summarizes the Company’s aggregate restricted stock awards and restricted stock unit activity during the nine months ended September 30, 2020:

	Number of Unvested Shares			Weighted Average Grant Date Fair Value		Aggregate Value of Unvested Shares

Balance at December 31, 2019		10,417		$	9.60	$	100,000
Granted		56,509		$	6.98	$	394,280
Vested		(50,871	)	$	7.63	$	(388,173	)
Forfeitures		(-	)	$	-	$	(-	)
Balance at September 30, 2020		16,055		$	6.61	$	106,107

XML 40 R30.htm IDEA: XBRL DOCUMENT

Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

For the nine months ended September 30, 2020 and 2019 the source of revenue was derived from:

	September 30, 2020		September 30, 2019
Domestic Product revenue	$	305,000	$	615,927

Domestic licensing fee		535,714		535,714

Total revenue	$	840,714	$	1,151,641

XML 41 R31.htm IDEA: XBRL DOCUMENT

Going Concern (Details) - USD ($)	3 Months Ended						9 Months Ended
Going Concern (Details) - USD ($)	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Income (Loss) Attributable to Parent	$ (1,771,827)	$ (1,322,881)	$ (1,444,392)	$ (710,334)	$ (241,552)	$ (458,570)	$ (4,539,100)	$ (1,410,456)
Working Capital (Deficit)	(510,693)						(510,693)		$ 42,330
Stockholders' Equity Attributable to Parent	$ (3,901,944)	$ (3,598,164)	$ (4,435,049)	$ (3,760,606)	$ (3,159,022)	$ (3,102,470)	(3,901,944)	(3,760,606)	$ (3,713,595)	$ (2,724,223)
Net Cash Provided by (Used in) Operating Activities							$ (2,954,823)	$ 2,141,607

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

XML 42 R32.htm IDEA: XBRL DOCUMENT

Inventory (Details) - Schedule of Inventory, Current - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Schedule of Inventory, Current [Abstract]
Raw Materials	$ 99,363	$ 44,333
Work in Process	14,823	55,502
Finished Goods	127,298	1,552
Total Inventory	$ 241,484	$ 101,387

XML 43 R33.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details) - USD ($)	3 Months Ended		9 Months Ended
Property and Equipment (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Depreciation	$ 2,528	$ 2,527	$ 7,583	$ 3,703

XML 44 R34.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details) - Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2020
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	6 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Office Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Office Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years

XML 45 R35.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details) - Property, Plant and Equipment - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Accumulated Depreciation	$ (49,730)	$ (42,147)
Total	106,000	93,055
Tools, Dies and Molds [Member]
Property, Plant and Equipment [Line Items]
Property, plant and Equipment, gross	132,513	132,513
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and Equipment, gross	20,528	0
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and Equipment, gross	$ 2,689	$ 2,689

XML 46 R36.htm IDEA: XBRL DOCUMENT

Patents (Details) - USD ($)	3 Months Ended		9 Months Ended
Patents (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Patents (Details) [Line Items]
Amortization	$ 452	$ 1,455	$ 1,355	$ 3,423
Trademarks [Member]
Patents (Details) [Line Items]
Finite-Lived Intangible Assets, Period Increase (Decrease)			$ 37,480

XML 47 R37.htm IDEA: XBRL DOCUMENT

Patents (Details) - Schedule of Finite-Lived Intangible Assets - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Schedule of Finite-Lived Intangible Assets [Abstract]
Total Patents	$ 77,722	$ 77,722
Accumulated Amortization	(71,843)	(70,488)
Patent costs, net	$ 5,879	$ 7,234

XML 48 R38.htm IDEA: XBRL DOCUMENT

Patents (Details) - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]
2020 – remaining three months	$ 454
2021	1,809
2022	1,809
2023 and thereafter	1,807
Total	$ 5,879	$ 7,234

XML 49 R39.htm IDEA: XBRL DOCUMENT

Patents (Details) - Schedule of Indefinite-Lived Intangible Assets - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Schedule of Indefinite-Lived Intangible Assets [Abstract]
Total Trademarks	$ 87,347	$ 49,867
Total Trademarks	$ 87,347	$ 49,867

XML 50 R40.htm IDEA: XBRL DOCUMENT

Leases (Details)	Sep. 30, 2020
Disclosure Text Block [Abstract]
Lessee, Operating Lease, Term of Contract	5 years
Lessee, Operating Lease, Renewal Term	3 years

XML 51 R41.htm IDEA: XBRL DOCUMENT

Leases (Details) - Lessee, Operating Lease, Disclosure - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Assets
ROU assets - operating lease	$ 84,953	$ 101,883
Total ROU assets	84,953
Liabilities
Current operating lease liability	22,356	21,365
Long-term operating lease liability	64,436	$ 81,494
Total lease liabilities	$ 86,792

XML 52 R42.htm IDEA: XBRL DOCUMENT

Leases (Details) - Lease, Cost	9 Months Ended
Leases (Details) - Lease, Cost	Sep. 30, 2020 USD ($)
Lease, Cost [Abstract]
Operating lease costs	$ 18,924
Short term lease cost	0
Total rent expense	$ 18,924

XML 53 R43.htm IDEA: XBRL DOCUMENT

Leases (Details) - Lessee, Operating Lease, Liability, Maturity - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Lessee, Operating Lease, Liability, Maturity [Abstract]
2020 - remaining nine months	$ 6,088
2021	24,839
2022	25,585
2023	26,352
2024	8,870
Total future minimum lease payments	91,734
Less: Interest	(4,942)
Total operating lease liabilities	86,792
Current operating lease liability	22,356	$ 21,365
Long-term operating lease liability	$ 64,436	$ 81,494

XML 54 R44.htm IDEA: XBRL DOCUMENT

Notes Payable (Details)			1 Months Ended					3 Months Ended				9 Months Ended
Notes Payable (Details)	Jun. 22, 2020 USD ($)	May 31, 2018 USD ($) $ / shares	May 31, 2020 USD ($)	May 30, 2019 USD ($) shares	Apr. 30, 2019 USD ($) shares	Feb. 28, 2019 USD ($) shares	Aug. 31, 2016 USD ($)	Sep. 30, 2020 USD ($) $ / shares	Jul. 31, 2020 USD ($) $ / shares shares	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($) shares	Sep. 30, 2020 USD ($) $ / shares	Sep. 30, 2019 USD ($) shares	Dec. 31, 2019 USD ($)
Notes Payable (Details) [Line Items]
Debt Instrument, Face Amount	$ 157,620
Debt Conversion, Original Debt, Amount				$ 25,000	$ 160,000	$ 53,723						$ 0	$ 238,723
Debt Conversion, Converted Instrument, Shares Issued (in Shares) \| shares				3,907	25,000	8,394
Debt Instrument, Convertible, Beneficial Conversion Feature												1,208,163	0
Convertible Notes Payable, Current								$ 0				0
Debt Instrument, Unamortized Discount								$ 0				$ 0		$ 17,151
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) \| $ / shares								$ 5.76				$ 5.76
Warrants and Rights Outstanding, Term								5 years	5 years			5 years
Amortization of Debt Discount (Premium)												$ 465,525	297,058
Amortization of Debt Issuance Costs												81,764	$ 0
Converted Account Payable to Promissory Note [Member]
Notes Payable (Details) [Line Items]
Debt Instrument, Face Amount							$ 131,722
Debt Instrument, Term							3 years
Debt Instrument, Interest Rate, Stated Percentage							5.00%
Interest Payable, Current								$ 0				0
Interest Expense, Debt												489
The 2018 Convertible Notes [Member]
Notes Payable (Details) [Line Items]
Debt Instrument, Face Amount		$ 895,000
Debt Instrument, Interest Rate, Stated Percentage		9.00%
Debt Instrument, Convertible, Conversion Price (in Dollars per share) \| $ / shares		$ 6.40
Number of Note Holders											3
Debt Conversion, Original Debt, Amount			$ 116,693								$ 200,000
Debt Conversion, Converted Instrument, Shares Issued (in Shares) \| shares											32,982		37,301
Debt Instrument, Convertible, Beneficial Conversion Feature		$ 895,000
Repayments of Convertible Debt			396,044
The 2018 Convertible Notes [Member] \| Principal [Member]
Notes Payable (Details) [Line Items]
Debt Conversion, Original Debt, Amount													$ 235,000
The 2018 Convertible Notes [Member] \| Accrued Interest [Member]
Notes Payable (Details) [Line Items]
Debt Conversion, Original Debt, Amount													3,723
The 2018 Convertible Notes [Member] \| Principal [Member]
Notes Payable (Details) [Line Items]
Debt Conversion, Original Debt, Amount			125,000
Repayments of Convertible Debt			420,000
The 2018 Convertible Notes [Member] \| Accrued Interest [Member]
Notes Payable (Details) [Line Items]
Debt Conversion, Original Debt, Amount			23,318
Repayments of Convertible Debt			94,419
The 2018 Convertible Notes [Member] \| Conversion Discount [Member]
Notes Payable (Details) [Line Items]
Debt Conversion, Original Debt, Amount			31,625
Repayments of Convertible Debt			118,375
The 2018 Convertible Notes, Due January 30, 2021 [Member]
Notes Payable (Details) [Line Items]
Convertible Notes Payable		550,000
The 2018 Convertible Notes, Due March 31, 2021 [Member]
Notes Payable (Details) [Line Items]
Convertible Notes Payable		$ 345,000
2020 Convertible Notes [Member]
Notes Payable (Details) [Line Items]
Debt Instrument, Face Amount									$ 3,500,000
Debt Instrument, Interest Rate, Stated Percentage									10.00%
Interest Expense, Debt								89,158		$ 0		120,939	0
Convertible Notes Payable								607,521				607,521		0
Debt Instrument, Convertible, Conversion Price (in Dollars per share) \| $ / shares									$ 5.76
Debt Instrument, Convertible, Beneficial Conversion Feature								257,455	$ 1,208,163	0		274,064	0
Debt Conversion, Converted Instrument, Amount			143,640
Debt Issuance Costs, Gross									371,000
Debt Instrument, Unamortized Discount								934,769	$ 1,579,163			934,769		$ 0
Number of Units (in Shares) \| shares									303,623
Unit, Exercise Price (in Dollars per share) \| $ / shares									$ 8.00
Unit, Description									each unit consisting of one share of common stock and one warrant to purchase common stock at an exercise price of $9.60 per share
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) \| $ / shares									$ 9.60
Proceeds from Issuance of Long-term Debt									$ 3,500,000
Amortization of Debt Discount (Premium)								43,769		0		59,334	0
Amortization of Warrant Discount								52,688		0		$ 71,430	$ 0
Amortization of Debt Issuance Costs								$ 61,187		$ 0
PPP Loan [Member]
Notes Payable (Details) [Line Items]
Debt Instrument, Term	18 months
Debt Instrument, Interest Rate, Stated Percentage	1.00%
Debt Instrument, Description	The loan is forgivable up to 100% of the principal balance based upon satisfaction of certain criteria under the Paycheck Protection Program.
Placement Agent Warrants [Member] \| 2020 Convertible Notes [Member]
Notes Payable (Details) [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) \| $ / shares									$ 5.76
Class of Warrant or Right, Granted (in Shares) \| shares									6,750
Purchase Option Fair Value [Member] \| 2020 Convertible Notes [Member]
Notes Payable (Details) [Line Items]
Proceeds from Issuance of Long-term Debt									$ 2,200,000
Notes Held by Related Party [Member] \| The 2018 Convertible Notes [Member]
Notes Payable (Details) [Line Items]
Repayments of Convertible Debt			35,483
Notes Held by Related Party [Member] \| The 2018 Convertible Notes [Member] \| Principal [Member]
Notes Payable (Details) [Line Items]
Repayments of Convertible Debt			40,000
Notes Held by Related Party [Member] \| The 2018 Convertible Notes [Member] \| Accrued Interest [Member]
Notes Payable (Details) [Line Items]
Repayments of Convertible Debt			7,355
Notes Held by Related Party [Member] \| The 2018 Convertible Notes [Member] \| Conversion Discount [Member]
Notes Payable (Details) [Line Items]
Repayments of Convertible Debt			$ 11,872

XML 55 R45.htm IDEA: XBRL DOCUMENT

Notes Payable (Details) - Convertible Debt - 2020 Convertible Notes [Member] - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Jul. 31, 2020
Notes Payable (Details) - Convertible Debt [Line Items]
2020 Convertible Notes	$ 3,494,840	$ 0
Accrued interest	120,939	0
Less beneficial conversion feature discount	(934,769)	0	$ (1,579,163)
Less issuance cost	(289,171)	0
Total, net of discount	607,521	0
Equity Option [Member]
Notes Payable (Details) - Convertible Debt [Line Items]
Less options discount	(809,649)	0
Embedded Derivative Financial Instruments [Member]
Notes Payable (Details) - Convertible Debt [Line Items]
Less options discount	$ (974,669)	$ 0

XML 56 R46.htm IDEA: XBRL DOCUMENT

Notes Payable and Other Related Party Transactions (Details) - USD ($)		1 Months Ended										3 Months Ended				9 Months Ended		12 Months Ended
	Aug. 07, 2019	Aug. 31, 2020	May 31, 2020	Mar. 31, 2020	Feb. 29, 2020	Aug. 31, 2019	May 30, 2019	Apr. 30, 2019	Feb. 28, 2019	Jan. 31, 2019	May 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2011	Jun. 30, 2020	Jun. 22, 2020	Nov. 30, 2011	Apr. 30, 2011
Notes Payable and Other Related Party Transactions (Details) [Line Items]
Debt Instrument, Face Amount																				$ 157,620
Debt Conversion, Original Debt, Amount							$ 25,000	$ 160,000	$ 53,723							$ 0	$ 238,723
Interest Expense, Related Party												$ 0	$ 1,271			1,380	4,792
Repayments of Related Party Debt																40,000	97,743
Stock Issued During Period, Shares, Issued for Services (in Shares)		3,750		1,563	1,563	1,562				1,875
Stock Issued During Period, Value, Issued for Services		$ 19,500		$ 11,500	$ 11,500	$ 15,000				$ 26,600
The 2018 Convertible Notes [Member]
Notes Payable and Other Related Party Transactions (Details) [Line Items]
Debt Instrument, Face Amount											$ 895,000
Debt Instrument, Interest Rate, Stated Percentage											9.00%
Debt Conversion, Original Debt, Amount			$ 116,693											$ 200,000
Debt Instrument, Convertible, Conversion Price (in Dollars per share)											$ 6.40
Immediate Family Member of Management or Principal Owner [Member]
Notes Payable and Other Related Party Transactions (Details) [Line Items]
Debt Instrument, Face Amount																						$ 50,000
Debt Instrument, Interest Rate, Stated Percentage	10.00%																					10.00%
Debt Conversion, Original Debt, Amount																		$ 25,000
Interest Expense, Related Party													597				1,836
Debt Instrument, Convertible, Conversion Price (in Dollars per share)																			$ 0.2100
Repayments of Related Party Debt	$ 65,197
Immediate Family Member of Management or Principal Owner [Member] \| 2011 Notes [Member]
Notes Payable and Other Related Party Transactions (Details) [Line Items]
Debt Instrument, Face Amount																					$ 10,000
Debt Instrument, Interest Rate, Stated Percentage																					10.00%
Interest Expense, Related Party													253				749
Debt Instrument, Convertible, Conversion Price (in Dollars per share)																					$ 0.32
Immediate Family Member of Management or Principal Owner [Member] \| The 2018 Convertible Notes [Member]
Notes Payable and Other Related Party Transactions (Details) [Line Items]
Debt Instrument, Face Amount											$ 40,000
Debt Instrument, Interest Rate, Stated Percentage											9.00%
Debt Instrument, Convertible, Conversion Price (in Dollars per share)											$ 6.40
Debt Instrument, Increase, Accrued Interest												0	907			1,380	2,692
Immediate Family Member of Management or Principal Owner [Member] \| Building [Member]
Notes Payable and Other Related Party Transactions (Details) [Line Items]
Operating Leases, Rent Expense																0	1,800
Related Party Transaction, Expenses from Transactions with Related Party												$ 0	$ 2,134			$ 0	$ 8,168
Charles Mulrey and Family [Member]
Notes Payable and Other Related Party Transactions (Details) [Line Items]
Stock Issued During Period, Shares, New Issues (in Shares)											4,687
Sale of Stock, Price Per Share (in Dollars per share)											$ 6.40
Proceeds from Issuance of Common Stock											$ 30,000
One of Directors, Dr. Kevin Doody [Member] \| Restricted Stock [Member]
Notes Payable and Other Related Party Transactions (Details) [Line Items]
Stock Issued During Period, Shares, Issued for Services (in Shares)															93,750,000,000
Stock Issued During Period, Value, Issued for Services															$ 1,530,000

XML 57 R47.htm IDEA: XBRL DOCUMENT

Notes Payable and Other Related Party Transactions (Details) - Schedule of Related Party Transactions - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Related Party Loans	$ 0	$ 28,824
Less discount	0	(17,151)
Immediate Family Member of Management or Principal Owner [Member] \| The 2018 Convertible Notes [Member]
Related Party Transaction [Line Items]
Related Party Loans	$ 0	$ 45,975

XML 58 R48.htm IDEA: XBRL DOCUMENT

Notes Payable and Other Related Party Transactions (Details) - Schedule of Accounts Payable and Accrued Liabilities - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Schedule of Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable and accrued liabilities	$ 5,756	$ 13,018

XML 59 R49.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details) - USD ($)			1 Months Ended													3 Months Ended	9 Months Ended
Stockholders' Equity (Details) - USD ($)	Nov. 05, 2020	Feb. 19, 2020	Aug. 31, 2020	Jun. 30, 2020	May 31, 2020	Mar. 31, 2020	Feb. 29, 2020	Feb. 28, 2020	Jan. 31, 2020	Oct. 31, 2019	Aug. 31, 2019	May 30, 2019	Apr. 30, 2019	Feb. 28, 2019	Jan. 31, 2019	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Oct. 22, 2020	Dec. 31, 2019
Stockholders' Equity (Details) [Line Items]
Stockholders' Equity, Reverse Stock Split	5-for-8	1-for-20
Common Stock, Shares Authorized (in Shares)																200,000,000	200,000,000		125,000,000	200,000,000
Payments of Stock Issuance Costs																$ 106,316	$ 106,316	$ 0
Stock Issued During Period, Shares, Issued for Services (in Shares)			3,750			1,563	1,563				1,562				1,875
Stock Issued During Period, Value, Issued for Services			$ 19,500			$ 11,500	$ 11,500				$ 15,000				$ 26,600
Stockholders' Equity, Other Shares (in Shares)					24
Debt Conversion, Converted Instrument, Shares Issued (in Shares)												3,907	25,000	8,394
Debt Conversion, Original Debt, Amount												$ 25,000	$ 160,000	$ 53,723			$ 0	$ 238,723
2019 Plan [Member]
Stockholders' Equity (Details) [Line Items]
Amortization of ESOP Award										$ 90,000
Stock Issued During Period, Shares, Issued for Services (in Shares)				3,750			1,875
Stock Issued During Period, Value, Issued for Services							$ 15,000
Officer [Member] \| 2019 Plan [Member]
Stockholders' Equity (Details) [Line Items]
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in Shares)									31,250
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture									$ 221,400
Employee [Member] \| 2019 Plan [Member]
Stockholders' Equity (Details) [Line Items]
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in Shares)			12,500		3,438			3,125
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture			$ 72,200	$ 22,800	$ 25,930			$ 24,750
Amortization of ESOP Award			$ 12,032		$ 12,804			$ 14,438
Director [Member] \| 2019 Plan [Member]
Stockholders' Equity (Details) [Line Items]
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in Shares)								3,098
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture								$ 25,000

XML 60 R50.htm IDEA: XBRL DOCUMENT

Stock Options and Warrants (Details) - USD ($)	1 Months Ended		3 Months Ended				9 Months Ended		12 Months Ended
Stock Options and Warrants (Details) - USD ($)	Jan. 31, 2020	Oct. 31, 2019	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jul. 31, 2020
Stock Options and Warrants (Details) [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term							3 years 255 days		2 years 219 days
Share-based Payment Arrangement, Noncash Expense							$ 852,187	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares)							56,509
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in Shares)							50,871
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture			$ 54,703	$ 42,509	$ 303,463
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)			$ 5.76				$ 5.76
Warrants and Rights Outstanding, Term			5 years				5 years			5 years
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition			$ 255,797	$ 214,915	$ 381,475
Adjustments to Additional Paid in Capital, Warrant Issued							$ 47,293
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares)			6,750				6,750
Convertible Debt [Member]
Stock Options and Warrants (Details) [Line Items]
Number of Units (in Shares)							310,373
Class of Warrant or Right, Granted (in Shares)							310,373
Unit, Exercise Price (in Dollars per share)							$ 8.00
Unit, Description							one share of common, and a warrant to purchase one share of common stock
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)			$ 9.60				$ 9.60
Warrants and Rights Outstanding, Term			5 years				5 years
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition							$ 868,973
Adjustments to Additional Paid in Capital, Warrant Issued							$ 998,818
Minimum [Member]
Stock Options and Warrants (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share)							$ 5.76
Maximum [Member]
Stock Options and Warrants (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share)							$ 8.32
Restricted Stock [Member]
Stock Options and Warrants (Details) [Line Items]
Share-based Payment Arrangement, Noncash Expense			$ 67,202				$ 388,173
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount			106,107				$ 106,107
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares)							90,412
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in Shares)							50,871
2019 Plan [Member]
Stock Options and Warrants (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares)		500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in Shares)	793,093
Share-based Compensation Arrangement by Share-based Payment Award, Description	Plan automatically increases on January 1st of each year, in an amount equal to six percent (6%) of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share)							$ 5.44
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term							3 years 255 days
Share-based Payment Arrangement, Noncash Expense			259,547			$ 0	$ 852,187	$ 0
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount			$ 2,107,857				$ 2,107,857
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture (in Shares)		12,500
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture		$ 120,000
Amortization of ESOP Award		$ 90,000
2019 Plan [Member] \| Minimum [Member]
Stock Options and Warrants (Details) [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term		3 years
2019 Plan [Member] \| Maximum [Member]
Stock Options and Warrants (Details) [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term		10 years

XML 61 R51.htm IDEA: XBRL DOCUMENT

Stock Options and Warrants (Details) - Schedule of Stock Options Roll Forward - USD ($)

9 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Stock Options and Warrants (Details) - Schedule of Stock Options Roll Forward [Line Items]

Balance, Options Outstanding, Number of Shares (in Shares)

260,018

Balance, Options Outstanding, Weighted Average Exercise Price

$ 7.32

$ 8.41

Balance, Options Outstanding, Aggregate Intrinsic Value (in Shares)

151,655

11,256

Balance, Options Exercisable, Number of Shares

$ 7.16

$ 8.16

Balance, Options Exercisable, Weighted Average Exercise Price (in Dollars)

^[1]

(in Dollars)

^[1]

Vested (in Shares)

140,399

Vested, Options Exercisable, Number of Shares

$ 6.48

Granted, Options Outstanding (in Shares)

328,303

Granted, Options Outstanding

$ 6.47

Balance, Options Outstanding, Number of Shares (in Shares)

588,321

Minimum [Member]

Stock Options and Warrants (Details) - Schedule of Stock Options Roll Forward [Line Items]

Balance, Options Outstanding, Price per Share Range

$ 8.16

Granted, Options Outstanding

5.76

Balance, Options Outstanding, Price per Share Range

5.76

Maximum [Member]

Stock Options and Warrants (Details) - Schedule of Stock Options Roll Forward [Line Items]

Balance, Options Outstanding, Price per Share Range

9.25

Granted, Options Outstanding

8.32

Balance, Options Outstanding, Price per Share Range

$ 9.25

[1]	The intrinsic value of an option represents the amount by which the market value of the stock exceeds the exercise price of the option of in-the-money options only.

XML 62 R52.htm IDEA: XBRL DOCUMENT

Stock Options and Warrants (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions - $ / shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement, Option [Member]
Stock Options and Warrants (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items]
Risk-free interest rate range		0.00%
Expected life		0 years
Expected stock price volatility		0.00%
Expected dividend yield	0.00%	0.00%
Share-based Payment Arrangement, Option [Member] \| Minimum [Member]
Stock Options and Warrants (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items]
Risk-free interest rate range	0.48%
Expected life	5 years 73 days
Expected stock price volatility	110.80%
Share-based Payment Arrangement, Option [Member] \| Maximum [Member]
Stock Options and Warrants (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items]
Risk-free interest rate range	1.65%
Expected life	5 years 281 days
Expected stock price volatility	128.00%
Option and Warrants Issued with Convertible Debt [Member]
Stock Options and Warrants (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items]
Expected life	5 years
Expected dividend yield	0.00%
Option and Warrants Issued with Convertible Debt [Member] \| Minimum [Member]
Stock Options and Warrants (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items]
Risk-free interest rate range	0.33%
Stock Price (in Dollars per share)	$ 3.00
Expected stock price volatility	108.20%
Option and Warrants Issued with Convertible Debt [Member] \| Maximum [Member]
Stock Options and Warrants (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items]
Risk-free interest rate range	0.39%
Stock Price (in Dollars per share)	$ 3.95
Expected stock price volatility	112.50%

XML 63 R53.htm IDEA: XBRL DOCUMENT

Stock Options and Warrants (Details) - Share-based Payment Arrangement, Option, Exercise Price Range - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Balance, Options Outstanding, Number of Shares (in Shares)	588,321	260,018	260,018
Weighted Average Remaining Life in Years	3 years 255 days	2 years 219 days
Weighted Average Exercise Price	$ 7.32	$ 8.41
Options Exercisable (in Shares)	151,655	11,256
Weighted Average Exercise Price of Options Exercisable	$ 7.16	$ 8.16
Total Intrinsic Value of Options Exercised (in Dollars)	$ 0	$ 0
Total Fair Value of Options Vested (in Dollars)	$ 910,444	$ 69,787
Minimum [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices	$ 5.76	$ 8.16	$ 8.16
Maximum [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices	$ 9.25	$ 9.25	$ 9.25

XML 64 R54.htm IDEA: XBRL DOCUMENT

Stock Options and Warrants (Details) - Nonvested Restricted Stock Shares Activity - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Nonvested Restricted Stock Shares Activity [Abstract]
Balance, Number of Unvested Shares	16,055	10,417
Balance, Weighted Average Grant Date Fair Value	$ 6.61	$ 9.60
Balance, Aggregate Value of Unvested Shares	$ 106,107	$ 100,000
Granted, Number of Unvested Shares	56,509
Granted, Weighted Average Grant Date Fair Value	$ 6.98
Granted, Aggregate Value of Unvested Shares	$ 394,280
Vested, Number of Unvested Shares	(50,871)
Vested, Weighted Average Grant Date Fair Value	$ 7.63
Vested, Aggregate Value of Unvested Shares	$ (388,173)
Forfeitures, Number of Unvested Shares	0
Forfeitures, Weighted Average Grant Date Fair Value	$ 0
Forfeitures, Aggregate Value of Unvested Shares	$ 0

XML 65 R55.htm IDEA: XBRL DOCUMENT

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 0	$ 30,509	$ 0	$ 30,509
Effective Income Tax Rate Reconciliation, Percent			0.00%	0.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

XML 66 R56.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details) - USD ($)						9 Months Ended
Commitments and Contingencies (Details) - USD ($)	Jan. 17, 2020	Oct. 10, 2019	Aug. 07, 2019	Jan. 17, 2017	Jan. 15, 2017	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Apr. 30, 2011
Commitments and Contingencies (Details) [Line Items]
Repayments of Related Party Debt						$ 40,000	$ 97,743
Salary and Wage, Officer, Excluding Cost of Good and Service Sold		$ 260,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price						$ 6.47
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures						328,303
Immediate Family Member of Management or Principal Owner [Member]
Commitments and Contingencies (Details) [Line Items]
Repayments of Related Party Debt			$ 65,197
Debt Instrument, Term			30 days
Debt Instrument, Interest Rate, Stated Percentage			10.00%						10.00%
Debt Instrument, Convertible, Terms of Conversion Feature			Investors had the option to convert any unpaid principal and accrued interest into shares of Company’s common stock original conversion prices of $0.96 and $0.32, respectively, subject to adjustments upon the Company’s issuances of stock at prices less than the original conversion prices during the 24-months after issuance of each note (i.e. currently $0.2100)
Debt Instrument, Convertible, Conversion Price								$ 0.2100
Deferred Compensation Arrangement with Individual, Description		Mr. Shum is eligible to earn bonus compensation of up to $75,000 bonus upon a successful up-listing to the NASDAQ exchange. All other bonus amounts will be determined by the Board of Directors, in their sole discretion.
Shares Issued, Shares, Share-based Payment Arrangement, Forfeited		12,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		202,599
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 8.16
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Chief Operating Officer [Member]
Commitments and Contingencies (Details) [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price				$ 6.84
Employment Agreement, Annual Base Salary					$ 220,000
Employment Agreement, Bonus Decription					target annual incentive bonus of up to 50% of his base salary if the Company achieves goals and objectives determined by the board of directors
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture				31,250
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures				125,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights	One quarter of the Option vested upon grant, and the remainder vests in monthly increments over a period of two years from the date of grant.

XML 67 R57.htm IDEA: XBRL DOCUMENT

Contracts with Customers (Details) - USD ($)						3 Months Ended	9 Months Ended	12 Months Ended
Contracts with Customers (Details) - USD ($)	Jan. 16, 2020	Sep. 20, 2019	Sep. 19, 2019	Sep. 11, 2019	Jan. 14, 2019	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Contracts with Customers (Details) [Line Items]
Proceeds from License Fees Received					$ 5,000,000			$ 5,000,000
Potential Licensing Fee					$ 3,000,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period					7 years
Deferred Revenue, Revenue Recognized						$ 178,572	$ 357,143
Deferred Revenue						$ 3,750,000	$ 3,750,000	$ 4,285,715
Joint Venture, Ownership Percentage	50.00%
Sudan, Uganda, and Ethiopia [Member]
Contracts with Customers (Details) [Line Items]
Distribution Agreement, Term		1 year
NIGERIA
Contracts with Customers (Details) [Line Items]
Distribution Agreement, Term				1 year
JORDAN
Contracts with Customers (Details) [Line Items]
Distribution Agreement, Term			1 year

XML 68 R58.htm IDEA: XBRL DOCUMENT

Contracts with Customers (Details) - Disaggregation of Revenue - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 336,071	$ 303,571	$ 840,714	$ 1,151,641
Domestic Physicians [Member]
Disaggregation of Revenue [Line Items]
Revenue			305,000	615,927
Domestic Licensing & Distribution Fee [Member]
Disaggregation of Revenue [Line Items]
Revenue			$ 535,714	$ 535,714

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

XML 69 R59.htm IDEA: XBRL DOCUMENT

Investment in Joint Ventures (Details)	9 Months Ended
Investment in Joint Ventures (Details)	Sep. 30, 2020 USD ($)
INVO Centers, Arrendondo and Ramirez [Member]
Investment in Joint Ventures (Details) [Line Items]
Payments to Acquire Interest in Joint Venture	$ 23,517
Other Investments [Member]
Investment in Joint Ventures (Details) [Line Items]
Payments to Acquire Interest in Joint Venture	$ 9,157

XML 70 R60.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions		2 Months Ended
	Nov. 12, 2020	Nov. 16, 2020
Subsequent Events (Details) [Line Items]
Stock Issued During Period, Shares, New Issues		109
Common Stock, Capital Shares Reserved for Future Issuance	3,625,000
Common Stock, Par or Stated Value Per Share (in Dollars per share)	$ 0.0001
Sale of Stock, Price Per Share (in Dollars per share)	$ 3.20
Proceeds from Issuance or Sale of Equity (in Dollars)	$ 10.1
Offering, Option to Underwriters [Member]
Subsequent Events (Details) [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	543,750

EXCEL 71 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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�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

&UL4$L! A0#% @ -(9P42))S=1P MC0 [7(' !4 ( !E$L! &EN=F\M,C R,# Y,S!?;&%B+GAM M;%!+ 0(4 Q0 ( #2&<%&'"Q^I340 R?! 5 " 3?9 M 0!I;G9O+3(P,C P.3,P7W!R92YX;6Q02P4& 8 !@" 0 MQT" end