KonaTel, Inc.

0001515971-18-000163.txt : 20181114 0001515971-18-000163.hdr.sgml : 20181114 20181114145316 ACCESSION NUMBER: 0001515971-18-000163 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 66 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181114 DATE AS OF CHANGE: 20181114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KonaTel, Inc. CENTRAL INDEX KEY: 0000845819 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATION SERVICES, NEC [4899] IRS NUMBER: 800000245 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10171 FILM NUMBER: 181182916 BUSINESS ADDRESS: STREET 1: 13601 PRESTON ROAD, # E816 CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: (214) 323-8410 MAIL ADDRESS: STREET 1: 13601 PRESTON ROAD, # E816 CITY: DALLAS STATE: TX ZIP: 75240 FORMER COMPANY: FORMER CONFORMED NAME: DALA PETROLEUM CORP. DATE OF NAME CHANGE: 20140902 FORMER COMPANY: FORMER CONFORMED NAME: WESTCOTT PRODUCTS CORP DATE OF NAME CHANGE: 19890124 10-Q 1 ktel10q093018.htm 10-Q KonaTel, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________

FORM 10-Q

________________

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

For the quarterly period ended September 30, 2018

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

For the transition period from ____________ to____________

Commission File No. 001-10171

KonaTel, Inc.

(Exact name of the issuer as specified in its charter)



Delaware		80-0000245
(State or Other Jurisdiction of incorporation or organization)		(I.R.S. Employer I.D. No.)

13601 Preston Road, # E816

Dallas, Texas 75240

(Address of Principal Executive Offices)

214-323-8410

(Registrant Telephone Number)

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 x No o

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes x No o

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


Large accelerated filer o	Accelerated filer o
Non-accelerated filer o (Do not check if a smaller reporting company)	Smaller reporting company x
	Emerging Growth company x

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. x

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

APPLICABLE ONLY TO CORPORATE ISSUERS

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

The number of shares outstanding of each of the Registrant’s classes of common equity, as of the latest practicable date:



Common Capital Voting Stock, $0.001 par value per share		32,942,286 shares
Class		Outstanding as of November 1, 2018

Explanatory Note

On December 18, 2017 (the “Effective Time”), we completed an Agreement and Plan of Merger between our newly formed and wholly-owned acquisition subsidiary, and KonaTel, Inc., a Nevada corporation (respectively, “KonaTel Nevada” and the “KonaTel Nevada Merger Agreement”), whereby at the Effective Time, KonaTel Nevada was the surviving corporation and became our wholly-owned subsidiary (the “KonaTel Nevada Merger”). Following the KonaTel Nevada Merger, our primary business operations have been those conducted by KonaTel Nevada. Additional information about the KonaTel Nevada Merger is contained in our 8-KA-1 and our 8-KA-2 Current Reports dated November 15, 2017, and respectively filed with the Securities and Exchange Commission (the “SEC”) on December 20, 2017, and April 17, 2018, and is incorporated herein by reference. These Current Reports can be viewed by Hyperlink in Part II, Item 6, of this Quarterly Report. Under the KonaTel Merger Agreement, we changed our fiscal year end from September 30, 2017, to a calendar year end; accordingly, we filed a 10-K Transition Report for the period from October 1, 2017, to the year ended December 31, 2017, with the SEC on June 29, 2018, which 10-K Transition Report can also be accessed by Hyperlink in Part II, Item 6.

Cautionary Statements

We have a limited public float of our outstanding common stock, and there has been no established trading market in our common stock during the past four years. See the caption “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities” of Part II, Item 5 of our 10-K Transition Report. These factors may result in uncertainty and volatility in the trading price of our common stock that may not have any relation to our current or future prospects. On or about September 29, 2017, our Application for continued quotation of our common stock on the OTC Markets Group OTCQB Tier (respectively, the “OTC Markets” and the “OTCQB Tier”) was not approved because of our limited public float and the high concentration of the ownership in our common stock in one entity at that time, among other potential reasons. With the December 18, 2017, closing of the KonaTel Nevada Merger, the percentage of a majority of the ownership of our common stock in a limited number of holders has increased, with an aggregate of 26,749,000 shares (includes 1,199,000 shares underlying vested options that can be exercised within 60 days of the date of this Quarterly Report) being deemed to be beneficially owned by D. Sean McEwen, our Chairman, CEO, President and a director, 13,500,000 shares of direct ownership and 749,000 shares underlying personally owned vested options, and 12,225,000 shares (includes 250,000 shares underlying vested options owned by others) of indirect ownership under a Shareholder Voting Agreement executed and delivered at the Effective Time of the KonaTel Nevada Merger. Based on the present number of outstanding shares of our common stock of 34,141,286 shares, which includes all 1,199,000 shares underlying vested options that can be exercised within 60 days of the date of this Quarterly Report, Mr. McEwen is currently the beneficial owner of approximately 78.3% of our outstanding shares. See the caption “Security Ownership of Certain Beneficial Owners and Management” of Part III, Item 12 of our 10-K Transition Report for additional information on these computations. No further Application could have been made by us to the OTC Markets for further consideration of quotations of our common stock on the OCTQB Tier until on or about September 30, 2018, and no determination by management has been made as to whether any such Application will be filed in the near future. Our common stock is currently quoted on the OTC Markets OTC Pink Tier (the “OTC Pink Tier”) under the trading symbol “KTEL.”

FORWARD LOOKING STATEMENTS

In this Quarterly Report, references to “KonaTel, Inc.,” “KonaTel,” the “Company,” “we,” “our,” “us” and words of similar import, refer to KonaTel, Inc., a Delaware corporation, formerly named Dala Petroleum Corp., which is the Registrant, and our wholly-owned subsidiary, KonaTel Nevada.

This Quarterly Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this Quarterly Report. We cannot assure you that the forward-looking statements in this Quarterly Report will prove to be accurate, and therefore, prospective investors are encouraged not to place undue reliance on forward-looking statements. You should carefully read this Quarterly Report completely, and it should be read and considered with all other reports filed by us with the SEC. Other than as required by law, we undertake no obligation to update or revise these forward-looking statements, even though our situation may change in the future.

KONATEL, INC.

FORM 10-Q

SEPTEMBER 30, 2018

INDEX



			Page No.
PART I – FINANCIAL INFORMATION			3
Item 1. Financial Statements			4
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			22
Item 3. Quantitative and Qualitative Disclosures About Market Risk			25
Item 4. Controls and Procedures			26
PART II – OTHER INFORMATION			27
Item 1. Legal Proceedings			27
Item 1A. Risk Factors			27
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			27
Item 3. Defaults Upon Senior Securities			27
Item 4. Mine Safety Disclosures			27
Item 5. Other Information			27
Item 6. Exhibits			28

SIGNATURES			30

PART I - FINANCIAL STATEMENTS

September 30, 2018

Table of Contents



Consolidated Balance Sheets as of September 30, 2018 (unaudited) and December 31, 2017	4
Consolidated Statements of Operations for the three and nine months ended September 30, 2018, and 2017 (unaudited)	5
Consolidated Statements of Cash Flows for the nine months ended September 30, 2018, and 2017 (unaudited)	6
Notes to Consolidated Financial Statements (unaudited)	7

Item 1. Financial Statements.

KonaTel, Inc.

Consolidated Balance Sheets


	September 30, 2018		December 31, 2017
	*(unaudited)*
Assets

Current Assets
Cash and Cash Equivalents	$	63,008	$	94,149
Accounts Receivable		1,120,317		744,082
Notes Receivable		91,667		-
Inventory, Net		6,664		45,910
Prepaid Expenses		-		103,567
Total Current Assets		1,281,656		987,708

Property and Equipment, Net		108,812		142,067
Oil and natural gas properties, at, cost, using the full cost method of accounting Unproved		4,013		37,475
Intangible Assets, Net		33,569		184,628
Other Assets		337,150		4,340

Total Assets	$	1,765,200	$	1,356,218

Liabilities and Stockholders’ Equity

Current Liabilities
Accounts Payable and Accrued Expenses	$	1,511,888	$	1,374,709
Amount Due to Stockholder		110,000		223,327
Revolving Line of Credit		153,141		153,141
Deferred Revenue		73,140		36,835
Customer Deposits		28,854		28,854
Total Current Liabilities		1,877,023		1,816,866

Common stock, $0.001 par value, 50,000,000 shares authorized, 32,942,286 and 27,192,286 outstanding and issued at September 30, 2018, and December 31, 2017, respectively		32,942		27,192
Additional Paid In Capital		4,301,717		2,703,033
Accumulated Deficit		(4,446,482)		(3,190,873)
Total Stockholders’ Equity		(111,823)		(460,648)

Total Liabilities and Stockholders’ Equity	$	1,765,200	$	1,356,218

See accompanying notes to unaudited consolidated financial statements.

KonaTel, Inc.

Consolidated Statements of Operations


	Three Months Ended September 30				Nine Months Ended September 30
	2018		2017		2018		2017

Revenue	$	2,453,514	$	2,674,663	$	7,591,218	$	9,347,497
Cost of Revenue		1,892,988		2,208,155		6,481,979		7,635,916

Gross Profit		560,526		466,508		1,109,239		1,711,581

Operating Expenses
Payroll and Related		336,660		548,503		1,120,388		1,902,267
Operating and Maintenance		332,718		82,099		936,212		291,135
Bad Debt		-		-		15,210		82,809
Utilities and Facilities		41,883		47,889		147,389		146,895
Depreciation and Amortization		61,582		299,730		206,172		350,819
General and Administrative		26,560		20,165		64,485		63,986
Marketing and Advertising		4,995		12,217		42,284		42,753
Taxes and Insurance		21,437		5,451		124,771		45,298
Total Operating Expenses		825,835		1,016,054		2,656,911		2,925,962

Other Income (Expense)
Gain on Sale of Assets		318,257		-		318,257		-
Other Income		456		-		4,757		-
Interest Expense, Net		(7,087)		(4,620)		(30,951)		(22,573)
Total Other Income (Expense)		311,626		(4,620)		292,063		(22,573)

Net Income (Loss)	$	46,317	$	(554,166)	$	(1,255,609)	$	(1,236,954)

Net Income (Loss) per Share:
Basic	$	0.00	$	(0.04)	$	(0.04)	$	(0.09)
Diluted	$	0.00	$	(0.04)	$	(0.04)	$	(0.09)
Weighted Average Number of Shares:
Basic		32,942,286		13,692,286		31,423,055		13,692,286
Diluted		36,977,340		13,692,286		31,423,055		13,692,286

See accompanying notes to unaudited consolidated financial statements.

KonaTel, Inc.

Consolidated Statements of Cash Flow


	Nine Months Ended September 30,
	2018		2017

Cash Flows from Operating Activities:
Net Loss	$	(1,255,609)	$	(1,236,954)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and Amortization		206,172		350,819
Bad Debt		15,210		82,809
Stock-based Compensation		454,434		-
Gain on Sale of Business Component		(318,257)		-
Changes in Operating Assets and Liabilities, net of effects of acquisition:
Accounts Receivable		(391,445)		147,741
Notes Receivable		8,333		-
Inventory		39,246		(22,608)
Prepaid Expenses		(229,749)		(38,284)
Accounts Payable and Accrued Expenses		140,998		474,567
Deferred Revenue		36,305		(59,262)
Customer Deposits		-		(49,350)
Other Assets		506		-
Net cash used in operating activities		(1,293,856)		(350,522)

Cash Flows from Investing Activities
Proceeds from Sale of Business Component		226,043		-
Capital Expenditures		-		(5,845)
Net cash provided in investing activities		226,043		(5,845)

Cash Flows from Financing Activities
Proceeds from issuance of common stock		1,150,000		-
Proceeds from Stockholder		-		460,000
(Repayment of) Proceeds From Revolving Lines of Credit, Net		-		(32,233)
Advances made by Stockholder		100,000		-
Repayments of amounts due to Stockholder		(213,328)		-
Net cash provided by financing activities		1,036,672		427,767

Net increase (decrease) in cash		(31,141)		71,400

Cash - Beginning of Period		94,149		116,838
Cash - End of Period	$	63,008	$	188,238

Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$	20,359	$	18,672
Cash paid for taxes	$	-	$	-

Non-cash investing and financing activities:
Sale of Business Component
Notes Receivable	$	(100,000)	$	-
Accounts Payable and Accrued Expenses, net of Cash	$	3,819	$	-

See accompanying notes to unaudited consolidated financial statements.

KONATEL, INC.

Notes to Consolidated Financial Statements

(unaudited)

NOTE 1 – ORGANIZATION

KonaTel Inc., formerly known as Dala Petroleum Corp. (the “Company,” “we,” “our,” or “Dala”), also formerly known as “Westcott Products Corporation,” was incorporated as “Light Tech, Inc.” under the laws of the State of Nevada on May 24, 1984. A subsidiary in the name “Westcott Products Corporation” was organized by us under the laws of the State of Delaware on June 24, 1986, for the purpose of changing our name and domicile to the State of Delaware. On June 27, 1986, we merged with the Delaware subsidiary, with the survivor being Westcott Products Corporation, a Delaware corporation (“Westcott”). On December 18, 2017, we acquired KonaTel, Inc, a Nevada sub S-Corporation (“KonaTel Nevada”), in a merger with our acquisition subsidiary under which KonaTel Nevada became our wholly-owned subsidiary.

NOTE 2 – TRANSACTIONS

June 2014 Merger

On June 2, 2014, the Company, its newly formed and wholly-owned subsidiary, Dala Acquisition Corp., a Nevada corporation (“Merger Subsidiary”), and Dala Petroleum Corp., a Nevada corporation (“Dala Nevada”), executed and delivered an Agreement and Plan of Merger (the “Merger Agreement”), whereby Merger Subsidiary merged with and into Dala Nevada, and Dala Nevada was the surviving company under the merger and became a wholly-owned subsidiary of then-named Westcott (the “Merger”) on the closing of the Merger. As a result of the Merger, Westcott issued 10,000,000 shares of its common stock in exchange for all of the outstanding shares of common stock of Dala Nevada, which shares were distributed to Dala Nevada’s sole shareholder, Chisholm Partners II, LLC, a Louisiana limited liability company (“Chisholm II”), and were then distributed on a pro rata basis to its members.

As a condition precedent to the Merger, Westcott raised $2,025,000 from persons who were “accredited investors” in consideration of the sale of 2,025 shares of its Series A 6% Convertible Preferred Stock and 2,893,725 warrants at an offering price of $1,000 per unit. Each $1,000 unit consisted of (i) one share of Series A 6% Convertible Preferred Stock that was convertible at any time at the option of the holder into common stock at the conversion price of $0.70 per common share based on the total dollar amount invested; and (ii) 1,429 warrants (issued for each share of Series A 6% Convertible Preferred Stock sold in each unit) to purchase common shares of the Company at an exercise price of $1.35 with a life of three years as of the “Effective Date” defined as the earliest date of the following to occur: (a) the initial registration statement required by the offering documents had been declared effective by the United States Securities and Exchange Commission (the “SEC”); (b) all of the underlying shares had been sold pursuant to SEC Rule 144 or may be sold pursuant to SEC Rule 144 without the requirement for the Company to be in compliance with the “current public information” required under SEC Rule 144 and without volume or manner-of-sale restrictions included therein; or (c) following the one year anniversary of June 3, 2014.

The Merger was accounted for as a reverse-merger and recapitalization of Dala.

Dala Nevada previously possessed rights to engage in oil and natural gas exploration and development in north central Kansas, with total acreage of approximately 80,000 acres (the “Property”). Since the time of the Merger (until the closing of the KonaTel Nevada Merger), we had been operating as an early-stage oil exploration company focused on the Property, which had oil potential at depths of less than 6,000 feet. In May, 2015, the Company temporarily suspended its exploration program due to the decline in the price of oil and difficult market conditions and its current Property interest are nominal; however, the Company is evaluating potential options for the sale of its remaining Property leases and geologic and seismic data on the area in which the Property is located.

May 2016 Transaction

The Company entered into a Partial Cancellation Agreement (the “PCA”) by and among its subsidiary, Dala Nevada, Chisholm II and certain members of Chisholm II (the “Chisholm Members”), through which Chisholm II (after receiving shares from these Chisholm Members) returned a total of 8,567,800 shares of the Company’s common stock to the Company for cancellation. In exchange for the return of these shares for cancellation, the Company assigned 55,000 acres of the Company’s then owned Property rights (approximately 68.75% of its total holdings) to Chisholm II.

Pursuant to terms of the PCA, on May 26, 2016, the 8,567,800 shares of common stock delivered by Chisholm Members were cancelled on the books and records of the Company. Prior to that, the Company assigned 55,000 acres of its then leased Property to Chisholm II.

On May 16, 2016, as approved by the Board of Directors of the Company as part of a settlement with its Preferred shareholders, the Company filed an Amended and Restated Certificate of Designation of the Company’s Series A 6% Convertible Preferred Stock (the “COD”), which (i) changed the conversion price of its outstanding preferred stock from $0.70 per share to $0.05 per share; and (ii) eliminated Section 7 “Certain Adjustments” of the COD.

Pursuant to terms of the PCA, on July 28, 2016, the 1,030,000 shares of common stock delivered after the initial closing by Baldo Sanso (360,000 shares of common stock), Robert Sali (610,000 shares of common stock) and Chris Dabbs (60,000 shares of common stock) were cancelled on the books and records of the Company. The reduction was offset to additional paid-in capital.

July 2017 Transaction

On July 19, 2017, the Company entered into a Common Stock Purchase Agreement with M2 Equity Partners LLC, a Minnesota limited liability company (“M2”), whereby M2 has purchased 12,100,000 newly issued shares of the Company’s common stock (the “Common Stock”) for an aggregate purchase price of $347,500 (the “Purchase Price”). The purchase was made in a transaction that was deemed to be exempt from the registration provisions of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) of thereof and/or Rule 506(b) promulgated thereunder. Prior to the closing (the “Closing”) of the Common Stock Purchase Agreement, the following securities of the Company were outstanding: (i) 2,926,486 shares of Common Stock; (ii) 2,008 shares of Series A 6% Convertible Preferred Stock (the “Preferred Stock”); and (iii) 1,928,571 warrants (the “Warrants”) to acquire 1,928,571 shares of Common Stock that were issued in connection with the issuance of the Preferred Stock. In connection with this purchase of Common Stock, certain of the Company’s shareholders agreed to cancel an aggregate 1,584,200 shares of the Company’s Common Stock for an aggregate amount of $15,842; and all 2,008 shares of the Company’s Preferred Stock and all outstanding Warrants for an aggregate amount of $53,841, with an additional sum of approximately $4,700 due to those shareholders who had agreed to cancel their respective shares of Preferred Stock and Warrants being reserved for the payment of miscellaneous expenses or other liabilities of the Company not provided for in the schedules and exhibits to the Common Stock Purchase Agreement. Any amount remaining from this sum was to be paid to these shareholders, pro rata, based upon the respective percentage that the aggregate amount being paid for the cancellation of the Preferred Stock and Warrants bore, if any, to these additional funds, following payment of any such miscellaneous expenses or other liabilities of the Company. $10,750 of the Purchase Price was held in the Trust Account of the Company’s legal counsel, to be expended on behalf of the Company or deposited into a new bank account to be opened by the Company, and these funds have been disbursed in payment of expenses or paid to the Company or those persons entitled to them.

As a result of the cancellation of the 1,584,200 shares of Common Stock, Preferred Stock and Warrants, immediately prior to or simultaneous with the Closing, the Company had 1,342,286 shares of Common Stock issued and outstanding (the “Existing Shares”) and no shares of Preferred Stock or Warrants issued and outstanding; and taking into account the share cancellation and the 12,100,000 share Common Stock purchase and issuance, the Company then had issued and outstanding (i) 13,442,286 shares of its Common Stock, consisting of (a) the 1,342,286 Existing Shares, and (b) the 12,100,000 shares purchased by M2; and (ii) no other securities (as defined in the Securities Act) issued or outstanding.

The Company used the remainder of the $347,500 to, among other items set forth in the schedules and exhibits to the Common Stock Purchase Agreement, pay or compromise all outstanding indebtedness and other liabilities of the Company, amounting to approximately $262,367, which included a payment of an aggregate of $10,000 ($5,000 to each) to our then two directors and executive officers, with the understanding that our then current assets would consist of approximately $10,750, our remaining Property, consisting of our oil and gas lease assets that we then owned, along with other intangible assets, and following the payment of the indebtedness and other liabilities and financial obligations of the Company, there would be no liabilities of the Company at Closing.

M2 agreed to pay M2 Capital Advisors, Inc., a Minnesota corporation (“M2 Capital”), which is wholly-owned by Mark Savage, a founding member of M2, an Introduction Fee of $25,000 for introducing the Company to M2. These funds were divided between M2 Capital and Elev8 Marketing, a firm owned by Matthew Atkinson, who is also a founding member of M2 and M2’s sole Manager, and were utilized to repay these entities for legal costs and miscellaneous expenses incurred by them in connection with the formation and funding of M2. Mr. Savage was appointed the President and Chief Financial Officer and a director at the Closing, and is presently a director of the Company; and Mr. Atkinson was elected as the Secretary at the Closing, and presently serves in that capacity with the Company.

The Closing of the Common Stock Purchase Agreement resulted in a change in control of the Company.

December 2017 Transaction

On November 15, 2017, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement” and the “Merger”) with Mark Savage, our then President, a director (currently serving as a director) and a beneficial shareholder, Matthew Atkinson, our Secretary, a beneficial shareholder and the Manager of our then principal shareholder, M2, and M2 and our wholly-owned Nevada acquisition subsidiary, Dala Subsidiary Corp., on the one hand; and KonaTel Nevada and D. Sean McEwen, KonaTel Nevada’s President and sole shareholder, on the other hand. The Merger was closed on December 18, 2017, and Articles of Merger were filed on that date with the Secretary of State of the State of Nevada whereby KonaTel Nevada was the surviving corporation and became our wholly-owned subsidiary. The Company issued 13,500,000 shares of our one mill ($0.001) par value common stock comprised of “restricted securities” as defined in SEC Rule 144 promulgated under the Securities Act, in exchange for all of the outstanding shares of common stock of KonaTel Nevada. Post-Merger, and except as discussed below about conditions to the closing of the Merger, there were approximately 27,192,286 outstanding shares of our common stock, 13,500,000 shares of which were owned by Mr. McEwen; 12,100,000 shares of which were then owned by M2 (Messrs. Savage and Atkinson are members of M2 and collectively owned approximately 65.2% of M2, which equated to an indirect beneficial ownership of approximately 3,950,000 shares of our common stock each, and with Mr. Atkinson being the sole Manager of M2, he was also considered to be the beneficial owner of all of M2’s shares of our common stock; and 1,692,286 shares, which were owned by public shareholders. On April 24, 2018, the 12,100,000 shares of our common stock that were acquired by M2 under the Common Stock Purchase Agreement referenced above were distributed to its members, pro rata, in accordance with their respective membership interests.

As a condition to the KonaTel Nevada Merger, the Company entered into Shareholder Voting Agreement between Mr. Savage, Mr. Atkinson, M2 and Mr. McEwen whereby Mr. McEwen was granted an irrevocable proxy coupled with an interest from each of the foregoing, together with the following rights, including a right of veto, for a period of two (2) years, on the following matters: (i) an increase in the compensation of any employee of the Company by more than $20,000 in any one calendar year and for these purposes, the term compensation includes any form of remuneration or monetary benefit; (ii) the issuance of stock, the creation of a new class of stock, the grant of options or warrants, modification of any shareholder, option holder or warrant holder’s rights, grants, conversion rights or the taking of any other action that directly or indirectly dilutes the outstanding securities of the Company, excepting the current private placement of common stock of the Company for an equity funding of $1,300,000 through the offer and sale of 6,500,000 shares of the Company’s common stock solely to “accredited investors”; (iii) the issuance of debt in excess of $100,000 in the aggregate in any one calendar year; (iv) the approval of a plan of merger, reorganization or conversion; (v) the sale, transfer or other conveyance of assets of the Company having an aggregate value in excess of $100,000 in any one calendar year, other than in the ordinary course of the business; and (vi) the entry into a contract or other transaction having a total aggregate contractual liability for the Company in excess of $100,000 in any one calendar year.

The Company also entered into a Lock-Up/Leak-Out Agreement with Mr. Savage, Mr. Atkinson, M2 and Mr. McEwen respecting the resale of their respective shares of common stock beneficially owned or subsequently acquired in the Company covering an 18 month period commencing at the closing of the Merger.

At the Effective Time of the Merger, the Company changed its fiscal year from September 30 to a calendar year end of December 31 to coincide with the calendar fiscal year end of KonaTel Nevada; and the “S Corporation Election” of KonaTel Nevada was terminated. The parties agreed to make all necessary tax elections to achieve a direct tax accounting cut-off as of the date of the S Corporation Election termination for purposes of reporting the applicable short period S and C corporation tax returns, as applicable.

The Merger was accounted for as a reverse-merger and recapitalization of the Company. Accordingly, the 2016 legal capital of KonaTel Nevada was adjusted retroactively to reflect the December 31, 2016, legal capital of Dala.

July 2018 Transaction

On August 9, 2018, the Company entered into an Asset Purchase Agreement with Telecon Wireless Resources, Inc., a New York corporation (the “Telecon Wireless”); and KonaTel, Inc., a Nevada corporation and our wholly-owned subsidiary (“KonaTel Nevada”), whereby KonaTel Nevada sold Telecon Wireless various assets, including furniture, fixtures, equipment, account receivable and customer lists, among other assets, which were utilized in the Company’s wireless services and telecommunications operations conducted under the name “Telecon Wireless” in its retail store located in Johnstown, New York, for a purchase price of approximately $406,000. Telecon Wireless was formed by the previous General Manager of these operations at this location, William Sullivan, who has personally guaranteed the obligations of Telecon Wireless under the Asset Purchase Agreement. These assets were sold “as is, where is,” with a “Cut-Off Date” of July 31, 2018.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements have been prepared using the accrual basis of accounting.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates in these financial statements include the allowance for doubtful receivables, allowance for inventory obsolescence, the estimated useful lives of property and equipment, and customer lists. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and Cash Equivalents include cash on hand and all short-term investments with maturities of three months or less.

Trade Accounts Receivable

The Company accounts for trade receivables based on amounts billed to customers. Past due receivables are determined based on contractual terms. The Company does not accrue interest and does not require collateral on any of its trade receivables.

Allowance for Doubtful Receivables

The allowance for doubtful receivables is determined by management based on customer credit history, specific customer circumstances and general economic conditions. Periodically, management reviews accounts receivable and adjusts the allowance based on current circumstances and charges off uncollectible receivables against the allowance when all attempts to collect the receivable have failed. As of September 30, 2018, and December 31, 2017, management has determined that no allowance for doubtful receivables is necessary.

Notes Receivable

The Company entered into an Assets Sale Agreement with Telecon Wireless Resources, Inc, with an effective date of July 31, 2018. As part of the Agreement, the Company agreed to hold a one-year note of $100,000 to be paid in 12 payments of $8,333. As of September 30, 2018, the outstanding amount, including principal and interest was $91,667. The Note in the Agreement did not reference an interest rate. The note is being recorded with an implied interest rate of 5.00%.

Inventory

Inventory consists primarily of the cost of cellular phones and cellular accessories. Inventory is reported at the lower of cost and net realizable value. Cost is determined by the first-in, first-out (“FIFO”) method.

Due to the rapidly changing technology within the industry, inventory is evaluated on a regular basis to determine if any obsolescence exists. As of September 30, 2018, and December 31, 2017, the allowance for inventory obsolescence amounted to $807 and $10,083, respectively.

Property and Equipment

Property and equipment are recorded at cost, and are depreciated on the straight-line method over their estimated useful lives. Leasehold improvements are amortized over the lesser of the lease term or estimated useful life, furniture and fixtures, equipment, and vehicles are depreciated over periods ranging from five to seven (5-7) years, and billing software is depreciated over three (3) years which represents the estimated useful life of the assets. Maintenance and repairs are charged to expense as incurred while major replacements and improvements are capitalized. When property and equipment are retired or sold, the cost and applicable accumulated depreciation are removed from the respective accounts and the related gain or loss is recognized.

The Company recognizes impairment losses for long-lived assets whenever changes in circumstances result in the carrying amount of the assets exceeding the sum of the expected future cash flows associated with such assets. Management has concluded that no impairment reserves are required as of September 30, 2018 and December 31, 2017.

Goodwill and Intangible Assets

Goodwill represents the excess of cost over the fair value of net assets acquired in connection with business acquisitions. Goodwill is tested at the reporting unit level, which is defined as an operating segment or a component of an operating segment that constitutes a business for which financial information is available and is regularly reviewed by management. The Company assesses goodwill for impairment at least annually in the absence of an indicator of possible impairment and immediately upon an indicator of possible impairment. The annual impairment review is completed at the end of the year.

If the carrying amount of a reporting unit exceeds its fair value, the Company measures the possible goodwill impairment based upon an allocation of the estimate of fair value to the underlying assets and liabilities of the reporting unit, including any previously unrecognized intangible assets, based upon known facts and circumstances as if the acquisition occurred currently. The excess of the fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. An impairment loss would be recognized to the extent the carrying value of goodwill exceeds the implied fair value of the goodwill. It was determined that Goodwill of $80,867 created through the reverse merger was fully impaired as of December 31, 2017.

Intangible assets consist of customer lists arising from acquisitions which are amortized on a straight line basis over three years, their estimated useful lives.

Other Assets

Other Assets represent items classified long-term assets in accordance with the Statement of Financial Accounting Standards ASC 210-10-45. Through September 30, 2018, the Company had made payments on behalf of IM Telecom, LLC in the amount of $333,316. These amounts were paid as part of a Purchase and Sale of Membership Interest, which was effective as of February 7, 2018. See additional information in Note 11 – Contingencies and Commitments, Escrowed Contract and Part II – Other Information, Item 5.

Customer Deposits

Before entering into a contract with a sub-reseller customer, the Company will require the customer to either secure a formal letter of credit with a bank, or require a certain level of cash collateral deposits from the customer. These collateral requirements are determined by management and may be adjusted upward or downward depending on the volume of business with the sub-reseller customer, or if management’s assessment of credit risk for a sub-reseller customer would change.

The Company held $28,854 in collateral deposits from various sub-reseller customers at September 30, 2018 and December 31, 2017. Such amounts represent collateral received from the sub-resellers in order to contract with the Company. The related contracts have an option to terminate the contract within a period of less than one year, and accordingly, these collateral deposits are classified as current liabilities in the accompanying balance sheet.

Impairment of Long-Lived Assets

The Company accounts for long-lived assets in accordance with the provisions of Statement of Financial Accounting Standards ASC 360-10, “Accounting for the Impairment or Disposal of Long-Lived Assets”. This statement requires that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Fair Market Value of Assets

The Company measures its financial assets and liabilities in accordance with generally accepted accounting principles. For certain of our financial instruments, including cash, accounts payable, accrued expenses, deposits received from customers for receivables and short-term loans the carrying amounts approximate fair value due to their short maturities.

We follow accounting guidance for financial and non-financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements, but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices, which are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.

Unproved oil and natural gas properties are accounted for and measured under Regulation S-X, Rule 4-10.

We currently measure and report at fair value other intangible assets (due to our impairment analysis) and derivative liabilities using ASC 820-10, Fair Value Measurement. The fair value of intangible assets has been determined using the present value of estimated future cash flows method. The fair value of derivative liabilities is measured using the Black-Scholes option pricing method. The following table summarizes our non-financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2018:

Fair Value Measurements at September 30, 2018

Quoted Prices

In Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Total

Assets

Inputs

Carrying

(Level 1)

(Level 2)

(Level 3)

Value

Description

Unproved oil and natural gas properties

4,013

Oil and Natural Gas Properties

The Company follows the full cost method of accounting for oil and natural gas operations whereby all costs related to the exploration and development of oil and natural gas properties are initially capitalized into a single cost center (“full cost pool”). Such costs include land acquisition costs, a portion of employee salaries related to Property development, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling directly related to acquisition, and exploration activities. Internal salaries are capitalized based on employee time allocated to the acquisition of leaseholds and development of oil and natural gas properties. The Company did not capitalize interest for the period ended September 30, 2018, as it was not required.

Proceeds from Property sales will generally be credited to the full cost pool, with no gain or loss recognized, unless such a sale would significantly alter the relationship between capitalized costs and the proved reserves attributable to these costs.

The Company assesses all items classified as unproved Property on a quarterly basis for possible impairment or reduction in value. The assessment includes consideration of the following factors, among others: intent to drill, remaining lease term, geological and geophysical evaluations, drilling results and activity, the assignment of proved reserves, and the economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such Property and all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to depletion and amortization. The costs of drilling exploratory dry holes are included in the amortization base immediately upon determination that the well is dry.

Capitalized costs associated with impaired properties and properties having proven reserves, estimated future development costs, and asset retirement costs under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 410-20-25 are depleted and amortized on the unit-of-production method based on the estimated gross proved reserves. The costs of unproved properties are withheld from the depletion base until such time as they are developed, impaired, or abandoned.

Under the full cost method of accounting, capitalized oil and natural gas Property costs less accumulated depletion, net of deferred income taxes, may not exceed a ceiling amount equal to the present value, discounted at 10%, of estimated future net revenues from proved oil and natural gas reserves plus the cost of unproved properties not subject to amortization (without regard to estimates of fair value), or estimated fair value, if lower, of unproved properties that are subject to amortization. Should capitalized costs exceed this ceiling, which is tested on a quarterly basis, an impairment is recognized. The present value of estimated future net revenues is computed by applying prices based on a 12-month unweighted average of the oil and natural gas prices in effect on the first day of each month, less estimated future expenditures to be incurred in developing and producing the proved reserves (assuming the continuation of existing economic conditions), less any applicable future taxes. If such capitalized costs exceed the ceiling, the Company will record a write-down to the extent of such excess as a non-cash charge to earnings. Any such write-down will reduce earnings in the period of occurrence and result in a lower depreciation, depletion and amortization rate in future periods. A write-down may not be reversed in future periods even though higher oil and natural gas prices may subsequently increase the ceiling.

During the period ended September 30, 2018, and December 31, 2017, the Company incurred a total of $0 in oil and natural gas expenditures.

During the nine months ended September 30, 2018, we reduced the ceiling under the full cost method through amortization expense of $33,464.

No impairment was realized for the period ending September 30, 2018, or the year ended December 31, 2017.

Other long term assets consist of security deposits to vendors. The Company has reviewed the other long term assets for impairment and determined that no impairment need realized for the period ending September 30, 2018, or the year ended December 31, 2017.

Revenue Recognition

Services revenues are generated from cellular and telecommunication services. The revenue is derived from wholesale and retail services.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This update provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. We have adopted this update. We do not believe this guidance will impact the recognition of our primary source of revenue from our wholesale and retail customers. The adoption of this guidance did not have a material impact on our consolidated financial statements.

Cost of Revenue

Cost of Revenue includes the cost of communication services, equipment and accessories, shipping costs, and commissions of sub-agents.

Stock-based Compensation

The Company records stock based compensation in accordance with the guidance in ASC 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This requires that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.

The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with ASC 718-10 and the conclusions reached by the ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505-50.

Income Taxes

Beginning on December 18, 2018, the Effective Date of the KonaTel Nevada Merger, KonaTel Nevada terminated its S Corporation status. For the short-tax year, there was no tax provision of federal or state taxes in the financial statements. As of September 30, 2018, because of a net loss, there was no tax expense provision of federal or state taxes in the financial statements.

The sale of the Company’s New York retail operations to Telecon Wireless resulted in both a capital gain and an ordinary gain. The gains on the sale would be taxed at the corporate income tax rate of 21%. The gain of $318,257, with a tax effect of $66,834, is included in the net loss carryforward. Because of this, there was no tax expense provision of federal or state taxes in the financial statements.

Prior to the closing of Merger, with the consent of its shareholders, KonaTel Nevada had elected under the Internal Revenue Code and for Pennsylvania tax purposes to be an S Corporation. In lieu of corporation income taxes, the shareholders of a S Corporation are taxed on their proportionate share of the Company’s taxable income. Therefore, no provision for federal or state income tax is included in the financial statements. The Company evaluates tax positions taken and determines whether it is more-likely-than-not that the tax position will be sustained upon examination based on the technical merits of the position. Management has reviewed its tax positions regarding state nexus as well as its status as a pass-through entity and has determined there are no such positions that fail to meet the more-likely-than-not criterion.

Net Loss Per Share

The Company follows ASC Topic 260 to account for the loss per share. Basic loss per common share calculations are determined by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted loss per common share calculations are determined by dividing net loss by the weighted average number of common shares and dilutive common share equivalents outstanding.

Concentrations of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of receivables, cash, and cash equivalents.

All cash and cash equivalents and restricted cash and cash equivalents are held at high credit financial institutions. These deposits are generally insured under the FDIC’s deposit insurance coverage; however, from time to time, the deposit levels may exceed FDIC coverage levels.

The Company also has a concentration of risk with respect to trade receivables from sub-resellers. As of September 30, 2018, and December 31, 2017, the Company had a significant concentration of receivables due from three and two major customers, respectively (defined as customers whose receivable balances are greater than 10% of total accounts receivable). These customers represented approximately 87% of the total accounts receivable as of September 30, 2018, and approximately 78% of total accounts receivable as of December 31, 2017.

Concentration of Major Customer

A significant amount of the revenue is derived from contracts with major sub-reseller customers. For the period ended September 30, 2018, and 2017, the Company had two and three, respectively, major sub-reseller customers which amounted to approximately 51% and 87%, respectively, of total revenues. For the year ended December 31, 2017, the Company had two major sub-reseller customers which amounted to approximately 43% of total revenues.

Segment Reporting

The Company operates within four reportable segments. The Company’s management evaluates performance and allocates resources based on the profit or loss from operations. Because the Company is a service business with very few physical assets, Management does not use total assets by segment to make decisions regarding operations, and therefore the total assets disclosure by segment has not been included.

The reportable segments consist of a Wholesale unit, a Retail unit, a Virtual ETC unit, and Gas & Oil Operations. The Wholesale unit purchases bulk rate services at a discounted unit and provides services to retail providers. The Retail and Virtual ETC units provide services to the end user through the use of agents and direct selling to the customer. The Gas & Oil Operations consist of leaseholds of property for the purpose of exploration and development of oil and natural gas properties.

Effect of Recent Accounting Pronouncements

In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU No. 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The Company has determined that this pronouncement has very little impact on the financial statements. The Company has determined that the cumulative effect transition method would be applied.

In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815) Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or Equity. This update amends existing guidance with the objective to eliminate the use of different methods in practice with respect to the consideration of redemption features in relation to other features when determining whether the nature of a host contract is more akin to debt or equity and thereby reduce existing diversity under GAAP in accounting for hybrid financial instruments issued in the form of a share. The amendments clarify how current GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share.

On February 25, 2016, the FASB issued Accounting Standards Update No. 2016- 02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. Early application is permitted. The Company has determined that adoption of the standard will begin January 1, 2019. The Company currently has four equipment operating leases and one Property lease; and the Property lease expires in April 2019. The Company has determined that this pronouncement has very little impact on the financial statements.

The Company has evaluated all other recent accounting pronouncements and believes that none will have a significant effect on the Company’s financial statement.

Emerging Growth Company

The Company is an emerging growth company and 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.

NOTE 4 – PROPERTY AND EQUIPMENT

Property and equipment consist of the following major classifications as of September 30, 2018, and December 31, 2017:


	September 30, 2018		December 31, 2017

Leasehold Improvements	$	46,950	$	46,950
Furniture and Fixtures		75,901		87,201
Billing Software		217,163		217,163
Office Equipment		86,887		89,590
		426,901		440,904
Less: Accumulated Depreciation and Amortization		(318,088)		(298,837)
	$	108,812	$	142,067

Depreciation expense amounted to $21,649 and $66,829 for the nine month periods ended September 30, 2018, and 2017, respectively. Depreciation and amortization expense are included as a component of operating expenses in the accompanying statements of operations.

NOTE 5 – INTANGIBLE ASSETS

Intangible Assets consist of customer lists that were acquired through acquisitions:


	September 30, 2018		December 31, 2017

Customer Lists	$	1,135,961	$	1,135,961
Less: Accumulated Amortization		(1,102,392)		(951,333)
	$	33,569	$	184,628

Amortization expense amounted to $151,059 and $283,990 for the nine month periods ended September 30, 2018, and 2017, respectively. Amortization expense is included as a component of operating expenses in the accompanying statements of operations. Future amortization over the next year will be $33,569, which fully amortizes intangible assets.

NOTE 6 – LINES OF CREDIT

The Company has three lines of credit with a bank which provide aggregate maximum borrowing availability of $1,050,000 as of September 30, 2018, and December 31, 2017. The lines of credit are payable on demand and bear interest at a variable rate with a floor set at 5.25%. Outstanding advances under these line of credit arrangements amounted to $153,141 as of September 30, 2018, and December 31, 2017. The lines of credit matured in April 2018. The maturity date has been verbally extended by the bank on a month-to-month basis.

The lines are secured by the general assets of the Company and aggregate amounts drawn under the line of credit may be limited to a borrowing base, as defined. The revolving lines of credit are guaranteed by an officer of the Company.

NOTE 7 – OPERATING LEASES

The Company leases property under non-cancelable operating leases with terms in excess of one year. The current property lease in excess of one year expires April 30, 2019. Future minimum lease payments over the next three years under the terms of these operating leases are as follows:


Period Ended September 30,
2018	$	16,525
2019		38,558

The Company also leases an office space on a month-to-month basis. Total lease expense for the nine months ended September 30, 2018, and 2017 amounted to $110,023 and $112,203, respectively.

NOTE 8 – AMOUNT DUE TO SHAREHOLDER

During 2018, Gary Stevens advanced the Company $100,000. The amount was used for working capital purposes. The note consisted of a $5,000 loan fee, plus an annual interest rate of 8.00%. This amount was paid in April, 2018.

During 2017, certain of the Company’s principal shareholders, D. Sean McEwen, Matthew Atkinson, and Mark Savage, advanced the Company $191,500, $17,063 and $14,764, respectively. The amounts advanced were used for working capital purposes and bear no interest and do not have a maturity date. Interest expense is imputed based on the applicable federal rate of 1.52%. Amounts due to Matthew Atkinson and Mark Savage were fully paid on March 8, 2018. D. Sean McEwen received $41,500 on March 8, 2018, and $10,000 each on June 25, 2018, July 25, 2018, August 25, 2018, and September 25, 2018, as partial payments. As of September 30, 2018, D. Sean McEwen is owed $110,000.

NOTE 9 – RELATED PARTY TRANSACTIONS

Transactions with Shareholders

As of September 30, 2018, amounts due from advances to shareholders were $110,000. The details of the advances are set forth in NOTE 8.

NOTE 10 – RETIREMENT PLAN

The Company sponsors a 401(k) profit sharing plan for its employees, whereby participants may contribute through salary deductions as defined, not to exceed certain IRS limits. The plan also provides for an employer matching contribution and also discretionary employer contributions. As of November 3, 2017, the Company no longer provided an employer match. The Company contributed $27,684 for the period ended September 30, 2017.

NOTE 11 – CONTINGENCIES AND COMMITMENTS

Litigation

From time to time, the Company may be subject to legal proceedings and claims which arise in the ordinary course of business. As of September 30, 2018, there are no legal proceedings.

Contract Contingency

The Company has the normal obligation for the completion of its cellular provider contracts in accordance with the appropriate standards of the industry and that may be provided in the contractual agreements.

Escrowed Contract

Effective February 7, 2018, the Company entered into an Agreement for the Purchase and Sale of Membership Interest dated as of February 5, 2018 (the “PSMI”), with the transaction documents being deposited in escrow on February 7, 2018, respecting the acquisition of 100% of the membership interest in IM Telecom, LLC, an Oklahoma limited liability company (“IM Telecom”), from its sole owner, Trevan Morrow (“Mr. Morrow”). The principal asset of IM Telecom is a “Lifeline Program” license (a Federal Communications Commission [the “FCC”] approved Compliance Plan), the transfer of ownership of which requires prior approval of the FCC. The PSMI provided that if the transfer of the beneficial ownership of the Lifeline Program license to us was not approved by the FCC prior to April 30, 2018, or a later date agreed upon by the parties, either party may terminate the PSMI; and the parties had agreed to continue the PSMI, with the FCC subsequently publishing notice of the approval of the transfer of the ownership of the Lifeline Program license to the Company on October 23, 2018. The parties are in the process of finalizing the closing of the PSMI, anticipated to be concluded by year end 2018.

Letters of Credit

The Company maintains irrevocable standby letter of credit arrangements with certain cellular carriers in the aggregate amount of $593,000. The letters of credit serve as collateral and security for various resale contracts the Company has with their suppliers. The letters of credit are unused as of September 30, 2018, and December 31, 2017.

Going Concern

As the Company did not generate net income during the nine month periods ending September 30, 2018, and 2017, we have been dependent upon equity financing to support our operations. In addition to losses of $1,255,609 and $1,236,954 for the nine month periods ending September 30, 2018, and 2017, respectively, we have experienced negative cash flow from operations of $1,293,856 and $350,522 in 2018, and 2017. The accumulated deficit as of September 30, 2018, is $4,446,482.

We believe we have ameliorated any “going concern” issues by generating additional cash flow since the completion of our merger with KonaTel Nevada on December 18, 2017; receiving cash investments through the private placement of shares of our common stock; and revenues from the growth of our Virtual ETC program, all of which has contributed to an improvement in our working capital, without the use of additional lines of credit or borrowings. Additionally, we also have two options to finance our mobile phone equipment purchases whereby multiple equipment suppliers provide us short term credit terms of up to 60 days on mobile phone purchases and a bank line of credit for purchases of select mobile phones.

As a result of the sale of a component of the retail operations to Telecon Wireless, our irrevocable standby letter of credit arrangements with certain cellular carriers in the aggregate amount was reduced to $275,000 from $593,000, as noted in NOTE 11. The letters of credit serve as collateral and security for various resale contracts the Company has with their suppliers.

NOTE 12 – SEGMENT REPORTING

The Company operates within four reportable segments. The Company’s management evaluates performance and allocates resources based on the profit or loss from operations. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Because the Company is a service business with very few physical assets, Management does not use total assets by segment to make decisions regarding operations, and therefore the total assets disclosure by segment has not been included.

The Company’s reportable segments consist of a Wholesale unit, a Retail unit, a Virtual ETC unit, and Gas & Oil Operations. The Wholesale unit purchases bulk rate services at a discounted cost. The Wholesale unit then sells to providers that provide services to the end-user. The Retail unit provides these same services to the end-user.

The Wholesale unit had 17 and 18 customers for the periods ended September 30, 2018, and 2017, respectively. The Retail Unit had an average lines/customers of 7.606 and 7,208 for the periods ended September 30, 2018, and 2017, respectively. The Gross Profit per line for Wholesale was $3.19 and $2.46 for the nine month periods ended September 30, 2018, and 2017, respectively. The Gross Profit per line for Retail was $20.58 and $24.36 for the nine month periods ended September 30, 2018, and 2017, respectively. The Virtual ETC unit had average lines/phones of 17,871 and 3,132 for the nine month periods ended September 30, 2018, and 2017, respectively. The Gross profit per Virtual ETC line was ($1.51) and $.31 for the nine month periods ended September 30, 2018, and 2017, respectively.

The following table reflects the result of operations of the Company’s reportable segments:


	Wholesale		Retail		Virtual ETC		Gas & Oil		Total

For the nine months ended September 30, 2018
Revenue	$	1,679,859	$	2,249,981	$	3,661,378	$	-	$	7,591,218

Net Income (Loss)	$	(256,953)	$	490,927	$	(1,456,121)	$	(33,462)	$	(1,255,609)
Gain on Sale of Assets	$	-	$	318,257	$	-	$	-	$	318,257
Depreciation and amortization	$	45,264	$	27,646	$	99,440	$	33,462	$	206,172
Additions to property and equipment	$	-	$	-	$	-	$	-	$	-

For the three months ended September 30, 2018
Revenue	$	581,817	$	563,774	$	1,307,923	$	-	$	2,453,514

Net Income (Loss)	$	(98,198)	$	506,691	$	(358,164)	$	(4,012)	$	46,317
Gain on Sale of Assets	$	-	$	318,257	$	-	$	-	$	318,257
Depreciation and amortization	$	14,693	$	9,732	$	33,145	$	4,012	$	61,582
Additions to property and equipment	$	-	$	-	$	-	$	-	$	-

For the nine months ended September 30, 2017
Revenue	$	6,054,755	$	2,827,073	$	465,669	$	-	$	9,347,497

Net Loss	$	(471,492)	$	(761,291)	$	(4,171)	$	-	$	(1,236,954)

Depreciation and amortization	$	133,722	$	215,914	$	1,183	$	-	$	350,819
Additions to property and equipment	$	-	$	5,845	$	-	$	-	$	5,845

For the three months ended September 30, 2017
Revenue	$	1,550,227	$	948,355	$	176,081	$	-	$	2,674,663

Net Income (Loss)	$	(183,836)	$	(399,169)	$	28,839	$	-	$	(554,166)

Depreciation and amortization	$	112,199	$	186,348	$	1,183	$	-	$	299,730
Additions to property and equipment	$	-	$	-	$	-	$	-	$	-

NOTE 13 – PREFERRED CONVERTIBLE STOCK AND WARRANTS

As discussed above in NOTE 2, in fiscal year 2014, the Company sold 2,025 units consisting of a total of 2,025 shares of Series A 6% Convertible Preferred Stock and 2,893,725 warrants at the price of $1,000 per unit. Proceeds received totaled $2,025,000 (with a net of offering costs of $1,990,000). The warrants were valued at $711,044, and this amount was separated from the value of the preferred stock. Each $1,000 unit consisted of (i) one share of Series A 6% Convertible Preferred Stock that was convertible at any time at the option of the holder into common stock at the conversion price of $0.70 per common share based on the total dollar amount invested (subject to adjustment); and (ii) 1,429 warrants (issued for each share of Series A 6% Convertible Preferred Stock sold in each unit) to purchase common shares of the Company at an exercise price of $1.35 for three years of the “Effective Date,” defined as the earliest date of the following to occur: (a) the initial registration statement required by the offering documents had been declared effective by the SEC; (b) all of the underlying shares have been sold pursuant to SEC Rule 144 or may be sold pursuant to SEC Rule 144 without the requirement for the Company to be in compliance with the current public information required under SEC Rule 144 and without volume or manner-of-sale restrictions thereof; or (c) following the one year anniversary of June 3, 2014. A total of 2,008 shares of Series A 6% Convertible Preferred Stock, exercisable into 2,868,571 shares of common stock, were issued and outstanding as of September 30, 2017. The 6% per annum dividends are cumulative and payable quarterly in cash or, at the Company’s option, in shares of the Company’s common stock. The Company discontinued paying the quarterly dividend as of July 1, 2015, and the amount owed thereunder had been accruing since that time until May 10, 2016, at which time all accrued dividends on 675 of the 2,025 shares were waived and cancelled by certain preferred shareholders. The cancelled dividends were accounted for by offsetting to additional paid-in capital.

As the Series A 6% Convertible Preferred Stock was contingently redeemable at a fixed price and such redemption would not be solely within the control of the Company, the preferred stock is classified outside of stockholders’ equity, as “temporary equity” between liabilities and stockholders’ equity on the Company’s consolidated balance sheet.

The Series A 6% Convertible Preferred Stock had no voting rights.

On February 17, 2016, a supermajority of more than 67% of the shareholders of the Series A 6% Convertible Preferred Stock approved certain corporate transactions in an effort to settle certain violations of the Series A 6% Convertible Preferred Stock Certificate of Designation and other documents related to the sale of Series A 6% Convertible Preferred Stock in 2014. The transactions approved by a supermajority of the Series A 6% Convertible Preferred Shareholders were to be implemented by the Board of Directors at the Board’s discretion. The approved transactions included the following: (i) the approval of a potential settlement agreement with Chisholm Partners II, LLC and certain Chisholm Members; (ii) the approval of the amendment of the Certificate of Designation for the Series A 6% Convertible Preferred Stock modifying the Conversion Price to $0.05; (iii) the Removal of Section 7, “Certain Adjustments” in the Series A 6% Convertible Preferred Stock Certificate of Designation; (iv) the modification of the permitted indebtedness allowable under the Series A 6% Convertible Preferred Stock COD to $200,000; (v) the approval of promissory notes with related parties in an amount up to $60,000; (vi) the waiver of the right of redemption upon triggering events for the Company’s violations of Section 10 of the COD; (vii) the waiver of the accrual of the late fee for unpaid dividends as of January 1, 2016; (viii) the waiver of the first right of refusal to purchase shares from other Series A 6% Convertible Preferred Shareholders; and (ix) waiver of the “Most Favored Nation” provision in the SPA for the Series A 6% Convertible Preferred Stock, among other things.

Upon the occurrence of a triggering event, each holder had the right to require the Company to redeem all of the Series A 6% Convertible Preferred Stock in cash at the redemption amount which was the sum of (a) the greater of (i) 130% of the stated value, and (ii) the product of (y) the VWAP on the trading day immediately preceding the date of the triggering event and (z) the stated value divided by the then conversion price, (b) all accrued but unpaid dividends thereon, if any, and (c) all liquidated damages and other costs, expenses or amounts due in respect of the Series A 6% Convertible Preferred Stock.

On November 17, 2014, one of the Company’s shareholders of Series A 6% Convertible Preferred Stock, Chienn Consulting Company, converted 17 shares of its Series A 6% Convertible Preferred Stock into 24,286 shares of the Company’s common stock. As of September 30, 2017, there were no Series A 6% Convertible Preferred Stock shares outstanding.

Effective December 31, 2015, the valuation of the derivative from the warrants using the Black Sholes model was no longer a liability given the decrease in the Company’s stock and the exercise price of the warrants.

Effective July 19, 2017, the remaining 2008 outstanding shares of Series A 6% Convertible Preferred Stock, along with all Warrants issued in connection with their sale in 2014, were cancelled. See the “July 2017 Transaction” in NOTE 2 above.

NOTE 14 – SHAREHOLDERS’ EQUITY

Common Stock

On June 2, 2014, the Company issued 10,000,000 shares of its common stock to Chisholm II in exchange for oil and natural gas assets recorded at $1,898,947.

As discussed above, the Company completed a reverse-merger with Dala Nevada, with Dala Nevada being the acquirer for financial reporting purposes. At the date of that Merger, the Company had 2,500,000 shares of common stock outstanding. The total amount of shares issued and outstanding post-Merger, as of December 31, 2014, was 12,500,000 shares of common stock.

As part of the PCA executed in May 2016 (see NOTE 2), 9,597,800 shares of common stock were returned to the Company and recorded in treasury and were returned to the authorized but unissued shares of the Company.

On July 19, 2017, the Company issued 12,100,000 shares of common stock to M2.

On July 25, 2017, the Company issued 250,000 shares of our common stock as compensation and for a general release. We issued 50,000 shares to Daniel Ryweck for his service on our board of directors, and 200,000 to our attorney, Leonard W. Burningham, Esq., for certain of his legal services in the change of control involving M2 and pursuant to his Engagement Letter.

As discussed above, the Company completed a reverse-merger with KonaTel Nevada, with KonaTel Nevada being the acquirer for financial reporting purposes. At the date of the KonaTel Nevada Merger, the Company issued 13,500,000 shares of common stock to D. Sean McEwen, who was then the sole shareholder of KonaTel Nevada. At the date of the KonaTel Nevada Merger, 12,100,000 shares were owned by M2 (Messrs. Mark Savage and Matthew Atkinson were members of M2 and collectively owned approximately 65.2% of M2, which equated to an indirect beneficial ownership of approximately 3,950,000 shares of our common stock each), and with Mr. Atkinson being the sole Manager of M2, he was also the then beneficial owner of all of M2’s shares of our common stock; and 1,692,286 shares, which were owned by public shareholders. On April 24, 2018, the 12,100,000 shares of our common stock that were acquired by M2 under the Common Stock Purchase Agreement referenced above were distributed to its members, pro rata, in accordance with their respective membership interests.

On March 8, 2018, we issued 4,750,000 shares of our common stock in a private placement to “accredited investors” at $0.20 per share for an aggregate amount of $950,000. On April 16, 2018, we issued 1,000,000 shares of our common stock in a private placement to “accredited investors” at $0.20 per share for an aggregate amount of $200,000.

During the nine months period ended September 30, 2018, the Company recorded vested options expense of $454,434.

Also, see NOTE 2 above.

Stock Compensation

The Company offered stock option outstanding equity awards to directors and key employees. Options vested in tranches and do not expire for five years. During the nine months period ended September 30, 2018, the Company recorded vested options expense of $454,434.

The following table represents stock option activity as of and for the nine months ended September 30, 2018:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Life	Aggregate Intrinsic Value

Options Outstanding – December 31, 2017	3,925,000	$	0.21	4.2	$	-
Granted	150,000	$	0.33	4.4
Exercised
Forfeited
Options Outstanding – September 30, 2018	4,075,000	$	0.22	4.2	$	-

Options Vested and Expected to Vest, September 30, 2018	4,075,000	$	0.22	4.2	$	-

Exercisable and Vested, September 30, 2018	1,698,750	$	0.25	4.2	$	-

NOTE 15 – INCOME TAX

For the periods ending September 30, 2018, and 2017, there was no provision for income taxes and deferred tax assets have been entirely offset by valuation allowances.

Prior to the Merger with KonaTel Nevada, and, with the consent of its sole shareholder, KonaTel Nevada had elected under the Internal Revenue Code and for Pennsylvania tax purposes to be an S Corporation. In lieu of corporation income taxes, the shareholders of an S Corporation are taxed on their proportionate share of the Company’s taxable income. Therefore, no provision for federal or state income tax is included in the financial statements. The Company evaluates tax positions taken and determines whether it is more-likely-than-not that the tax position will be sustained upon examination based on the technical merits of the position. Management has reviewed its tax positions regarding state nexus as well as its status as a pass-through entity and has determined there are no such positions that fail to meet the more-likely-than-not criterion.

On November 30, 2017, the Company adopted ASU 2015-17, “Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”). ASU 2015-17 requires deferred tax assets and liabilities to be classified as noncurrent in the consolidated balance sheet. A reporting entity should apply the amendment prospectively or retrospectively. The adoption of ASU 2015-17 did not have a significant impact on its consolidated financial statements as the Company continues to provide a full valuation allowance against its net deferred tax assets.

The Company’s tax expense differs from the “expected” tax expense for Federal income tax purposes (computed by applying the United States Federal tax rate of 21% to loss before taxes).

The tax effects of the temporary differences between reportable financial statement income and taxable income are recognized as deferred tax assets and liabilities.

The tax effect of significant components of the Company’s deferred tax assets and liabilities at September 30, 2018 and 2017, respectively, are as follows:


	September 30,
	2018		2017
Deferred tax assets:
Net operating loss carryforward	$	525,922	$	602,349
Total gross deferred tax assets		525,922		602,349
Less: Deferred tax asset valuation allowance		(525,922)		(602,349)
Total net deferred tax assets		-		-

Deferred tax liabilities:
Depreciation		-		-
Total deferred tax liabilities		-		-

Total net deferred taxes	$	-	$	-

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

Because of the historical earnings history of the Company, the net deferred tax assets for 2017 were fully offset by a 100% valuation allowance. The valuation allowance for the remaining net deferred tax assets was $1,442,386 and $1,058,669 as of September 30, 2018 and 2017, respectively.

On December 22, 2017, the United States Government passed new tax legislation that, among other provisions, will lower the corporate tax rate from 35% to 21%. In addition to applying the new lower corporate tax rate in 2018 and thereafter to any taxable income we may have, the legislation affects the way we can use and carry forward net operating losses previously accumulated and results in a revaluation of deferred tax assets recorded on our balance sheet. Given that the deferred tax assets are offset by a full valuation allowance, these changes will have no net impact on the Company’s financial position and net loss. However, if and when we become profitable, we will receive a reduced benefit from such deferred tax assets.

NOTE 16 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date of this filing, and with the exception of the following, no material subsequent events have occurred:

Effective October 1, 2018, Dennis E. Miller resigned as a director for personal reasons and unvested stock options to acquire 50,000 shares of our common stock that were granted to Mr. Miller on February 12, 2018, under an Incentive Stock Option Agreement, expired; the remaining 50,000 shares granted to Mr. Miller were vested and do not expire until February 11, 2023.

On October 2, 2018, the Company’s irrevocable standby letter of credit arrangements with certain cellular carriers in the aggregate amount was reduced to $275,000 from $593,000, as noted in Note 11. The letters of credit serve as collateral and security for various resale contracts the Company has with their suppliers.

Jeffrey Pearl was elected to fill the vacancy on our Board of Directors resulting from Mr. Miller’s resignation, effective October 28, 2018. As part of his designation as director, he will receive a monthly cash payment of $2,000; and a quarterly stock option grant of 25,000 shares of our common stock, with the shares vesting on the date of the grant and being valued at 110% of the fair market value or the closing price of our common stock on the date of the grant ($0.45 times 110% = $0.495 per share).

On October 23, 2018, the FCC published a notice of the approval of the transfer of the ownership of the Lifeline Program license to the Company under our IM Telecom PSMI agreement. The parties are in the process of finalizing the closing of the PSMI, which is anticipated to be concluded by year end 2018. See NOTE 11, under the heading “Escrowed Contract.”

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

When used in this Quarterly Report, the words “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “intend,” and similar expressions are intended to identify forward-looking statements within the meaning of Section 27a of the Securities Act and Section 21e of the Exchange Act regarding events, conditions, and financial trends that may affect our future plans of operations, business strategy, operating results, and financial position. Persons reviewing this Quarterly Report are cautioned that any forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties and actual results may differ materially from those included within the forward-looking statements as a result of various factors. Such factors are discussed further below under “Trends and Uncertainties,” and also include general economic factors and conditions that may directly or indirectly impact our financial condition or results of operations.

Overview of Current and Planned Business Operations

We are a cellular reseller of wholesale priced minutes, text and data, including traditional post-paid cellular services, primarily operating on mobile networks of major communications companies like Verizon and AT&T; and we are a Sprint authorized agent of cellular services and products that principally include business to business and business to customer products and services, mostly B2B Mobile Service and Internet of Things or wireless data. During the coming year, we plan to devote additional sales resources to IoT, and we have direct wholesale data agreements with Verizon and AT&T to provide us with our required wireless services. We also presently provide Lifeline Program service through a virtual eligible telecommunications carrier with a Lifeline Program license; and we have entered into an agreement with IM Telecom of Oklahoma, whose principal asset was a “Lifeline Program” license issued by the FCC, to acquire 100% of the membership interest in IM Telecom. Lifeline was created under President Ronald Reagan as part of the 1984 Telecommunications Act. Lifeline is an FCC program that provides subsidized, fixed or mobile telecommunications services to low-income consumers. We primarily distribute all of our products and services through independent field agents. On October 23, 2018, the FCC published a notice of the approval of the transfer of the ownership of the Lifeline Program license to the Company under our IM Telecom PSMI agreement. The parties are in the process of finalizing the closing of the PSMI, which is anticipated to be concluded by year end 2018. See NOTE 11, under the heading “Escrowed Contract,” of the notes to our Consolidated Financial Statements

Results of Operations

Comparison of the quarter ended September 30, 2018, to the quarter ended September 30, 2017

For the quarter ended September 30, 2018, we had $2,453,514 in revenues from operations compared to the quarter ended September 30, 2017, where we had $2,674,663 in revenue from operations. The cost of revenue for the quarter ended September 30, 2018, was $1,892,988, compared to $2,208,155 for the quarter ended September 30, 2017. We had a gross profit of $560,526 for the quarter ended September 30, 2018, and $466,508 for the quarter ended September 30, 2017.

For the quarter ended September 30, 2018, and the quarter ended September 30, 2017, total operating expenses were $825,835 and $1,016,054, respectively, for a decrease of $190,219.

For the quarter ended September 30, 2018, non-operating expenses were other income of $456 and interest expense of $7,087 compared to no other income and interest expense of $4,620 for the quarter ended September 30, 2017.

For the quarter ended September 30, 2018, a gain on the sale of assets from the Sale of Asset Agreement with Telecon Wireless Resources, Inc. was recognized in the amount of $318,257.

For the quarter ended September 30, 2018, we had net income of $46,317. For the quarter ended September 30, 2017, we had a net loss of $554,166.

In comparing our Statements of Operations between the three month periods ended September 30, 2018, and 2017, the Company continued the process of diversifying the service mix. Gross Revenue from the Virtual ETC segment of business grew to 53.2% of total gross revenue, compared to 6.6% for the three months ended September 30, 2017. The profit margin on VETC was $7.30 per line, compared to $4.83 for the three months ended September 30, 2017, Gross Revenue generated from the lower profit margin wholesale service was 58.0% of the total revenue for the three month period ending September 30, 2017. Comparatively, the wholesale service only accounted for 23.7% of the total gross revenue for the three months ended September 30, 2018. During the same comparative periods, gross retail revenue increased by 66.5%. Gross profit per line slightly increased to $3.19 from $2.46 on the wholesale service as lower margin, high volume customers were being eliminated. Retail gross profit per line decreased from $24.36 to $20.58 as the diversification plan created several up-front costs for equipment for re-sale.

In comparing our segments of operations for the three months ended September 30, 2018 and 2017, the Company showed the change the switch from Wholesale operations to Virtual ETC operations. Wholesale operations accounted for 23.7% of the revenue for the three months ended September 30, 2018, compared to 58.0% for September 2017. Virtual ETC grew to 53.3% of the revenue of the Company compared to 6.6% for the three months ended September 30, 2017. Retail operations decreased in comparison, mainly due to the sale of the operations in New York.

Comparison of the nine months Ended September 30, 2018, to the nine months ended September 30, 2017

For the nine months ended September 30, 2018, we had $7,591,218 in revenues from operations compared to the nine months ended September 30, 2017, where we had $9,347,497 in revenue from operations. The cost of revenue for the nine months ended September 30, 2018, was $6,481,979, compared to $7,635,619 for the nine months ended September 30, 2017. We had a gross profit of $1,109,239 for the nine months ended September 30, 2018, and $1,711,581 for the nine months ended September 30, 2017. For the nine months ended September 30, 2018, and the nine months ended September 30, 2017, total operating expenses were $2,656,911 and $2,925,962, respectively, for a decrease of $269,051.

For the nine months ended September 30, 2018, non-operating expenses were other income of $4,757 and interest expense of $30,951 compared to no other income and interest expense of $22,573 for the nine months ended September 30, 2017.

For the quarter ended September 30, 2018, a gain on the sale of assets from the Sale of Asset Agreement with Telecon Wireless Resources, Inc. was recognized in the amount of $318,257.

For the nine months ended September 30, 2018, and the nine months ended September 30, 2017, we had a net loss from operations of $1,255,609 and $1,236,954, respectively.

In comparing our Statements of Operations between the nine months ended September 30, 2018, and 2017, the Company was just beginning the process of diversifying the service mix. Gross Revenue from the Virtual ETC segment of business grew to 48.2% of total gross revenue, compared to 5.0% for the nine months ended September 30, 2017. The profit margin on VETC was ($1.51) per line, compared to $.31 for the nine months ended September 30, 2017, The negative profit margin per line was caused by the ramp-up costs of the Virtual ETC service. Gross Revenue generated from the lower profit margin wholesale service was 67.5% of the total revenue for the nine months ending September 30, 2017. Comparatively, the wholesale service only accounted for 21.3% of the total gross revenue for the nine months ended September 30, 2018. During the same comparative periods, gross retail revenue decreased by 20.2% due to the Sale of Asset Agreement, which was a retail operation. Gross profit per line slightly increased to $3.19 from $2.46 on the wholesale service as lower margin, high volume customers were being eliminated and the Telecon Wireless Agreement increasing the wholesale business from retail. Retail gross profit per line decreased from $24.36 to $20.58 as the diversification plan created several up-front costs for equipment for re-sale.

In comparing our segments of operations for the nine months ended September 30, 2018 and 2017, the Company showed the change the switch from Wholesale operations to Virtual ETC operations. Wholesale operations accounted for 22.1% of the revenue for the nine months ended September 30, 2018, compared to 64.8% for September 2017. Virtual ETC grew to 48.2% of the revenue of the Company compared to 5.0% for the nine months ended September 30, 2017. Retail operations was consistent at 30.0% for the nine month periods ended September 30, 2018 and 2017, despite the sale of the operations in New York.

Liquidity and Capital Resources

As of September 30, 2018, we have $63,008 in cash and cash equivalents on hand.

In comparing liquidity between the three month periods ending September 30, 2018, and December 31, 2017, cash and short-term assets decreased by 33.1%. The decrease was generated through increased receivables and prepaid assets. Liabilities and total overall debt showed a 3.3% increase in the three month period ending September 30, 2018, when compared to December 31, 2017. Going forward, equity investment and growth of new services is expected to provide the liquidity for our business.

Overall, the current ratio (current assets divided by our current liabilities) improved to .68 as of September 30, 2018, compared to .55 as of December 31, 2017. Working capital decreased by 28.2%.

As indicated in NOTE 12 of the Notes to the Consolidated Financial Statements and the Results of Operations, gross revenue has decreased by 18.7% when comparing the nine months ended September 30, 2018 and 2017. Similarly, gross profit decreased by 35.2%. This occurred as the Company began the diversification process. The revenue generated in the three month period ended September 30, 2017 was becoming more difficult to maintain as the industry became more regulated, competitive, and volatile. Profit margin percentage increased by 3.7% as the services provided began to be diversified into a more profitable areas.

As a result of the sale of a component of the Company’s retail operations to Telecon Wireless, our irrevocable standby letter of credit arrangements with certain cellular carriers in the aggregate amount of $593,000 was reduced to $275,000, as indicated in NOTE 11. The letters of credit serve as collateral and security for various resale contracts the Company has with their suppliers.

Cash Flow from Operations

During the nine months ended September 30, 2018, and the nine months ended September 30, 2017, cash flow used in operating activities was $1,397,675 and $350,522, respectively. Cash flows used in operating activities were primarily attributable to the Company’s net loss of $1,255,609 and $1,236,954 for the quarters ended September 30, 2018, and 2017, respectively.

Cash Flows from Investing Activities

During the nine months ended September 30, 2018, and the nine months ended September 30, 2017, cash flow (used) provided in investing activities was $329,862 and ($5,845), respectively. The cash flow from investing activities for the nine months ended September 30, 2018, was from proceeds from the sale of a component of the retail operations.

Cash Flows from Financing Activities

During the nine months ended September 30, 2018, and the nine months ended September 30, 2017, cash flow provided by financing activities was $1,036,672 and cash flow provided by financing activities was $427,767, respectively. The funds provided by financing were comprised of proceeds from issuance of common stock, $1,150,000 for 2018, and $460,000 in proceeds from stockholder for 2017; repayments of revolving lines of credit was $0 for 2018, and ($32,233) for 2017; advances made by shareholder of $100,000 in 2018, and $0 in 2017; and repayments to shareholder of $213,328 for 2018, and $0 for 2017.

Going Concern

As the Company did not generate net income during the nine months ending September 30, 2018, and 2017, we have been dependent upon equity financing to support our operations. In addition to losses of $1,255,609 and $1,236,954 for the nine months ending September 30, 2018, and 2017, respectively, we have experienced negative cash flow from operations of $1,079,418 and $350,522 in 2018, and 2017. The accumulated deficit as of September 30, 2018, is $4,446,482.

As a result of the sale of a component of the retail operations to Telecon Wireless, our irrevocable standby letter of credit arrangements with certain cellular carriers in the aggregate amount was reduced to $275,000 from $593,000, as indicated in Note 11. The letters of credit serve as collateral and security for various resale contracts the Company has with their suppliers.

Off-Balance Sheet Arrangements

We had no Off-Balance Sheet arrangements during the period ended September 30, 2018.

Critical Accounting Policies

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates in the accompanying financial statements include the amortization period for intangible assets, valuation and impairment valuation of intangible assets, depreciable lives of property and equipment, valuation of options, valuation of share-based payments and the valuation allowance on deferred tax assets.

Changes in Accounting Principles. No significant changes in accounting principles were adopted during the period ended September 30, 2018.

Impairment of Long-Lived Assets. The Company accounts for long-lived assets in accordance with the provisions of Statement of Financial Accounting Standards ASC 360-10, “Accounting for the Impairment or Disposal of Long-Lived Assets.” This statement requires that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.

Revenue Recognition. Services revenues are generated from cellular and telecommunication services. The revenue is derived from wholesale and retail services.

Stock-based Compensation. The Company records stock based compensation in accordance with the guidance in ASC 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This requires that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Not required.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

The SEC defines the term “disclosure controls and procedures” to mean a company’s controls and other procedures of an issuer that are designed to ensure that information required to be disclosed in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its chief executive and chief financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. The Company maintains such a system of controls and procedures in an effort to ensure that all information which it is required to disclose in the reports it files under the Exchange Act is recorded, processed, summarized and reported within the time periods specified under the SEC’s rules and forms and that information required to be disclosed is accumulated and communicated to the chief executive and interim chief financial officer to allow timely decisions regarding disclosure.

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures are not effective as of such date. The Chief Executive Officer and Chief Financial Officer have determined that the Company continues to have the following deficiencies which represent a material weakness:

Lack of in-house personnel with the technical knowledge to identify and address some of the reporting issues surrounding certain complex or non-routine transactions. With material, complex and non-routine transactions, management has and will continue to seek guidance from third-party experts and/or consultants to gain a thorough understanding of these transactions;

Insufficient personnel resources within the accounting function to segregate the duties over financial transaction processing and reporting; and

Insufficient written policies and procedures over accounting transaction processing and period end financial disclosure and reporting processes.

To remediate our internal control weaknesses, management intends to implement the following measures:

As funding permits, the Company will add sufficient accounting personnel to properly segregate duties and to effect a timely, accurate preparation of the financial statements.

The Company is in the process of hiring a Controller to alleviate issues concerning financial transactions and reporting. It is expected the hire will begin mid-November.

Upon the hiring of additional accounting personnel, the Company will develop and maintain adequate written accounting policies and procedures.

The Company is also in the process of evaluating and converting to an outsourced billing service. The service provider will integrate transactions into the accounting software, thereby eliminating inefficiencies and creating segregation of services.

The additional hiring is contingent upon The Company’s efforts to obtain additional funding through equity or debt and the results of its operations. Management hopes to secure funds in the coming fiscal year but provides no assurances that it will be able to do so.

Limitations on the Effectiveness of Controls

Our chief executive officer does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. Further, the design of the control system must reflect that there are resource constraints and that the benefits must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of a simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

Changes in Internal Control Over Financial Reporting

During the fiscal quarter covered by this Quarterly Report, there has been no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

Not required; however, see Item 1A. Risk Factors, Part I, commencing on page 13, of the Company’s 10-K Transition Report filed with the SEC on June 29, 2018, for a list of “risk factors” which can be accessed by Hyperlink in Part II, Item 6 hereof.

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

None

Item 3. Defaults upon Senior Securities

None, not applicable.

Item 4. Mine Safety Disclosure

Not applicable.

Item 5. Other Information

(i) Effective February 7, 2018, we entered into an Agreement for the Purchase and Sale of Membership Interest dated as of February 5, 2018 (the “PSMI”), with the transaction documents being deposited in escrow on February 7, 2018, respecting the acquisition of 100% of the membership interest in IM Telecom, LLC, an Oklahoma limited liability company (“IM Telecom”), from its sole owner, Trevan Morrow (“Mr. Morrow”). The principal asset of IM Telecom was a “Lifeline Program” license (a Federal Communications Commission [the “FCC”] approved Compliance Plan), the transfer of ownership of which required prior approval of the FCC. The PSMI provided that if the transfer of the beneficial ownership of the Lifeline Program license to us was not approved by the FCC prior to April 30, 2018, or a later date agreed upon by the parties, either party may terminate the PSMI; and the parties had agreed to continue the PSMI, with the FCC subsequently publishing notice of the approval of the transfer of the ownership of the Lifeline Program license to the Company on October 23, 2018. The parties are in the process of finalizing the closing of the PSMI, anticipated to be concluded by year end 2018. For additional information, see our 8-K Current Report dated February 7, 2018, and filed with the SEC on February 12, 2018, which can be accessed by Hyperlink in Part II, Item 6 below.

(ii) On August 9, 2018, we entered into an Asset Purchase Agreement with Telecon Wireless Resources, Inc., a New York corporation (the “the “Buyer”); and KonaTel, Inc., a Nevada corporation and our wholly-owned subsidiary (the “Seller”), whereby we sold Telecon Wireless various assets, including furniture, fixtures, equipment, account receivable and customer lists, among other assets, which were utilized in our wireless services and telecommunications operations conducted under the name “Telecon Wireless” at our retail store located in Johnstown, New York, for a purchase price of approximately $406,000. Telecon Wireless was formed by the previous General Manager of these operations at this location, William Sullivan, who has personally guaranteed the obligations of Telecon Wireless under the Asset Purchase Agreement. These assets were sold “as is, where is.” For additional information about the Asset Purchase Agreement, see our 8-K Current Report dated August 9, 2018, filed with the SEC on August 14, 2018, and incorporated herein by reference. See Part II, Item 6 hereof, where this Current Report can be accessed by Hyperlink.

Item 6. Exhibits


Exhibit Number	Description of Exhibit	Filing
3(i)	Amended and Restated Certificate of Incorporation	Filed with the Form 8-K/A filed on December 20, 2017 and incorporated herein by reference.
3(ii)	Amended and Restated Bylaws	Filed with the Form 8-K/A filed on December 20, 2017 and incorporated herein by reference.
14	Code of Ethics	Filed with the Form 8-K/A filed on December 20, 2017 and incorporated herein by reference.
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
32	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed herewith.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

Exhibits incorporated by reference:

8-K Current Report dated August 9, 2018, and filed with the SEC on August 14, 2018 (Telecon Wireless Resources, Inc. Asset Purchase Agreement).

10-K Transition Report for the period from October 1, 2017, to December 31, 2017, and filed with the SEC on June 29, 2018.

8-KA-2 Current Report dated November 15, 2017, and filed with the SEC on April 17, 2018 (audited financial statements of KonaTel Nevada for the years ended December 31, 2017, and 2016, reviewed financial statements for the quarter ended September 30, 2018, and unaudited proforma financial statements taking into account the KonaTel Nevada Merger).

8-K Current Report dated March 8, 2018, and filed with the SEC on March 9, 2018 (Sale of 5% of more of outstanding securities).

8-K Current Report dated February 7, 2018, and filed with the SEC on February 12, 2018 (IM Telecom PSMI).

Amended Certificate of Incorporation

10-K Annual Report for the fiscal year ended September 30, 2017, filed with the SEC on February 2, 2018.

Definitive 14C Information Statement filed with the SEC on January 8, 2018 (Name change to "KonaTel, Inc.").

8-KA-1 Current Report dated November 15, 2017, filed with the SEC on December 20, 2017 (KonaTel Nevada Merger).

Agreement and Plan of Merger

Articles of Merger

Amended and Restated Articles of Incorporation

Amended and Restated Bylaws

Shareholder Voting Agreement

Charles L. Schneider, Jr. Stock Option Cancellation Agreement

D. Sean McEwen Employment Agreement

Charles L. Schneider, Jr. Employment Agreement

J. William Riner Employment Agreement

Form of Incentive Stock Option Agreement

Form of Lock-Up/Leak-Out Agreement

Code of Ethics

Shareholder Post Card

8-K Current Report dated November 15, 2017, and filed with the SEC on November 17, 2017 (Execution of the KonaTel Nevada Agreement and Plan of Merger).

8-K Current Report dated July 19, 2017, filed with the SEC on July 20, 2017 (Common Stock Purchase Agreement with M2).

Common Stock Purchase Agreement

Form of Common Stock Cancellation Agreement

Form of Preferred Stock and Warrants Cancellation Agreement (A)

Form of Preferred Stock and Warrants Cancellation Agreement (B)

Form of Debt Cancellation Agreement/ Pay-Off Letter

10-K Annual Report for the fiscal year ended September 30, 2016, filed with the SEC on January 13, 2017 .

8-K Current Report dated May 10, 2016, and filed with the SEC on May 17, 2016 (PCA).

8-K Current Report dated June 3, 2014, and filed with the SEC on June 3, 2014 (Dala Nevada Agreement and Plan of Merger).

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

KonaTel, Inc.


Date:	November 13, 2018	By:	/s/ D. Sean McEwen
			D. Sean McEwen
			Chairman, President and CEO

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


Date:	November 13, 2018	By:	/s/ D. Sean McEwen
			D. Sean McEwen
			Chairman, President, CEO and a Director


Date:	November 13, 2018	By:	/s/ Brian R. Riffle
			Brian R. Riffle
			Chief Financial Officer

EX-31 2 exhibit311.htm EXHIBIT 31.1 Exhibit 31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

REQUIRED BY RULE 13A-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 AS AMENDED,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, D. Sean McEwen, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of KonaTel, Inc.;

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

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

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

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;

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;

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

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(s) 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);

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

any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


Date:	November 13, 2018	By:	/s/ D. Sean McEwen
			D. Sean McEwen
			Chairman, President and CEO

EX-31 3 exhibit312.htm EXHIBIT 31.2 Exhibit 31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

REQUIRED BY RULE 13A-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 AS AMENDED,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian R. Riffle, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of KonaTel, Inc.;

any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


Date:	November 13, 2018	By:	/s/ Brian R. Riffle
			Brian R. Riffle
			Chief Financial Officer

EX-32 4 exhibit32.htm EXHIBIT 32 Exhibit 32

Exhibit 32

CERTIFICATION OF

PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of KonaTel, Inc. (the “Registrant”) on Form 10-Q for the quarterly period ending September 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly Report”), we, D. Sean McEwen, President and Chief Executive Officer and Brian Riffle, Chief Financial Officer of the Registrant, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Quarterly 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 Quarterly Report fairly presents, in all material respects, the financial condition and result of operations of the Registrant.


Date:	November 13, 2018	By:	/s/ D. Sean McEwen
			D. Sean McEwen
			Chairman, President and CEO


Date:	November 13, 2018	By:	/s/ Brian R. Riffle
			Brian R. Riffle
			Chief Financial Officer

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The conversion price was changed from $0.70 per share to $0.05 per share.

In exchange for the return of 8,567,800 shares of Common Stock for cancellation, the Company returned 55,000 acres of the Company's property rights held in the form of oil and gas leases from Chisholm II (approximately 68.75% of its total holdings) to Chisholm II.

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100000

3819 0

NOTE 1 – ORGANIZATION   KonaTel Inc., formerly known as Dala Petroleum Corp. (the “Company,” “we,” “our,” or “Dala”), also formerly known as “Westcott Products Corporation,” was incorporated as “Light Tech, Inc.” under the laws of the State of Nevada on May 24, 1984. A subsidiary in the name “Westcott Products Corporation” was organized by us under the laws of the State of Delaware on June 24, 1986, for the purpose of changing our name and domicile to the State of Delaware. On June 27, 1986, we merged with the Delaware subsidiary, with the survivor being Westcott Products Corporation, a Delaware corporation (“Westcott”). On December 18, 2017, we acquired KonaTel, Inc, a Nevada sub S-Corporation (“KonaTel Nevada”), in a merger with our acquisition subsidiary under which KonaTel Nevada became our wholly-owned subsidiary.

NOTE 2 – TRANSACTIONS   June 2014 Merger   On June 2, 2014, the Company, its newly formed and wholly-owned subsidiary, Dala Acquisition Corp., a Nevada corporation (“Merger Subsidiary”), and Dala Petroleum Corp., a Nevada corporation (“Dala Nevada”), executed and delivered an Agreement and Plan of Merger (the “Merger Agreement”), whereby Merger Subsidiary merged with and into Dala Nevada, and Dala Nevada was the surviving company under the merger and became a wholly-owned subsidiary of then-named Westcott (the “Merger”) on the closing of the Merger. As a result of the Merger, Westcott issued 10,000,000 shares of its common stock in exchange for all of the outstanding shares of common stock of Dala Nevada, which shares were distributed to Dala Nevada’s sole shareholder, Chisholm Partners II, LLC, a Louisiana limited liability company (“Chisholm II”), and were then distributed on a pro rata basis to its members.   As a condition precedent to the Merger, Westcott raised $2,025,000 from persons who were “accredited investors” in consideration of the sale of 2,025 shares of its Series A 6% Convertible Preferred Stock and 2,893,725 warrants at an offering price of $1,000 per unit. Each $1,000 unit consisted of (i) one share of Series A 6% Convertible Preferred Stock that was convertible at any time at the option of the holder into common stock at the conversion price of $0.70 per common share based on the total dollar amount invested; and (ii) 1,429 warrants (issued for each share of Series A 6% Convertible Preferred Stock sold in each unit) to purchase common shares of the Company at an exercise price of $1.35 with a life of three years as of the “Effective Date” defined as the earliest date of the following to occur: (a) the initial registration statement required by the offering documents had been declared effective by the United States Securities and Exchange Commission (the “SEC”); (b) all of the underlying shares had been sold pursuant to SEC Rule 144 or may be sold pursuant to SEC Rule 144 without the requirement for the Company to be in compliance with the “current public information” required under SEC Rule 144 and without volume or manner-of-sale restrictions included therein; or (c) following the one year anniversary of June 3, 2014.   The Merger was accounted for as a reverse-merger and recapitalization of Dala.   Dala Nevada previously possessed rights to engage in oil and natural gas exploration and development in north central Kansas, with total acreage of approximately 80,000 acres (the “Property”). Since the time of the Merger (until the closing of the KonaTel Nevada Merger), we had been operating as an early-stage oil exploration company focused on the Property, which had oil potential at depths of less than 6,000 feet. In May, 2015, the Company temporarily suspended its exploration program due to the decline in the price of oil and difficult market conditions and its current Property interest are nominal; however, the Company is evaluating potential options for the sale of its remaining Property leases and geologic and seismic data on the area in which the Property is located.   May 2016 Transaction   The Company entered into a Partial Cancellation Agreement (the “PCA”) by and among its subsidiary, Dala Nevada, Chisholm II and certain members of Chisholm II (the “Chisholm Members”), through which Chisholm II (after receiving shares from these Chisholm Members) returned a total of 8,567,800 shares of the Company’s common stock to the Company for cancellation. In exchange for the return of these shares for cancellation, the Company assigned 55,000 acres of the Company’s then owned Property rights (approximately 68.75% of its total holdings) to Chisholm II.   Pursuant to terms of the PCA, on May 26, 2016, the 8,567,800 shares of common stock delivered by Chisholm Members were cancelled on the books and records of the Company. Prior to that, the Company assigned 55,000 acres of its then leased Property to Chisholm II.   On May 16, 2016, as approved by the Board of Directors of the Company as part of a settlement with its Preferred shareholders, the Company filed an Amended and Restated Certificate of Designation of the Company’s Series A 6% Convertible Preferred Stock (the “COD”), which (i) changed the conversion price of its outstanding preferred stock from $0.70 per share to $0.05 per share; and (ii) eliminated Section 7 “Certain Adjustments” of the COD.   Pursuant to terms of the PCA, on July 28, 2016, the 1,030,000 shares of common stock delivered after the initial closing by Baldo Sanso (360,000 shares of common stock), Robert Sali (610,000 shares of common stock) and Chris Dabbs (60,000 shares of common stock) were cancelled on the books and records of the Company. The reduction was offset to additional paid-in capital.   July 2017 Transaction   On July 19, 2017, the Company entered into a Common Stock Purchase Agreement with M2 Equity Partners LLC, a Minnesota limited liability company (“M2”), whereby M2 has purchased 12,100,000 newly issued shares of the Company’s common stock (the “Common Stock”) for an aggregate purchase price of $347,500 (the “Purchase Price”). The purchase was made in a transaction that was deemed to be exempt from the registration provisions of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) of thereof and/or Rule 506(b) promulgated thereunder. Prior to the closing (the “Closing”) of the Common Stock Purchase Agreement, the following securities of the Company were outstanding: (i) 2,926,486 shares of Common Stock; (ii) 2,008 shares of Series A 6% Convertible Preferred Stock (the “Preferred Stock”); and (iii) 1,928,571 warrants (the “Warrants”) to acquire 1,928,571 shares of Common Stock that were issued in connection with the issuance of the Preferred Stock. In connection with this purchase of Common Stock, certain of the Company’s shareholders agreed to cancel an aggregate 1,584,200 shares of the Company’s Common Stock for an aggregate amount of $15,842; and all 2,008 shares of the Company’s Preferred Stock and all outstanding Warrants for an aggregate amount of $53,841, with an additional sum of approximately $4,700 due to those shareholders who had agreed to cancel their respective shares of Preferred Stock and Warrants being reserved for the payment of miscellaneous expenses or other liabilities of the Company not provided for in the schedules and exhibits to the Common Stock Purchase Agreement. Any amount remaining from this sum was to be paid to these shareholders, pro rata, based upon the respective percentage that the aggregate amount being paid for the cancellation of the Preferred Stock and Warrants bore, if any, to these additional funds, following payment of any such miscellaneous expenses or other liabilities of the Company. $10,750 of the Purchase Price was held in the Trust Account of the Company’s legal counsel, to be expended on behalf of the Company or deposited into a new bank account to be opened by the Company, and these funds have been disbursed in payment of expenses or paid to the Company or those persons entitled to them.   As a result of the cancellation of the 1,584,200 shares of Common Stock, Preferred Stock and Warrants, immediately prior to or simultaneous with the Closing, the Company had 1,342,286 shares of Common Stock issued and outstanding (the “Existing Shares”) and no shares of Preferred Stock or Warrants issued and outstanding; and taking into account the share cancellation and the 12,100,000 share Common Stock purchase and issuance, the Company then had issued and outstanding (i) 13,442,286 shares of its Common Stock, consisting of (a) the 1,342,286 Existing Shares, and (b) the 12,100,000 shares purchased by M2; and (ii) no other securities (as defined in the Securities Act) issued or outstanding.   The Company used the remainder of the $347,500 to, among other items set forth in the schedules and exhibits to the Common Stock Purchase Agreement, pay or compromise all outstanding indebtedness and other liabilities of the Company, amounting to approximately $262,367, which included a payment of an aggregate of $10,000 ($5,000 to each) to our then two directors and executive officers, with the understanding that our then current assets would consist of approximately $10,750, our remaining Property, consisting of our oil and gas lease assets that we then owned, along with other intangible assets, and following the payment of the indebtedness and other liabilities and financial obligations of the Company, there would be no liabilities of the Company at Closing.   M2 agreed to pay M2 Capital Advisors, Inc., a Minnesota corporation (“M2 Capital”), which is wholly-owned by Mark Savage, a founding member of M2, an Introduction Fee of $25,000 for introducing the Company to M2. These funds were divided between M2 Capital and Elev8 Marketing, a firm owned by Matthew Atkinson, who is also a founding member of M2 and M2’s sole Manager, and were utilized to repay these entities for legal costs and miscellaneous expenses incurred by them in connection with the formation and funding of M2. Mr. Savage was appointed the President and Chief Financial Officer and a director at the Closing, and is presently a director of the Company; and Mr. Atkinson was elected as the Secretary at the Closing, and presently serves in that capacity with the Company.   The Closing of the Common Stock Purchase Agreement resulted in a change in control of the Company.   December 2017 Transaction   On November 15, 2017, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement” and the “Merger”) with Mark Savage, our then President, a director (currently serving as a director) and a beneficial shareholder, Matthew Atkinson, our Secretary, a beneficial shareholder and the Manager of our then principal shareholder, M2, and M2 and our wholly-owned Nevada acquisition subsidiary, Dala Subsidiary Corp., on the one hand; and KonaTel Nevada and D. Sean McEwen, KonaTel Nevada’s President and sole shareholder, on the other hand. The Merger was closed on December 18, 2017, and Articles of Merger were filed on that date with the Secretary of State of the State of Nevada whereby KonaTel Nevada was the surviving corporation and became our wholly-owned subsidiary. The Company issued 13,500,000 shares of our one mill ($0.001) par value common stock comprised of “restricted securities” as defined in SEC Rule 144 promulgated under the Securities Act, in exchange for all of the outstanding shares of common stock of KonaTel Nevada. Post-Merger, and except as discussed below about conditions to the closing of the Merger, there were approximately 27,192,286 outstanding shares of our common stock, 13,500,000 shares of which were owned by Mr. McEwen; 12,100,000 shares of which were then owned by M2 (Messrs. Savage and Atkinson are members of M2 and collectively owned approximately 65.2% of M2, which equated to an indirect beneficial ownership of approximately 3,950,000 shares of our common stock each, and with Mr. Atkinson being the sole Manager of M2, he was also considered to be the beneficial owner of all of M2’s shares of our common stock; and 1,692,286 shares, which were owned by public shareholders. On April 24, 2018, the 12,100,000 shares of our common stock that were acquired by M2 under the Common Stock Purchase Agreement referenced above were distributed to its members, pro rata, in accordance with their respective membership interests.   As a condition to the KonaTel Nevada Merger, the Company entered into Shareholder Voting Agreement between Mr. Savage, Mr. Atkinson, M2 and Mr. McEwen whereby Mr. McEwen was granted an irrevocable proxy coupled with an interest from each of the foregoing, together with the following rights, including a right of veto, for a period of two (2) years, on the following matters: (i) an increase in the compensation of any employee of the Company by more than $20,000 in any one calendar year and for these purposes, the term compensation includes any form of remuneration or monetary benefit; (ii) the issuance of stock, the creation of a new class of stock, the grant of options or warrants, modification of any shareholder, option holder or warrant holder’s rights, grants, conversion rights or the taking of any other action that directly or indirectly dilutes the outstanding securities of the Company, excepting the current private placement of common stock of the Company for an equity funding of $1,300,000 through the offer and sale of 6,500,000 shares of the Company’s common stock solely to “accredited investors”; (iii) the issuance of debt in excess of $100,000 in the aggregate in any one calendar year; (iv) the approval of a plan of merger, reorganization or conversion; (v) the sale, transfer or other conveyance of assets of the Company having an aggregate value in excess of $100,000 in any one calendar year, other than in the ordinary course of the business; and (vi) the entry into a contract or other transaction having a total aggregate contractual liability for the Company in excess of $100,000 in any one calendar year.   The Company also entered into a Lock-Up/Leak-Out Agreement with Mr. Savage, Mr. Atkinson, M2 and Mr. McEwen respecting the resale of their respective shares of common stock beneficially owned or subsequently acquired in the Company covering an 18 month period commencing at the closing of the Merger.   At the Effective Time of the Merger, the Company changed its fiscal year from September 30 to a calendar year end of December 31 to coincide with the calendar fiscal year end of KonaTel Nevada; and the “S Corporation Election” of KonaTel Nevada was terminated. The parties agreed to make all necessary tax elections to achieve a direct tax accounting cut-off as of the date of the S Corporation Election termination for purposes of reporting the applicable short period S and C corporation tax returns, as applicable.   The Merger was accounted for as a reverse-merger and recapitalization of the Company. Accordingly, the 2016 legal capital of KonaTel Nevada was adjusted retroactively to reflect the December 31, 2016, legal capital of Dala.   July 2018 Transaction   On August 9, 2018, the Company entered into an Asset Purchase Agreement with Telecon Wireless Resources, Inc., a New York corporation (the “Telecon Wireless”); and KonaTel, Inc., a Nevada corporation and our wholly-owned subsidiary (“KonaTel Nevada”), whereby KonaTel Nevada sold Telecon Wireless various assets, including furniture, fixtures, equipment, account receivable and customer lists, among other assets, which were utilized in the Company’s wireless services and telecommunications operations conducted under the name “Telecon Wireless” in its retail store located in Johnstown, New York, for a purchase price of approximately $406,000. Telecon Wireless was formed by the previous General Manager of these operations at this location, William Sullivan, who has personally guaranteed the obligations of Telecon Wireless under the Asset Purchase Agreement. These assets were sold “as is, where is,” with a “Cut-Off Date” of July 31, 2018.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Basis of Presentation   The accompanying financial statements have been prepared using the accrual basis of accounting.   The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates in these financial statements include the allowance for doubtful receivables, allowance for inventory obsolescence, the estimated useful lives of property and equipment, and customer lists. Actual results could differ from those estimates.   Cash and Cash Equivalents   Cash and Cash Equivalents include cash on hand and all short-term investments with maturities of three months or less.   Trade Accounts Receivable   The Company accounts for trade receivables based on amounts billed to customers. Past due receivables are determined based on contractual terms. The Company does not accrue interest and does not require collateral on any of its trade receivables.   Allowance for Doubtful Receivables   The allowance for doubtful receivables is determined by management based on customer credit history, specific customer circumstances and general economic conditions. Periodically, management reviews accounts receivable and adjusts the allowance based on current circumstances and charges off uncollectible receivables against the allowance when all attempts to collect the receivable have failed. As of September 30, 2018, and December 31, 2017, management has determined that no allowance for doubtful receivables is necessary.   Notes Receivable   The Company entered into an Assets Sale Agreement with Telecon Wireless Resources, Inc, with an effective date of July 31, 2018. As part of the Agreement, the Company agreed to hold a one-year note of $100,000 to be paid in 12 payments of $8,333. As of September 30, 2018, the outstanding amount, including principal and interest was $91,667. The Note in the Agreement did not reference an interest rate. The note is being recorded with an implied interest rate of 5.00%.   Inventory   Inventory consists primarily of the cost of cellular phones and cellular accessories. Inventory is reported at the lower of cost and net realizable value. Cost is determined by the first-in, first-out (“FIFO”) method.   Due to the rapidly changing technology within the industry, inventory is evaluated on a regular basis to determine if any obsolescence exists. As of September 30, 2018, and December 31, 2017, the allowance for inventory obsolescence amounted to $807 and $10,083, respectively.   Property and Equipment   Property and equipment are recorded at cost, and are depreciated on the straight-line method over their estimated useful lives. Leasehold improvements are amortized over the lesser of the lease term or estimated useful life, furniture and fixtures, equipment, and vehicles are depreciated over periods ranging from five to seven (5-7) years, and billing software is depreciated over three (3) years which represents the estimated useful life of the assets. Maintenance and repairs are charged to expense as incurred while major replacements and improvements are capitalized. When property and equipment are retired or sold, the cost and applicable accumulated depreciation are removed from the respective accounts and the related gain or loss is recognized.   The Company recognizes impairment losses for long-lived assets whenever changes in circumstances result in the carrying amount of the assets exceeding the sum of the expected future cash flows associated with such assets. Management has concluded that no impairment reserves are required as of September 30, 2018 and December 31, 2017.   Goodwill and Intangible Assets   Goodwill represents the excess of cost over the fair value of net assets acquired in connection with business acquisitions. Goodwill is tested at the reporting unit level, which is defined as an operating segment or a component of an operating segment that constitutes a business for which financial information is available and is regularly reviewed by management. The Company assesses goodwill for impairment at least annually in the absence of an indicator of possible impairment and immediately upon an indicator of possible impairment. The annual impairment review is completed at the end of the year.   If the carrying amount of a reporting unit exceeds its fair value, the Company measures the possible goodwill impairment based upon an allocation of the estimate of fair value to the underlying assets and liabilities of the reporting unit, including any previously unrecognized intangible assets, based upon known facts and circumstances as if the acquisition occurred currently. The excess of the fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. An impairment loss would be recognized to the extent the carrying value of goodwill exceeds the implied fair value of the goodwill. It was determined that Goodwill of $80,867 created through the reverse merger was fully impaired as of December 31, 2017.   Intangible assets consist of customer lists arising from acquisitions which are amortized on a straight line basis over three years, their estimated useful lives.    Other Assets   Other Assets represent items classified long-term assets in accordance with the Statement of Financial Accounting Standards ASC 210-10-45. Through September 30, 2018, the Company had made payments on behalf of IM Telecom, LLC in the amount of $333,316. These amounts were paid as part of a Purchase and Sale of Membership Interest, which was effective as of February 7, 2018. See additional information in Note 11 – Contingencies and Commitments, Escrowed Contract and Part II – Other Information, Item 5.   Customer Deposits   Before entering into a contract with a sub-reseller customer, the Company will require the customer to either secure a formal letter of credit with a bank, or require a certain level of cash collateral deposits from the customer. These collateral requirements are determined by management and may be adjusted upward or downward depending on the volume of business with the sub-reseller customer, or if management’s assessment of credit risk for a sub-reseller customer would change.   The Company held $28,854 in collateral deposits from various sub-reseller customers at September 30, 2018 and December 31, 2017. Such amounts represent collateral received from the sub-resellers in order to contract with the Company. The related contracts have an option to terminate the contract within a period of less than one year, and accordingly, these collateral deposits are classified as current liabilities in the accompanying balance sheet.   Impairment of Long-Lived Assets   The Company accounts for long-lived assets in accordance with the provisions of Statement of Financial Accounting Standards ASC 360-10, “Accounting for the Impairment or Disposal of Long-Lived Assets”. This statement requires that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.   Fair Market Value of Assets   The Company measures its financial assets and liabilities in accordance with generally accepted accounting principles. For certain of our financial instruments, including cash, accounts payable, accrued expenses, deposits received from customers for receivables and short-term loans the carrying amounts approximate fair value due to their short maturities.   We follow accounting guidance for financial and non-financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements, but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:   Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.   Level 2: Inputs other than quoted prices, which are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.   Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.   Unproved oil and natural gas properties are accounted for and measured under Regulation S-X, Rule 4-10.   We currently measure and report at fair value other intangible assets (due to our impairment analysis) and derivative liabilities using ASC 820-10, Fair Value Measurement. The fair value of intangible assets has been determined using the present value of estimated future cash flows method. The fair value of derivative liabilities is measured using the Black-Scholes option pricing method. The following table summarizes our non-financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2018:   <table cellspacing="0" cellpadding="0" style="margin-top: 0px; font-size: 10pt; width: 100%"> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="11" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center">Fair Value Measurements at September 30, 2018</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Quoted Prices</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">In Active</td> <td> </td> <td colspan="2" style="text-align: center">Significant</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Markets for</td> <td> </td> <td colspan="2" style="text-align: center">Other</td> <td> </td> <td colspan="2" style="text-align: center">Significant</td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Identical</td> <td> </td> <td colspan="2" style="text-align: center">Observable</td> <td> </td> <td colspan="2" style="text-align: center">Unobservable</td> <td> </td> <td colspan="2" style="text-align: center">Total</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Assets</td> <td> </td> <td colspan="2" style="text-align: center">Inputs</td> <td> </td> <td colspan="2" style="text-align: center">Inputs</td> <td> </td> <td colspan="2" style="text-align: center">Carrying</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: #000000 1px solid; text-align: center">(Level 1)</td> <td> </td> <td colspan="2" style="border-bottom: #000000 1px solid; text-align: center">(Level 2)</td> <td> </td> <td colspan="2" style="border-bottom: #000000 1px solid; text-align: center">(Level 3)</td> <td> </td> <td colspan="2" style="border-bottom: #000000 1px solid; text-align: center">Value</td></tr> <tr style="vertical-align: bottom"> <td>Description</td> <td style="width: 7px"> </td> <td style="width: 7px"> </td> <td style="width: 79px"> </td> <td style="width: 7px"> </td> <td style="width: 7px"> </td> <td style="width: 58px"> </td> <td style="width: 7px"> </td> <td style="width: 7px"> </td> <td style="width: 79px"> </td> <td style="width: 7px"> </td> <td style="width: 7px"> </td> <td style="width: 51px"> </td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td>Unproved oil and natural gas properties</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">4,013</td> <td> </td> <td>$</td> <td style="text-align: right">4,013</td></tr> </table>   Oil and Natural Gas Properties   The Company follows the full cost method of accounting for oil and natural gas operations whereby all costs related to the exploration and development of oil and natural gas properties are initially capitalized into a single cost center (“full cost pool”). Such costs include land acquisition costs, a portion of employee salaries related to Property development, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling directly related to acquisition, and exploration activities. Internal salaries are capitalized based on employee time allocated to the acquisition of leaseholds and development of oil and natural gas properties. The Company did not capitalize interest for the period ended September 30, 2018, as it was not required.   Proceeds from Property sales will generally be credited to the full cost pool, with no gain or loss recognized, unless such a sale would significantly alter the relationship between capitalized costs and the proved reserves attributable to these costs.   The Company assesses all items classified as unproved Property on a quarterly basis for possible impairment or reduction in value. The assessment includes consideration of the following factors, among others: intent to drill, remaining lease term, geological and geophysical evaluations, drilling results and activity, the assignment of proved reserves, and the economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such Property and all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to depletion and amortization. The costs of drilling exploratory dry holes are included in the amortization base immediately upon determination that the well is dry.   Capitalized costs associated with impaired properties and properties having proven reserves, estimated future development costs, and asset retirement costs under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 410-20-25 are depleted and amortized on the unit-of-production method based on the estimated gross proved reserves. The costs of unproved properties are withheld from the depletion base until such time as they are developed, impaired, or abandoned.   Under the full cost method of accounting, capitalized oil and natural gas Property costs less accumulated depletion, net of deferred income taxes, may not exceed a ceiling amount equal to the present value, discounted at 10%, of estimated future net revenues from proved oil and natural gas reserves plus the cost of unproved properties not subject to amortization (without regard to estimates of fair value), or estimated fair value, if lower, of unproved properties that are subject to amortization. Should capitalized costs exceed this ceiling, which is tested on a quarterly basis, an impairment is recognized. The present value of estimated future net revenues is computed by applying prices based on a 12-month unweighted average of the oil and natural gas prices in effect on the first day of each month, less estimated future expenditures to be incurred in developing and producing the proved reserves (assuming the continuation of existing economic conditions), less any applicable future taxes. If such capitalized costs exceed the ceiling, the Company will record a write-down to the extent of such excess as a non-cash charge to earnings. Any such write-down will reduce earnings in the period of occurrence and result in a lower depreciation, depletion and amortization rate in future periods. A write-down may not be reversed in future periods even though higher oil and natural gas prices may subsequently increase the ceiling.   During the period ended September 30, 2018, and December 31, 2017, the Company incurred a total of $0 in oil and natural gas expenditures.   During the nine months ended September 30, 2018, we reduced the ceiling under the full cost method through amortization expense of $33,464.   No impairment was realized for the period ending September 30, 2018, or the year ended December 31, 2017.   Other long term assets consist of security deposits to vendors. The Company has reviewed the other long term assets for impairment and determined that no impairment need realized for the period ending September 30, 2018, or the year ended December 31, 2017.   Revenue Recognition   Services revenues are generated from cellular and telecommunication services. The revenue is derived from wholesale and retail services.   In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This update provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. We have adopted this update. We do not believe this guidance will impact the recognition of our primary source of revenue from our wholesale and retail customers. The adoption of this guidance did not have a material impact on our consolidated financial statements.   Cost of Revenue   Cost of Revenue includes the cost of communication services, equipment and accessories, shipping costs, and commissions of sub-agents.   Stock-based Compensation   The Company records stock based compensation in accordance with the guidance in ASC 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This requires that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.   The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with ASC 718-10 and the conclusions reached by the ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505-50.   Income Taxes   Beginning on December 18, 2018, the Effective Date of the KonaTel Nevada Merger, KonaTel Nevada terminated its S Corporation status. For the short-tax year, there was no tax provision of federal or state taxes in the financial statements. As of September 30, 2018, because of a net loss, there was no tax expense provision of federal or state taxes in the financial statements.   The sale of the Company’s New York retail operations to Telecon Wireless resulted in both a capital gain and an ordinary gain. The gains on the sale would be taxed at the corporate income tax rate of 21%. The gain of $318,257, with a tax effect of $66,834, is included in the net loss carryforward. Because of this, there was no tax expense provision of federal or state taxes in the financial statements.   Prior to the closing of Merger, with the consent of its shareholders, KonaTel Nevada had elected under the Internal Revenue Code and for Pennsylvania tax purposes to be an S Corporation. In lieu of corporation income taxes, the shareholders of a S Corporation are taxed on their proportionate share of the Company’s taxable income. Therefore, no provision for federal or state income tax is included in the financial statements. The Company evaluates tax positions taken and determines whether it is more-likely-than-not that the tax position will be sustained upon examination based on the technical merits of the position. Management has reviewed its tax positions regarding state nexus as well as its status as a pass-through entity and has determined there are no such positions that fail to meet the more-likely-than-not criterion.   Net Loss Per Share   The Company follows ASC Topic 260 to account for the loss per share. Basic loss per common share calculations are determined by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted loss per common share calculations are determined by dividing net loss by the weighted average number of common shares and dilutive common share equivalents outstanding.   Concentrations of Credit Risk   Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of receivables, cash, and cash equivalents.   All cash and cash equivalents and restricted cash and cash equivalents are held at high credit financial institutions. These deposits are generally insured under the FDIC’s deposit insurance coverage; however, from time to time, the deposit levels may exceed FDIC coverage levels.   The Company also has a concentration of risk with respect to trade receivables from sub-resellers. As of September 30, 2018, and December 31, 2017, the Company had a significant concentration of receivables due from three and two major customers, respectively (defined as customers whose receivable balances are greater than 10% of total accounts receivable). These customers represented approximately 87% of the total accounts receivable as of September 30, 2018, and approximately 78% of total accounts receivable as of December 31, 2017.   Concentration of Major Customer   A significant amount of the revenue is derived from contracts with major sub-reseller customers. For the period ended September 30, 2018, and 2017, the Company had two and three, respectively, major sub-reseller customers which amounted to approximately 51% and 87%, respectively, of total revenues. For the year ended December 31, 2017, the Company had two major sub-reseller customers which amounted to approximately 43% of total revenues.   Segment Reporting   The Company operates within four reportable segments. The Company’s management evaluates performance and allocates resources based on the profit or loss from operations. Because the Company is a service business with very few physical assets, Management does not use total assets by segment to make decisions regarding operations, and therefore the total assets disclosure by segment has not been included.   The reportable segments consist of a Wholesale unit, a Retail unit, a Virtual ETC unit, and Gas & Oil Operations. The Wholesale unit purchases bulk rate services at a discounted unit and provides services to retail providers. The Retail and Virtual ETC units provide services to the end user through the use of agents and direct selling to the customer. The Gas & Oil Operations consist of leaseholds of property for the purpose of exploration and development of oil and natural gas properties.   Effect of Recent Accounting Pronouncements   In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU No. 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The Company has determined that this pronouncement has very little impact on the financial statements. The Company has determined that the cumulative effect transition method would be applied.   In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815) Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or Equity. This update amends existing guidance with the objective to eliminate the use of different methods in practice with respect to the consideration of redemption features in relation to other features when determining whether the nature of a host contract is more akin to debt or equity and thereby reduce existing diversity under GAAP in accounting for hybrid financial instruments issued in the form of a share. The amendments clarify how current GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share.   On February 25, 2016, the FASB issued Accounting Standards Update No. 2016- 02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. Early application is permitted. The Company has determined that adoption of the standard will begin January 1, 2019. The Company currently has four equipment operating leases and one Property lease; and the Property lease expires in April 2019. The Company has determined that this pronouncement has very little impact on the financial statements.   The Company has evaluated all other recent accounting pronouncements and believes that none will have a significant effect on the Company’s financial statement.   Emerging Growth Company   The Company is an emerging growth company and 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.

NOTE 4 – PROPERTY AND EQUIPMENT   Property and equipment consist of the following major classifications as of September 30, 2018, and December 31, 2017:   <table cellspacing="0" cellpadding="0" style="margin-top: 0px; font-size: 10pt; width: 100%"> <tr> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: #000000 1px solid; vertical-align: bottom">September 30, 2018</td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: #000000 1px solid; vertical-align: bottom">December 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="width: 7px"> </td> <td style="width: 80px"> </td> <td style="width: 7px"> </td> <td style="width: 7px"> </td> <td style="width: 80px"> </td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td>Leasehold Improvements</td> <td style="text-align: justify">$</td> <td style="text-align: right">46,950</td> <td> </td> <td style="text-align: justify">$</td> <td style="text-align: right">46,950</td></tr> <tr style="vertical-align: bottom"> <td>Furniture and Fixtures</td> <td> </td> <td style="text-align: right">75,901</td> <td> </td> <td> </td> <td style="text-align: right">87,201</td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td>Billing Software</td> <td> </td> <td style="text-align: right">217,163</td> <td> </td> <td> </td> <td style="text-align: right">217,163</td></tr> <tr style="vertical-align: bottom"> <td>Office Equipment</td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid; text-align: right">86,887</td> <td> </td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid; text-align: right">89,590</td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td> </td> <td> </td> <td style="text-align: right">426,901</td> <td> </td> <td> </td> <td style="text-align: right">440,904</td></tr> <tr style="vertical-align: bottom"> <td>Less: Accumulated Depreciation and Amortization</td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid; text-align: right">(318,088)</td> <td> </td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid; text-align: right">(298,837)</td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td> </td> <td style="border-bottom: #000000 3px double; text-align: justify">$</td> <td style="border-bottom: #000000 3px double; text-align: right">108,812</td> <td> </td> <td style="border-bottom: #000000 3px double; text-align: justify">$</td> <td style="border-bottom: #000000 3px double; text-align: right">142,067</td></tr> </table>   Depreciation expense amounted to $21,649 and $66,829 for the nine month periods ended September 30, 2018, and 2017, respectively. Depreciation and amortization expense are included as a component of operating expenses in the accompanying statements of operations.

NOTE 5 – INTANGIBLE ASSETS   Intangible Assets consist of customer lists that were acquired through acquisitions:   <table cellspacing="0" cellpadding="0" style="margin-top: 0px; font-size: 10pt; width: 100%"> <tr> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: #000000 1px solid; vertical-align: bottom">September 30, 2018</td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: #000000 1px solid; vertical-align: bottom">December 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="width: 7px"> </td> <td style="width: 75px"> </td> <td style="width: 7px"> </td> <td style="width: 7px"> </td> <td style="width: 75px"> </td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td style="text-align: justify">Customer Lists</td> <td style="text-align: justify">$</td> <td style="text-align: right">1,135,961</td> <td> </td> <td style="text-align: justify">$</td> <td style="text-align: right">1,135,961</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Less: Accumulated Amortization</td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid; text-align: right">(1,102,392)</td> <td> </td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid; text-align: right">(951,333)</td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td> </td> <td style="border-bottom: #000000 3px double; text-align: justify">$</td> <td style="border-bottom: #000000 3px double; text-align: right">33,569</td> <td> </td> <td style="border-bottom: #000000 3px double; text-align: justify">$</td> <td style="border-bottom: #000000 3px double; text-align: right">184,628</td></tr> </table>   Amortization expense amounted to $151,059 and $283,990 for the nine month periods ended September 30, 2018, and 2017, respectively. Amortization expense is included as a component of operating expenses in the accompanying statements of operations. Future amortization over the next year will be $33,569, which fully amortizes intangible assets.

NOTE 6 – LINES OF CREDIT   The Company has three lines of credit with a bank which provide aggregate maximum borrowing availability of $1,050,000 as of September 30, 2018, and December 31, 2017. The lines of credit are payable on demand and bear interest at a variable rate with a floor set at 5.25%. Outstanding advances under these line of credit arrangements amounted to $153,141 as of September 30, 2018, and December 31, 2017. The lines of credit matured in April 2018. The maturity date has been verbally extended by the bank on a month-to-month basis.   The lines are secured by the general assets of the Company and aggregate amounts drawn under the line of credit may be limited to a borrowing base, as defined. The revolving lines of credit are guaranteed by an officer of the Company.

NOTE 7 – OPERATING LEASES   The Company leases property under non-cancelable operating leases with terms in excess of one year. The current property lease in excess of one year expires April 30, 2019. Future minimum lease payments over the next three years under the terms of these operating leases are as follows:   <table cellspacing="0" cellpadding="0" style="margin-top: 0px; font-size: 10pt; width: 100%"> <tr> <td style="vertical-align: bottom; text-decoration: underline">Period Ended September 30,</td> <td style="vertical-align: bottom; width: 11px"> </td> <td style="vertical-align: bottom; width: 44px"> </td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td>2018</td> <td>$</td> <td style="text-align: right">16,525</td></tr> <tr style="vertical-align: bottom"> <td>2019</td> <td> </td> <td style="text-align: right">38,558</td></tr> </table>   The Company also leases an office space on a month-to-month basis. Total lease expense for the nine months ended September 30, 2018, and 2017 amounted to $110,023 and $112,203, respectively.

NOTE 8 – AMOUNT DUE TO SHAREHOLDER   During 2018, Gary Stevens advanced the Company $100,000. The amount was used for working capital purposes. The note consisted of a $5,000 loan fee, plus an annual interest rate of 8.00%. This amount was paid in April, 2018.   During 2017, certain of the Company’s principal shareholders, D. Sean McEwen, Matthew Atkinson, and Mark Savage, advanced the Company $191,500, $17,063 and $14,764, respectively. The amounts advanced were used for working capital purposes and bear no interest and do not have a maturity date. Interest expense is imputed based on the applicable federal rate of 1.52%. Amounts due to Matthew Atkinson and Mark Savage were fully paid on March 8, 2018. D. Sean McEwen received $41,500 on March 8, 2018, and $10,000 each on June 25, 2018, July 25, 2018, August 25, 2018, and September 25, 2018, as partial payments. As of September 30, 2018, D. Sean McEwen is owed $110,000.

NOTE 9 – RELATED PARTY TRANSACTIONS   Transactions with Shareholders   As of September 30, 2018, amounts due from advances to shareholders were $110,000. The details of the advances are set forth in NOTE 8.

NOTE 10 – RETIREMENT PLAN   The Company sponsors a 401(k) profit sharing plan for its employees, whereby participants may contribute through salary deductions as defined, not to exceed certain IRS limits. The plan also provides for an employer matching contribution and also discretionary employer contributions. As of November 3, 2017, the Company no longer provided an employer match. The Company contributed $27,684 for the period ended September 30, 2017.

NOTE 11 – CONTINGENCIES AND COMMITMENTS   Litigation   From time to time, the Company may be subject to legal proceedings and claims which arise in the ordinary course of business. As of September 30, 2018, there are no legal proceedings.   Contract Contingency   The Company has the normal obligation for the completion of its cellular provider contracts in accordance with the appropriate standards of the industry and that may be provided in the contractual agreements.   Escrowed Contract   Effective February 7, 2018, the Company entered into an Agreement for the Purchase and Sale of Membership Interest dated as of February 5, 2018 (the “PSMI”), with the transaction documents being deposited in escrow on February 7, 2018, respecting the acquisition of 100% of the membership interest in IM Telecom, LLC, an Oklahoma limited liability company (“IM Telecom”), from its sole owner, Trevan Morrow (“Mr. Morrow”). The principal asset of IM Telecom is a “Lifeline Program” license (a Federal Communications Commission [the “FCC”] approved Compliance Plan), the transfer of ownership of which requires prior approval of the FCC. The PSMI provided that if the transfer of the beneficial ownership of the Lifeline Program license to us was not approved by the FCC prior to April 30, 2018, or a later date agreed upon by the parties, either party may terminate the PSMI; and the parties had agreed to continue the PSMI, with the FCC subsequently publishing notice of the approval of the transfer of the ownership of the Lifeline Program license to the Company on October 23, 2018. The parties are in the process of finalizing the closing of the PSMI, anticipated to be concluded by year end 2018.   Letters of Credit   <a name="a_Hlk528567145"></a>The Company maintains irrevocable standby letter of credit arrangements with certain cellular carriers in the aggregate amount of $593,000. The letters of credit serve as collateral and security for various resale contracts the Company has with their suppliers. The letters of credit are unused as of September 30, 2018, and December 31, 2017.   Going Concern   As the Company did not generate net income during the nine month periods ending September 30, 2018, and 2017, we have been dependent upon equity financing to support our operations. In addition to losses of $1,255,609 and $1,236,954 for the nine month periods ending September 30, 2018, and 2017, respectively, we have experienced negative cash flow from operations of $1,293,856 and $350,522 in 2018, and 2017. The accumulated deficit as of September 30, 2018, is $4,446,482.   We believe we have ameliorated any “going concern” issues by generating additional cash flow since the completion of our merger with KonaTel Nevada on December 18, 2017; receiving cash investments through the private placement of shares of our common stock; and revenues from the growth of our Virtual ETC program, all of which has contributed to an improvement in our working capital, without the use of additional lines of credit or borrowings. Additionally, we also have two options to finance our mobile phone equipment purchases whereby multiple equipment suppliers provide us short term credit terms of up to 60 days on mobile phone purchases and a bank line of credit for purchases of select mobile phones.   As a result of the sale of a component of the retail operations to Telecon Wireless, our irrevocable standby letter of credit arrangements with certain cellular carriers in the aggregate amount was reduced to $275,000 from $593,000, as noted in NOTE 11. The letters of credit serve as collateral and security for various resale contracts the Company has with their suppliers.

NOTE 12 – SEGMENT REPORTING   The Company operates within four reportable segments. The Company’s management evaluates performance and allocates resources based on the profit or loss from operations. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Because the Company is a service business with very few physical assets, Management does not use total assets by segment to make decisions regarding operations, and therefore the total assets disclosure by segment has not been included.   The Company’s reportable segments consist of a Wholesale unit, a Retail unit, a Virtual ETC unit, and Gas & Oil Operations. The Wholesale unit purchases bulk rate services at a discounted cost. The Wholesale unit then sells to providers that provide services to the end-user. The Retail unit provides these same services to the end-user.   The Wholesale unit had 17 and 18 customers for the periods ended September 30, 2018, and 2017, respectively. The Retail Unit had an average lines/customers of 7.606 and 7,208 for the periods ended September 30, 2018, and 2017, respectively. The Gross Profit per line for Wholesale was $3.19 and $2.46 for the nine month periods ended September 30, 2018, and 2017, respectively. The Gross Profit per line for Retail was $20.58 and $24.36 for the nine month periods ended September 30, 2018, and 2017, respectively. The Virtual ETC unit had average lines/phones of 17,871 and 3,132 for the nine month periods ended September 30, 2018, and 2017, respectively. The Gross profit per Virtual ETC line was ($1.51) and $.31 for the nine month periods ended September 30, 2018, and 2017, respectively.   The following table reflects the result of operations of the Company’s reportable segments:   <table cellspacing="0" cellpadding="0" style="margin-top: 0px; font-size: 10pt; width: 100%"> <tr> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Wholesale</td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Retail</td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Virtual ETC</td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Gas & Oil</td> <td style="vertical-align: top"> </td> <td colspan="2" style="vertical-align: top; text-align: center">Total</td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="border-top: #000000 1px solid; vertical-align: bottom; width: 9px"> </td> <td style="border-top: #000000 1px solid; vertical-align: bottom; width: 77px"> </td> <td style="vertical-align: bottom; width: 9px"> </td> <td style="border-top: #000000 1px solid; vertical-align: bottom; width: 9px"> </td> <td style="border-top: #000000 1px solid; vertical-align: bottom; width: 77px"> </td> <td style="vertical-align: bottom; width: 9px"> </td> <td style="border-top: #000000 1px solid; vertical-align: bottom; width: 9px"> </td> <td style="border-top: #000000 1px solid; vertical-align: bottom; width: 77px"> </td> <td style="vertical-align: bottom; width: 9px"> </td> <td style="border-top: #000000 1px solid; vertical-align: bottom; width: 9px"> </td> <td style="border-top: #000000 1px solid; vertical-align: bottom; width: 77px"> </td> <td style="vertical-align: top; width: 9px"> </td> <td style="border-top: #000000 1px solid; vertical-align: top; width: 9px"> </td> <td style="border-top: #000000 1px solid; vertical-align: top; width: 76px"> </td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">For the nine months ended September 30, 2018</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Revenue</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">1,679,859</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">2,249,981</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">3,661,378</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">7,591,218</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Net Income (Loss)</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(256,953)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">490,927</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(1,456,121)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(33,462)</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: top; text-align: right">(1,255,609)</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">Gain on Sale of Assets</td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">318,257</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom">-</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: top; text-align: right">318,257</td></tr> <tr> <td style="vertical-align: bottom">Depreciation and amortization</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">45,264</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">27,646</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">99,440</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">33,462</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">206,172</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">Additions to property and equipment</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">For the three months ended September 30, 2018</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Revenue</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">581,817</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">563,774</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">1,307,923</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">2,453,514</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Net Income (Loss)</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(98,198)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">506,691</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(358,164)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(4,012)</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: top; text-align: right">46,317</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">Gain on Sale of Assets</td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">318,257</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: top; text-align: right">318,257</td></tr> <tr> <td style="vertical-align: bottom">Depreciation and amortization</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">14,693</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">9,732</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">33,145</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">4,012</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">61,582</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">Additions to property and equipment</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">For the nine months ended September 30, 2017</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Revenue</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">6,054,755</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">2,827,073</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">465,669</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">9,347,497</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Net Loss</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(471,492)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(761,291)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(4,171)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: top; text-align: right">(1,236,954)</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Depreciation and amortization</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">133,722</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">215,914</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">1,183</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">350,819</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">Additions to property and equipment</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">5,845</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">5,845</td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">For the three months ended September 30, 2017</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Revenue</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">1,550,227</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">948,355</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">176,081</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">2,674,663</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Net Income (Loss)</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(183,836)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(399,169)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">28,839</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: top; text-align: right">(554,166)</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Depreciation and amortization</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">112,199</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">186,348</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">1,183</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">299,730</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">Additions to property and equipment</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td></tr> </table>

NOTE 13 – PREFERRED CONVERTIBLE STOCK AND WARRANTS   As discussed above in NOTE 2, in fiscal year 2014, the Company sold 2,025 units consisting of a total of 2,025 shares of Series A 6% Convertible Preferred Stock and 2,893,725 warrants at the price of $1,000 per unit. Proceeds received totaled $2,025,000 (with a net of offering costs of $1,990,000). The warrants were valued at $711,044, and this amount was separated from the value of the preferred stock. Each $1,000 unit consisted of (i) one share of Series A 6% Convertible Preferred Stock that was convertible at any time at the option of the holder into common stock at the conversion price of $0.70 per common share based on the total dollar amount invested (subject to adjustment); and (ii) 1,429 warrants (issued for each share of Series A 6% Convertible Preferred Stock sold in each unit) to purchase common shares of the Company at an exercise price of $1.35 for three years of the “Effective Date,” defined as the earliest date of the following to occur: (a) the initial registration statement required by the offering documents had been declared effective by the SEC; (b) all of the underlying shares have been sold pursuant to SEC Rule 144 or may be sold pursuant to SEC Rule 144 without the requirement for the Company to be in compliance with the current public information required under SEC Rule 144 and without volume or manner-of-sale restrictions thereof; or (c) following the one year anniversary of June 3, 2014. A total of 2,008 shares of Series A 6% Convertible Preferred Stock, exercisable into 2,868,571 shares of common stock, were issued and outstanding as of September 30, 2017. The 6% per annum dividends are cumulative and payable quarterly in cash or, at the Company’s option, in shares of the Company’s common stock. The Company discontinued paying the quarterly dividend as of July 1, 2015, and the amount owed thereunder had been accruing since that time until May 10, 2016, at which time all accrued dividends on 675 of the 2,025 shares were waived and cancelled by certain preferred shareholders. The cancelled dividends were accounted for by offsetting to additional paid-in capital.   As the Series A 6% Convertible Preferred Stock was contingently redeemable at a fixed price and such redemption would not be solely within the control of the Company, the preferred stock is classified outside of stockholders’ equity, as “temporary equity” between liabilities and stockholders’ equity on the Company’s consolidated balance sheet.   The Series A 6% Convertible Preferred Stock had no voting rights.   On February 17, 2016, a supermajority of more than 67% of the shareholders of the Series A 6% Convertible Preferred Stock approved certain corporate transactions in an effort to settle certain violations of the Series A 6% Convertible Preferred Stock Certificate of Designation and other documents related to the sale of Series A 6% Convertible Preferred Stock in 2014. The transactions approved by a supermajority of the Series A 6% Convertible Preferred Shareholders were to be implemented by the Board of Directors at the Board’s discretion. The approved transactions included the following: (i) the approval of a potential settlement agreement with Chisholm Partners II, LLC and certain Chisholm Members; (ii) the approval of the amendment of the Certificate of Designation for the Series A 6% Convertible Preferred Stock modifying the Conversion Price to $0.05; (iii) the Removal of Section 7, “Certain Adjustments” in the Series A 6% Convertible Preferred Stock Certificate of Designation; (iv) the modification of the permitted indebtedness allowable under the Series A 6% Convertible Preferred Stock COD to $200,000; (v) the approval of promissory notes with related parties in an amount up to $60,000; (vi) the waiver of the right of redemption upon triggering events for the Company’s violations of Section 10 of the COD; (vii) the waiver of the accrual of the late fee for unpaid dividends as of January 1, 2016; (viii) the waiver of the first right of refusal to purchase shares from other Series A 6% Convertible Preferred Shareholders; and (ix) waiver of the “Most Favored Nation” provision in the SPA for the Series A 6% Convertible Preferred Stock, among other things.   Upon the occurrence of a triggering event, each holder had the right to require the Company to redeem all of the Series A 6% Convertible Preferred Stock in cash at the redemption amount which was the sum of (a) the greater of (i) 130% of the stated value, and (ii) the product of (y) the VWAP on the trading day immediately preceding the date of the triggering event and (z) the stated value divided by the then conversion price, (b) all accrued but unpaid dividends thereon, if any, and (c) all liquidated damages and other costs, expenses or amounts due in respect of the Series A 6% Convertible Preferred Stock.   On November 17, 2014, one of the Company’s shareholders of Series A 6% Convertible Preferred Stock, Chienn Consulting Company, converted 17 shares of its Series A 6% Convertible Preferred Stock into 24,286 shares of the Company’s common stock. As of September 30, 2017, there were no Series A 6% Convertible Preferred Stock shares outstanding.   Effective December 31, 2015, the valuation of the derivative from the warrants using the Black Sholes model was no longer a liability given the decrease in the Company’s stock and the exercise price of the warrants.   Effective July 19, 2017, the remaining 2008 outstanding shares of Series A 6% Convertible Preferred Stock, along with all Warrants issued in connection with their sale in 2014, were cancelled. See the “July 2017 Transaction” in NOTE 2 above.

NOTE 14 – SHAREHOLDERS’ EQUITY   Common Stock   On June 2, 2014, the Company issued 10,000,000 shares of its common stock to Chisholm II in exchange for oil and natural gas assets recorded at $1,898,947.   As discussed above, the Company completed a reverse-merger with Dala Nevada, with Dala Nevada being the acquirer for financial reporting purposes. At the date of that Merger, the Company had 2,500,000 shares of common stock outstanding. The total amount of shares issued and outstanding post-Merger, as of December 31, 2014, was 12,500,000 shares of common stock.   On November 17, 2014, one of the Company’s shareholders of Series A 6% Convertible Preferred Stock, Chienn Consulting Company, converted 17 shares of its Series A 6% Convertible Preferred Stock into 24,286 shares of the Company’s common stock.   As part of the PCA executed in May 2016 (see NOTE 2), 9,597,800 shares of common stock were returned to the Company and recorded in treasury and were returned to the authorized but unissued shares of the Company.   On July 19, 2017, the Company issued 12,100,000 shares of common stock to M2.   On July 25, 2017, the Company issued 250,000 shares of our common stock as compensation and for a general release. We issued 50,000 shares to Daniel Ryweck for his service on our board of directors, and 200,000 to our attorney, Leonard W. Burningham, Esq., for certain of his legal services in the change of control involving M2 and pursuant to his Engagement Letter.   As discussed above, the Company completed a reverse-merger with KonaTel Nevada, with KonaTel Nevada being the acquirer for financial reporting purposes. At the date of the KonaTel Nevada Merger, the Company issued 13,500,000 shares of common stock to D. Sean McEwen, who was then the sole shareholder of KonaTel Nevada. At the date of the KonaTel Nevada Merger, 12,100,000 shares were owned by M2 (Messrs. Mark Savage and Matthew Atkinson were members of M2 and collectively owned approximately 65.2% of M2, which equated to an indirect beneficial ownership of approximately 3,950,000 shares of our common stock each), and with Mr. Atkinson being the sole Manager of M2, he was also the then beneficial owner of all of M2’s shares of our common stock; and 1,692,286 shares, which were owned by public shareholders. On April 24, 2018, the 12,100,000 shares of our common stock that were acquired by M2 under the Common Stock Purchase Agreement referenced above were distributed to its members, pro rata, in accordance with their respective membership interests.   On March 8, 2018, we issued 4,750,000 shares of our common stock in a private placement to “accredited investors” at $0.20 per share for an aggregate amount of $950,000. On April 16, 2018, we issued 1,000,000 shares of our common stock in a private placement to “accredited investors” at $0.20 per share for an aggregate amount of $200,000.   During the nine months period ended September 30, 2018, the Company recorded vested options expense of $454,434.   Also, see NOTE 2 above.   Stock Compensation   The Company offered stock option outstanding equity awards to directors and key employees. Options vested in tranches and do not expire for five years. During the nine months period ended September 30, 2018, the Company recorded vested options expense of $454,434.   The following table represents stock option activity as of and for the nine months ended September 30, 2018:   <table cellspacing="0" cellpadding="0" style="margin-top: 0px; font-size: 10pt; width: 100%"> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom">Number of Shares</td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: #000000 1px solid; vertical-align: bottom">Weighted Average Exercise Price</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom">Weighted Average Remaining Life</td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: #000000 1px solid; vertical-align: bottom">Aggregate Intrinsic Value</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="width: 10px"> </td> <td style="width: 72px"> </td> <td style="width: 10px"> </td> <td style="width: 10px"> </td> <td style="width: 82px"> </td> <td style="width: 10px"> </td> <td style="width: 93px"> </td> <td style="width: 10px"> </td> <td style="width: 10px"> </td> <td style="width: 72px"> </td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td style="text-align: justify">Options Outstanding – December 31, 2017</td> <td> </td> <td style="text-align: right">3,925,000</td> <td> </td> <td style="text-align: justify">$</td> <td style="text-align: right">0.21</td> <td> </td> <td style="text-align: right">4.2</td> <td> </td> <td style="text-align: justify">$</td> <td style="text-align: right">-</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Granted</td> <td> </td> <td style="text-align: right">150,000</td> <td> </td> <td style="text-align: justify">$</td> <td style="text-align: right">0.33</td> <td> </td> <td style="text-align: right">4.4</td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td style="text-align: justify">Exercised</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Forfeited</td> <td> </td> <td style="border-bottom: #000000 1px solid"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td style="text-align: justify">Options Outstanding – September 30, 2018</td> <td> </td> <td style="border-bottom: #000000 3px double; text-align: right">4,075,000</td> <td> </td> <td style="text-align: justify">$</td> <td style="text-align: right">0.22</td> <td> </td> <td style="text-align: right">4.2</td> <td> </td> <td style="border-bottom: #000000 3px double; text-align: justify">$</td> <td style="border-bottom: #000000 3px double; text-align: right">-</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td style="text-align: justify">Options Vested and Expected to Vest, September 30, 2018</td> <td> </td> <td style="text-align: right">4,075,000</td> <td> </td> <td style="text-align: justify">$</td> <td style="text-align: right">0.22</td> <td> </td> <td style="text-align: right">4.2</td> <td> </td> <td style="text-align: justify">$</td> <td style="text-align: right">-</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td style="text-align: justify">Exercisable and Vested, September 30, 2018</td> <td> </td> <td style="text-align: right">1,698,750</td> <td> </td> <td style="text-align: justify">$</td> <td style="text-align: right">0.25</td> <td> </td> <td style="text-align: right">4.2</td> <td> </td> <td style="text-align: justify">$</td> <td style="text-align: right">-</td></tr> </table>

NOTE 15 – INCOME TAX   For the periods ending September 30, 2018, and 2017, there was no provision for income taxes and deferred tax assets have been entirely offset by valuation allowances.   Prior to the Merger with KonaTel Nevada, and, with the consent of its sole shareholder, KonaTel Nevada had elected under the Internal Revenue Code and for Pennsylvania tax purposes to be an S Corporation. In lieu of corporation income taxes, the shareholders of an S Corporation are taxed on their proportionate share of the Company’s taxable income. Therefore, no provision for federal or state income tax is included in the financial statements. The Company evaluates tax positions taken and determines whether it is more-likely-than-not that the tax position will be sustained upon examination based on the technical merits of the position. Management has reviewed its tax positions regarding state nexus as well as its status as a pass-through entity and has determined there are no such positions that fail to meet the more-likely-than-not criterion.   On November 30, 2017, the Company adopted ASU 2015-17, “Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”). ASU 2015-17 requires deferred tax assets and liabilities to be classified as noncurrent in the consolidated balance sheet. A reporting entity should apply the amendment prospectively or retrospectively. The adoption of ASU 2015-17 did not have a significant impact on its consolidated financial statements as the Company continues to provide a full valuation allowance against its net deferred tax assets.   The Company’s tax expense differs from the “expected” tax expense for Federal income tax purposes (computed by applying the United States Federal tax rate of 21% to loss before taxes).   The tax effects of the temporary differences between reportable financial statement income and taxable income are recognized as deferred tax assets and liabilities.   The tax effect of significant components of the Company’s deferred tax assets and liabilities at September 30, 2018 and 2017, respectively, are as follows:   <table cellspacing="0" cellpadding="0" style="margin-top: 0px; font-size: 10pt; width: 100%"> <tr> <td style="vertical-align: bottom"> </td> <td colspan="5" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center">September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="border-bottom: #000000 1px solid; text-align: center">2018</td> <td> </td> <td colspan="2" style="border-bottom: #000000 1px solid; text-align: center">2017</td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td>Deferred tax assets:</td> <td style="width: 8px"> </td> <td style="width: 65px"> </td> <td style="width: 8px"> </td> <td style="width: 8px"> </td> <td style="width: 66px"> </td></tr> <tr style="vertical-align: bottom"> <td>Net operating loss carryforward</td> <td>$</td> <td style="text-align: right">525,922</td> <td> </td> <td>$</td> <td style="text-align: right">602,349</td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td>Total gross deferred tax assets</td> <td style="border-top: #000000 1px solid"> </td> <td style="border-top: #000000 1px solid; text-align: right">525,922</td> <td> </td> <td style="border-top: #000000 1px solid"> </td> <td style="border-top: #000000 1px solid; text-align: right">602,349</td></tr> <tr style="vertical-align: bottom"> <td>Less: Deferred tax asset valuation allowance</td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid; text-align: right">(525,922)</td> <td> </td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid; text-align: right">(602,349)</td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td>Total net deferred tax assets</td> <td style="border-bottom: #000000 3px double"> </td> <td style="border-bottom: #000000 3px double; text-align: right">-</td> <td> </td> <td style="border-bottom: #000000 3px double"> </td> <td style="border-bottom: #000000 3px double; text-align: right">-</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td>Deferred tax liabilities:</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Depreciation</td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid; text-align: right">-</td> <td> </td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid; text-align: right">-</td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td>Total deferred tax liabilities</td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid; text-align: right">-</td> <td> </td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid; text-align: right">-</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td>Total net deferred taxes</td> <td style="border-bottom: #000000 3px double">$</td> <td style="border-bottom: #000000 3px double; text-align: right">-</td> <td> </td> <td style="border-bottom: #000000 3px double">$</td> <td style="border-bottom: #000000 3px double; text-align: right">-</td></tr> </table>   In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.   Because of the historical earnings history of the Company, the net deferred tax assets for 2017 were fully offset by a 100% valuation allowance. The valuation allowance for the remaining net deferred tax assets was $1,442,386 and $1,058,669 as of September 30, 2018 and 2017, respectively.   On December 22, 2017, the United States Government passed new tax legislation that, among other provisions, will lower the corporate tax rate from 35% to 21%. In addition to applying the new lower corporate tax rate in 2018 and thereafter to any taxable income we may have, the legislation affects the way we can use and carry forward net operating losses previously accumulated and results in a revaluation of deferred tax assets recorded on our balance sheet. Given that the deferred tax assets are offset by a full valuation allowance, these changes will have no net impact on the Company’s financial position and net loss. However, if and when we become profitable, we will receive a reduced benefit from such deferred tax assets.

NOTE 16 – SUBSEQUENT EVENTS   The Company has evaluated subsequent events through the date of this filing, and with the exception of the following, no material subsequent events have occurred:   Effective October 1, 2018, Dennis E. Miller resigned as a director for personal reasons and unvested stock options to acquire 50,000 shares of our common stock that were granted to Mr. Miller on February 12, 2018, under an Incentive Stock Option Agreement, expired; the remaining 50,000 shares granted to Mr. Miller were vested and do not expire until February 11, 2023.   On October 2, 2018, the Company’s irrevocable standby letter of credit arrangements with certain cellular carriers in the aggregate amount was reduced to $275,000 from $593,000, as noted in Note 11. The letters of credit serve as collateral and security for various resale contracts the Company has with their suppliers.   Jeffrey Pearl was elected to fill the vacancy on our Board of Directors resulting from Mr. Miller’s resignation, effective October 28, 2018. As part of his designation as director, he will receive a monthly cash payment of $2,000; and a quarterly stock option grant of 25,000 shares of our common stock, with the shares vesting on the date of the grant and being valued at 110% of the fair market value or the closing price of our common stock on the date of the grant ($0.45 times 110% = $0.495 per share). On October 23, 2018, the FCC published a notice of the approval of the transfer of the ownership of the Lifeline Program license to the Company under our IM Telecom PSMI agreement. The parties are in the process of finalizing the closing of the PSMI, which is anticipated to be concluded by year end 2018. See NOTE 11, under the heading “Escrowed Contract.”

Basis of Presentation   The accompanying financial statements have been prepared using the accrual basis of accounting.   The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates in these financial statements include the allowance for doubtful receivables, allowance for inventory obsolescence, the estimated useful lives of property and equipment, and customer lists. Actual results could differ from those estimates.

Cash and Cash Equivalents   Cash and Cash Equivalents include cash on hand and all short-term investments with maturities of three months or less.

Trade Accounts Receivable   The Company accounts for trade receivables based on amounts billed to customers. Past due receivables are determined based on contractual terms. The Company does not accrue interest and does not require collateral on any of its trade receivables.

Allowance for Doubtful Receivables   The allowance for doubtful receivables is determined by management based on customer credit history, specific customer circumstances and general economic conditions. Periodically, management reviews accounts receivable and adjusts the allowance based on current circumstances and charges off uncollectible receivables against the allowance when all attempts to collect the receivable have failed. As of September 30, 2018, and December 31, 2017, management has determined that no allowance for doubtful receivables is necessary.   Notes Receivable   The Company entered into an Assets Sale Agreement with Telecon Wireless Resources, Inc, with an effective date of July 31, 2018. As part of the Agreement, the Company agreed to hold a one-year note of $100,000 to be paid in 12 payments of $8,333. As of September 30, 2018, the outstanding amount, including principal and interest was $91,667. The Note in the Agreement did not reference an interest rate. The note is being recorded with an implied interest rate of 5.00%.

Inventory   Inventory consists primarily of the cost of cellular phones and cellular accessories. Inventory is reported at the lower of cost and net realizable value. Cost is determined by the first-in, first-out (“FIFO”) method.   Due to the rapidly changing technology within the industry, inventory is evaluated on a regular basis to determine if any obsolescence exists.

Property and Equipment   Property and equipment are recorded at cost, and are depreciated on the straight-line method over their estimated useful lives. Leasehold improvements are amortized over the lesser of the lease term or estimated useful life, furniture and fixtures, equipment, and vehicles are depreciated over periods ranging from five to seven (5-7) years, and billing software is depreciated over three (3) years which represents the estimated useful life of the assets. Maintenance and repairs are charged to expense as incurred while major replacements and improvements are capitalized. When property and equipment are retired or sold, the cost and applicable accumulated depreciation are removed from the respective accounts and the related gain or loss is recognized.   The Company recognizes impairment losses for long-lived assets whenever changes in circumstances result in the carrying amount of the assets exceeding the sum of the expected future cash flows associated with such assets. Management has concluded that no impairment reserves are required as of September 30, 2018 and December 31, 2017.

Goodwill and Intangible Assets   Goodwill represents the excess of cost over the fair value of net assets acquired in connection with business acquisitions. Goodwill is tested at the reporting unit level, which is defined as an operating segment or a component of an operating segment that constitutes a business for which financial information is available and is regularly reviewed by management. The Company assesses goodwill for impairment at least annually in the absence of an indicator of possible impairment and immediately upon an indicator of possible impairment. The annual impairment review is completed at the end of the year.   If the carrying amount of a reporting unit exceeds its fair value, the Company measures the possible goodwill impairment based upon an allocation of the estimate of fair value to the underlying assets and liabilities of the reporting unit, including any previously unrecognized intangible assets, based upon known facts and circumstances as if the acquisition occurred currently. The excess of the fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. An impairment loss would be recognized to the extent the carrying value of goodwill exceeds the implied fair value of the goodwill. It was determined that Goodwill of $80,867 created through the reverse merger was fully impaired as of December 31, 2017.   Intangible assets consist of customer lists arising from acquisitions which are amortized on a straight line basis over three years, their estimated useful lives.   Other Assets   Other Assets represent items classified long-term assets in accordance with the Statement of Financial Accounting Standards ASC 210-10-45. Through September 30, 2018, the Company had made payments on behalf of IM Telecom, LLC in the amount of $333,316. These amounts were paid as part of a Purchase and Sale of Membership Interest, which was effective as of February 7, 2018. See additional information in Note 11 – Contingencies and Commitments, Escrowed Contract and Part II – Other Information, Item 5.

Customer Deposits   Before entering into a contract with a sub-reseller customer, the Company will require the customer to either secure a formal letter of credit with a bank, or require a certain level of cash collateral deposits from the customer. These collateral requirements are determined by management and may be adjusted upward or downward depending on the volume of business with the sub-reseller customer, or if management’s assessment of credit risk for a sub-reseller customer would change.   The Company held $28,854 in collateral deposits from various sub-reseller customers at September 30, 2018 and December 31, 2017. Such amounts represent collateral received from the sub-resellers in order to contract with the Company. The related contracts have an option to terminate the contract within a period of less than one year, and accordingly, these collateral deposits are classified as current liabilities in the accompanying balance sheet.

Impairment of Long-Lived Assets   The Company accounts for long-lived assets in accordance with the provisions of Statement of Financial Accounting Standards ASC 360-10, “Accounting for the Impairment or Disposal of Long-Lived Assets”. This statement requires that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Oil and Natural Gas Properties   The Company follows the full cost method of accounting for oil and natural gas operations whereby all costs related to the exploration and development of oil and natural gas properties are initially capitalized into a single cost center (“full cost pool”). Such costs include land acquisition costs, a portion of employee salaries related to Property development, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling directly related to acquisition, and exploration activities. Internal salaries are capitalized based on employee time allocated to the acquisition of leaseholds and development of oil and natural gas properties. The Company did not capitalize interest for the period ended September 30, 2018, as it was not required.   Proceeds from Property sales will generally be credited to the full cost pool, with no gain or loss recognized, unless such a sale would significantly alter the relationship between capitalized costs and the proved reserves attributable to these costs.   The Company assesses all items classified as unproved Property on a quarterly basis for possible impairment or reduction in value. The assessment includes consideration of the following factors, among others: intent to drill, remaining lease term, geological and geophysical evaluations, drilling results and activity, the assignment of proved reserves, and the economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such Property and all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to depletion and amortization. The costs of drilling exploratory dry holes are included in the amortization base immediately upon determination that the well is dry.   Capitalized costs associated with impaired properties and properties having proven reserves, estimated future development costs, and asset retirement costs under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 410-20-25 are depleted and amortized on the unit-of-production method based on the estimated gross proved reserves. The costs of unproved properties are withheld from the depletion base until such time as they are developed, impaired, or abandoned.   Under the full cost method of accounting, capitalized oil and natural gas Property costs less accumulated depletion, net of deferred income taxes, may not exceed a ceiling amount equal to the present value, discounted at 10%, of estimated future net revenues from proved oil and natural gas reserves plus the cost of unproved properties not subject to amortization (without regard to estimates of fair value), or estimated fair value, if lower, of unproved properties that are subject to amortization. Should capitalized costs exceed this ceiling, which is tested on a quarterly basis, an impairment is recognized. The present value of estimated future net revenues is computed by applying prices based on a 12-month unweighted average of the oil and natural gas prices in effect on the first day of each month, less estimated future expenditures to be incurred in developing and producing the proved reserves (assuming the continuation of existing economic conditions), less any applicable future taxes. If such capitalized costs exceed the ceiling, the Company will record a write-down to the extent of such excess as a non-cash charge to earnings. Any such write-down will reduce earnings in the period of occurrence and result in a lower depreciation, depletion and amortization rate in future periods. A write-down may not be reversed in future periods even though higher oil and natural gas prices may subsequently increase the ceiling.

Revenue Recognition   Services revenues are generated from cellular and telecommunication services. The revenue is derived from wholesale and retail services.   In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This update provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. We have adopted this update. We do not believe this guidance will impact the recognition of our primary source of revenue from our wholesale and retail customers. The adoption of this guidance did not have a material impact on our consolidated financial statements.

Stock-based Compensation   The Company records stock based compensation in accordance with the guidance in ASC 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This requires that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.   The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with ASC 718-10 and the conclusions reached by the ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505-50.

Income Taxes   Beginning on December 18, 2018, the Effective Date of the KonaTel Nevada Merger, KonaTel Nevada terminated its S Corporation status. For the short-tax year, there was no tax provision of federal or state taxes in the financial statements. As of September 30, 2018, because of a net loss, there was no tax expense provision of federal or state taxes in the financial statements.   The sale of the Company’s New York retail operations to Telecon Wireless resulted in both a capital gain and an ordinary gain. The gains on the sale would be taxed at the corporate income tax rate of 21%. The gain of $318,257, with a tax effect of $66,834, is included in the net loss carryforward. Because of this, there was no tax expense provision of federal or state taxes in the financial statements.   Prior to the closing of Merger, with the consent of its shareholders, KonaTel Nevada had elected under the Internal Revenue Code and for Pennsylvania tax purposes to be an S Corporation. In lieu of corporation income taxes, the shareholders of a S Corporation are taxed on their proportionate share of the Company’s taxable income. Therefore, no provision for federal or state income tax is included in the financial statements. The Company evaluates tax positions taken and determines whether it is more-likely-than-not that the tax position will be sustained upon examination based on the technical merits of the position. Management has reviewed its tax positions regarding state nexus as well as its status as a pass-through entity and has determined there are no such positions that fail to meet the more-likely-than-not criterion.

Net Loss Per Share   The Company follows ASC Topic 260 to account for the loss per share. Basic loss per common share calculations are determined by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted loss per common share calculations are determined by dividing net loss by the weighted average number of common shares and dilutive common share equivalents outstanding.

Concentrations of Credit Risk   Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of receivables, cash, and cash equivalents.   All cash and cash equivalents and restricted cash and cash equivalents are held at high credit financial institutions. These deposits are generally insured under the FDIC’s deposit insurance coverage; however, from time to time, the deposit levels may exceed FDIC coverage levels.   The Company also has a concentration of risk with respect to trade receivables from sub-resellers. As of September 30, 2018, and December 31, 2017, the Company had a significant concentration of receivables due from three and two major customers, respectively (defined as customers whose receivable balances are greater than 10% of total accounts receivable). These customers represented approximately 87% of the total accounts receivable as of September 30, 2018, and approximately 78% of total accounts receivable as of December 31, 2017.

Concentration of Major Customer   A significant amount of the revenue is derived from contracts with major sub-reseller customers. For the period ended September 30, 2018, and 2017, the Company had two and three, respectively, major sub-reseller customers which amounted to approximately 51% and 87%, respectively, of total revenues. For the year ended December 31, 2017, the Company had two major sub-reseller customers which amounted to approximately 43% of total revenues.

Effect of Recent Accounting Pronouncements   In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU No. 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The Company has determined that this pronouncement has very little impact on the financial statements. The Company has determined that the cumulative effect transition method would be applied.   In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815) Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or Equity. This update amends existing guidance with the objective to eliminate the use of different methods in practice with respect to the consideration of redemption features in relation to other features when determining whether the nature of a host contract is more akin to debt or equity and thereby reduce existing diversity under GAAP in accounting for hybrid financial instruments issued in the form of a share. The amendments clarify how current GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share.   On February 25, 2016, the FASB issued Accounting Standards Update No. 2016- 02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. Early application is permitted. The Company has determined that adoption of the standard will begin January 1, 2019. The Company currently has four equipment operating leases and one Property lease; and the Property lease expires in April 2019. The Company has determined that this pronouncement has very little impact on the financial statements.   The Company has evaluated all other recent accounting pronouncements and believes that none will have a significant effect on the Company’s financial statement.

Fair Market Value of Assets   The Company measures its financial assets and liabilities in accordance with generally accepted accounting principles. For certain of our financial instruments, including cash, accounts payable, accrued expenses, deposits received from customers for receivables and short-term loans the carrying amounts approximate fair value due to their short maturities.   We follow accounting guidance for financial and non-financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements, but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:   Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.   Level 2: Inputs other than quoted prices, which are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.   Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.   Unproved oil and natural gas properties are accounted for and measured under Regulation S-X, Rule 4-10.   We currently measure and report at fair value other intangible assets (due to our impairment analysis) and derivative liabilities using ASC 820-10, Fair Value Measurement. The fair value of intangible assets has been determined using the present value of estimated future cash flows method. The fair value of derivative liabilities is measured using the Black-Scholes option pricing method.

<table cellspacing="0" cellpadding="0" style="margin-top: 0px; font-size: 10pt; width: 100%"> <tr> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: #000000 1px solid; vertical-align: bottom">September 30, 2018</td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: #000000 1px solid; vertical-align: bottom">December 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="width: 7px"> </td> <td style="width: 80px"> </td> <td style="width: 7px"> </td> <td style="width: 7px"> </td> <td style="width: 80px"> </td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td>Leasehold Improvements</td> <td style="text-align: justify">$</td> <td style="text-align: right">46,950</td> <td> </td> <td style="text-align: justify">$</td> <td style="text-align: right">46,950</td></tr> <tr style="vertical-align: bottom"> <td>Furniture and Fixtures</td> <td> </td> <td style="text-align: right">75,901</td> <td> </td> <td> </td> <td style="text-align: right">87,201</td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td>Billing Software</td> <td> </td> <td style="text-align: right">217,163</td> <td> </td> <td> </td> <td style="text-align: right">217,163</td></tr> <tr style="vertical-align: bottom"> <td>Office Equipment</td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid; text-align: right">86,887</td> <td> </td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid; text-align: right">89,590</td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td> </td> <td> </td> <td style="text-align: right">426,901</td> <td> </td> <td> </td> <td style="text-align: right">440,904</td></tr> <tr style="vertical-align: bottom"> <td>Less: Accumulated Depreciation and Amortization</td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid; text-align: right">(318,088)</td> <td> </td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid; text-align: right">(298,837)</td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td> </td> <td style="border-bottom: #000000 3px double; text-align: justify">$</td> <td style="border-bottom: #000000 3px double; text-align: right">108,812</td> <td> </td> <td style="border-bottom: #000000 3px double; text-align: justify">$</td> <td style="border-bottom: #000000 3px double; text-align: right">142,067</td></tr> </table>

<table cellspacing="0" cellpadding="0" style="margin-top: 0px; font-size: 10pt; width: 100%"> <tr> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: #000000 1px solid; vertical-align: bottom">September 30, 2018</td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: #000000 1px solid; vertical-align: bottom">December 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="width: 7px"> </td> <td style="width: 75px"> </td> <td style="width: 7px"> </td> <td style="width: 7px"> </td> <td style="width: 75px"> </td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td style="text-align: justify">Customer Lists</td> <td style="text-align: justify">$</td> <td style="text-align: right">1,135,961</td> <td> </td> <td style="text-align: justify">$</td> <td style="text-align: right">1,135,961</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Less: Accumulated Amortization</td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid; text-align: right">(1,102,392)</td> <td> </td> <td style="border-bottom: #000000 1px solid"> </td> <td style="border-bottom: #000000 1px solid; text-align: right">(951,333)</td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td> </td> <td style="border-bottom: #000000 3px double; text-align: justify">$</td> <td style="border-bottom: #000000 3px double; text-align: right">33,569</td> <td> </td> <td style="border-bottom: #000000 3px double; text-align: justify">$</td> <td style="border-bottom: #000000 3px double; text-align: right">184,628</td></tr> </table>

<table cellspacing="0" cellpadding="0" style="margin-top: 0px; font-size: 10pt; width: 100%"> <tr> <td style="vertical-align: bottom; text-decoration: underline">Period Ended September 30,</td> <td style="vertical-align: bottom; width: 11px"> </td> <td style="vertical-align: bottom; width: 44px"> </td></tr> <tr style="vertical-align: bottom; background-color: #ebebff"> <td>2018</td> <td>$</td> <td style="text-align: right">16,525</td></tr> <tr style="vertical-align: bottom"> <td>2019</td> <td> </td> <td style="text-align: right">38,558</td></tr> </table>

<table cellspacing="0" cellpadding="0" style="margin-top: 0px; font-size: 10pt; width: 100%"> <tr> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Wholesale</td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Retail</td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Virtual ETC</td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Gas & Oil</td> <td style="vertical-align: top"> </td> <td colspan="2" style="vertical-align: top; text-align: center">Total</td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="border-top: #000000 1px solid; vertical-align: bottom; width: 9px"> </td> <td style="border-top: #000000 1px solid; vertical-align: bottom; width: 77px"> </td> <td style="vertical-align: bottom; width: 9px"> </td> <td style="border-top: #000000 1px solid; vertical-align: bottom; width: 9px"> </td> <td style="border-top: #000000 1px solid; vertical-align: bottom; width: 77px"> </td> <td style="vertical-align: bottom; width: 9px"> </td> <td style="border-top: #000000 1px solid; vertical-align: bottom; width: 9px"> </td> <td style="border-top: #000000 1px solid; vertical-align: bottom; width: 77px"> </td> <td style="vertical-align: bottom; width: 9px"> </td> <td style="border-top: #000000 1px solid; vertical-align: bottom; width: 9px"> </td> <td style="border-top: #000000 1px solid; vertical-align: bottom; width: 77px"> </td> <td style="vertical-align: top; width: 9px"> </td> <td style="border-top: #000000 1px solid; vertical-align: top; width: 9px"> </td> <td style="border-top: #000000 1px solid; vertical-align: top; width: 76px"> </td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">For the nine months ended September 30, 2018</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Revenue</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">1,679,859</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">2,249,981</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">3,661,378</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">7,591,218</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Net Income (Loss)</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(256,953)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">490,927</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(1,456,121)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(33,462)</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: top; text-align: right">(1,255,609)</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">Gain on Sale of Assets</td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">318,257</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom">-</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: top; text-align: right">318,257</td></tr> <tr> <td style="vertical-align: bottom">Depreciation and amortization</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">45,264</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">27,646</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">99,440</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">33,462</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">206,172</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">Additions to property and equipment</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">For the three months ended September 30, 2018</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Revenue</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">581,817</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">563,774</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">1,307,923</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">2,453,514</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Net Income (Loss)</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(98,198)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">506,691</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(358,164)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(4,012)</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: top; text-align: right">46,317</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">Gain on Sale of Assets</td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">318,257</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: top; text-align: right">318,257</td></tr> <tr> <td style="vertical-align: bottom">Depreciation and amortization</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">14,693</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">9,732</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">33,145</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">4,012</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">61,582</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">Additions to property and equipment</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">For the nine months ended September 30, 2017</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Revenue</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">6,054,755</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">2,827,073</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">465,669</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">9,347,497</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Net Loss</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(471,492)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(761,291)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(4,171)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: top; text-align: right">(1,236,954)</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Depreciation and amortization</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">133,722</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">215,914</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">1,183</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">350,819</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">Additions to property and equipment</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">5,845</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">5,845</td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">For the three months ended September 30, 2017</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Revenue</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">1,550,227</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">948,355</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">176,081</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">2,674,663</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Net Income (Loss)</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(183,836)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">(399,169)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">28,839</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: top; text-align: right">(554,166)</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom">Depreciation and amortization</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">112,199</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">186,348</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">1,183</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">299,730</td></tr> <tr style="background-color: #ebebff"> <td style="vertical-align: bottom">Additions to property and equipment</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: top"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right">-</td></tr> </table>

406000

100000

8333 0.0500

66834

The maturity date has been verbally extended by the bank on a month-to-month basis.

The Company entered into an Agreement for the Purchase and Sale of Membership Interest dated as of February 5, 2018 (the "PSMI"), with the transaction documents being deposited in escrow on February 7, 2018, respecting the acquisition of 100% of the membership interest in IM Telecom, LLC, an Oklahoma limited liability company ("IM Telecom"), from its sole owner, Trevan Morrow ("Mr. Morrow"). The principal asset of IM Telecom is a "Lifeline Program" license (a Federal Communications Commission [the "FCC"] approved Compliance Plan), the transfer of ownership of which requires prior approval of the FCC. The PSMI provided that if the transfer of the beneficial ownership of the Lifeline Program license to us was not approved by the FCC prior to April 30, 2018, or a later date agreed upon by the parties, either party may terminate the PSMI; and the parties had agreed to continue the PSMI, with the FCC subsequently publishing notice of the approval of the transfer of the ownership of the Lifeline Program license to the Company on October 23, 2018. The parties are in the process of finalizing the closing of the PSMI, anticipated to be concluded by year end 2018.

50000

Jeffrey Pearl was elected to fill the vacancy on our Board of Directors effective October 28, 2018. As part of his designation as director, he will receive a monthly cash payment of $2,000; and a quarterly stock option grant of 25,000 shares of our common stock, with the shares vesting on the date of the grant and being valued at 110% of the fair market value or the closing price of our common stock on the date of the grant ($0.45 times 110% = $0.495 per share).

3.19 2.46 20.58 24.36 -1.51 0.31

P3Y

80867

true

Segment Reporting   The Company operates within four reportable segments. The Company’s management evaluates performance and allocates resources based on the profit or loss from operations. Because the Company is a service business with very few physical assets, Management does not use total assets by segment to make decisions regarding operations, and therefore the total assets disclosure by segment has not been included.   The reportable segments consist of a Wholesale unit, a Retail unit, a Virtual ETC unit, and Gas & Oil Operations. The Wholesale unit purchases bulk rate services at a discounted unit and provides services to retail providers. The Retail and Virtual ETC units provide services to the end user through the use of agents and direct selling to the customer. The Gas & Oil Operations consist of leaseholds of property for the purpose of exploration and development of oil and natural gas properties.

333316

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Sean McEwen Matthew Atkinson Mark Savage Credit Facility [Axis] Standby Letters of Credit Segments [Axis] Wholesale Retail Virtual ETC Gas & Oil Equity Components [Axis] Common Stock Director Leonard W. Burningham Sale of Stock [Axis] Private Placement Counterparty Name [Axis] Telecon Wireless Resources, Inc. Subsequent Event Type [Axis] Subsequent Event Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity's Reporting Status Current? Is Entity Emerging Growth Company? Entity Ex Transition Period Entity Filer Category Entity Small Business Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Current Assets Cash and Cash Equivalents Accounts Receivable Notes Receivable Inventory, Net Prepaid Expenses Total Current Assets Property and Equipment, Net Oil and natural gas properties, at costs, using the full cost method of accounting, unproved Intangible Assets, Net Other Assets Total assets Current Liabilities Accounts Payable and Accrued Expenses Amount Due to Stockholder Revolving Line of Credit Deferred Revenue Customer Deposits Total Current Liabilities Total Liabilities Stockholders' Equity Common Stock Additional Paid-In Capital Accumulated Deficit Total Stockholders' Equity Total Liabilities and Stockholders' Equity Common stock, par value in dollars Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Revenue Cost of Revenue Gross Profit Operating expenses Payroll and Related Operating and Maintenance Bad Debt Utilities and Facilities Depreciation and Amortization General and administrative Marketing and Advertising Taxes and Insurance Total Operating Expenses Other Income (Expense) Gain on Sale of Assets Other Income Interest Expense, Net Total Other Income (Expenses) Net Income (Loss) Net Income (Loss) per Share: Basic Diluted Weighted Average Number of Shares: Basic Diluted Statement of Cash Flows [Abstract] Cash Flows from Operating Activities Net Loss Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation Gain on Sale of Business Component Changes in Operating Assets and Liabilities, net of effects of acquisition: Accounts Receivable Notes Receivable Inventory Prepaid Expenses Accounts Payable and Accrued Expenses Deferred Revenue Customer Deposits Other Assets Net cash used in operating activities Cash Flows from Investing Activities Proceeds from Sale of Business Component Capital Expenditures Net cash provided in investing activities Cash Flows from Financing Activities Proceeds from issuance of common stock Proceeds from Stockholder (Repayments of) Proceeds From Revolving Lines of Credit, Net Advances made by Stockholder Repayments of amounts due to Stockholder Net cash provided by financing activities Net increase (decrease) in cash Cash at beginning of period Cash at end of period Supplemental disclosure of cash flow information: Cash paid for interest Cash paid for taxes Non-cash investing and financing activities: Sale of Business Component, Notes Receivable Sale of Business Component, Accounts Payable and Accrued Expenses, net of Cash Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization Business Combinations [Abstract] Transactions Accounting Policies [Abstract] Summary of Significant Accounting Policies Property, Plant and Equipment [Abstract] Property and Equipment Goodwill and Intangible Assets Disclosure [Abstract] Intangible Assets Debt Disclosure [Abstract] Lines of Credit Leases [Abstract] Operating Leases Related Party Transactions [Abstract] Amount Due to Shareholder Related Party Transactions Retirement Benefits [Abstract] Retirement Plan Commitments and Contingencies Disclosure [Abstract] Contingencies and Commitments Segment Reporting [Abstract] Segment Reporting Equity [Abstract] Preferred Convertible Stock and Warrants Shareholders' Equity Income Tax Disclosure [Abstract] Income Tax Subsequent Events [Abstract] Subsequent Events Basis of Presentation Cash and Cash Equivalents Trade Account Receivables Allowance for Doubtful Receivables Inventory Property and Equipment Goodwill and Intangible Assets Customer Deposits Impairment of Long-Lived Assets EX-101.PRE 10 ktel-20180930_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, 2018	Nov. 01, 2018
Document And Entity Information
Entity Registrant Name	KonaTel, Inc.
Entity Central Index Key	0000845819
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current?	Yes
Is Entity Emerging Growth Company?	true
Entity Ex Transition Period	true
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Common Stock, Shares Outstanding		32,942,286
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2018

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Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Current Assets
Cash and Cash Equivalents	$ 63,008	$ 94,149
Accounts Receivable	1,120,317	744,082
Notes Receivable	91,667	0
Inventory, Net	6,664	45,910
Prepaid Expenses	0	103,567
Total Current Assets	1,281,656	987,708
Property and Equipment, Net	108,812	142,067
Oil and natural gas properties, at costs, using the full cost method of accounting, unproved	4,013	37,475
Intangible Assets, Net	33,569	184,628
Other Assets	337,150	4,340
Total assets	1,765,200	1,356,218
Current Liabilities
Accounts Payable and Accrued Expenses	1,511,888	1,374,709
Amount Due to Stockholder	110,000	223,327
Revolving Line of Credit	153,141	153,141
Deferred Revenue	73,140	36,835
Customer Deposits	28,854	28,854
Total Current Liabilities	1,877,023	1,816,866
Total Liabilities	1,877,023	1,816,866
Stockholders' Equity
Common Stock	32,942	27,192
Additional Paid-In Capital	4,301,717	2,703,033
Accumulated Deficit	(4,446,482)	(3,190,873)
Total Stockholders' Equity	(111,823)	(460,648)
Total Liabilities and Stockholders' Equity	$ 1,765,200	$ 1,356,218

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Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value in dollars	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	32,942,286	27,192,286
Common stock, shares outstanding	32,942,286	27,192,286

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Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Revenue	$ 2,453,514	$ 2,674,663	$ 7,591,218	$ 9,347,497
Cost of Revenue	1,892,988	2,208,155	6,481,979	7,635,916
Gross Profit	560,526	466,508	1,109,239	1,711,581
Operating expenses
Payroll and Related	336,660	548,503	1,120,388	1,902,267
Operating and Maintenance	332,718	82,099	936,212	291,135
Bad Debt	0	0	15,210	82,809
Utilities and Facilities	41,883	47,889	147,389	146,895
Depreciation and Amortization	61,582	299,730	206,172	350,819
General and administrative	26,560	20,165	64,485	63,986
Marketing and Advertising	4,995	12,217	42,284	42,753
Taxes and Insurance	21,437	5,451	124,771	45,298
Total Operating Expenses	825,835	1,016,054	2,656,911	2,925,962
Other Income (Expense)
Gain on Sale of Assets	318,257	0	318,257	0
Other Income	456	0	4,757	0
Interest Expense, Net	(7,087)	(4,620)	(30,951)	(22,573)
Total Other Income (Expenses)	311,626	(4,620)	292,063	(22,573)
Net Income (Loss)	$ 46,317	$ (554,166)	$ (1,255,609)	$ (1,236,954)
Net Income (Loss) per Share:
Basic	$ 0.00	$ (0.04)	$ (0.04)	$ (0.09)
Diluted	$ 0.00	$ (0.04)	$ (0.04)	$ (0.09)
Weighted Average Number of Shares:
Basic	32,942,286	13,692,286	31,423,055	13,692,286
Diluted	36,977,340	13,692,286	31,423,055	13,692,286

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash Flows from Operating Activities
Net Loss	$ (1,255,609)	$ (1,236,954)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and Amortization	206,172	350,819
Bad Debt	15,210	82,809
Stock-based compensation	454,434	0
Gain on Sale of Business Component	(318,257)	0
Changes in Operating Assets and Liabilities, net of effects of acquisition:
Accounts Receivable	(391,445)	147,741
Notes Receivable	8,333	0
Inventory	39,246	(22,608)
Prepaid Expenses	(229,749)	(38,284)
Accounts Payable and Accrued Expenses	140,998	474,567
Deferred Revenue	36,305	(59,262)
Customer Deposits	0	(49,350)
Other Assets	506	0
Net cash used in operating activities	(1,293,856)	(350,522)
Cash Flows from Investing Activities
Proceeds from Sale of Business Component	226,043	0
Capital Expenditures	0	(5,845)
Net cash provided in investing activities	226,043	(5,845)
Cash Flows from Financing Activities
Proceeds from issuance of common stock	1,150,000	0
Proceeds from Stockholder	0	460,000
(Repayments of) Proceeds From Revolving Lines of Credit, Net	0	(32,233)
Advances made by Stockholder	100,000	0
Repayments of amounts due to Stockholder	(213,328)	0
Net cash provided by financing activities	1,036,672	427,767
Net increase (decrease) in cash	(31,141)	71,400
Cash at beginning of period	94,149	116,838
Cash at end of period	63,008	188,238
Supplemental disclosure of cash flow information:
Cash paid for interest	20,359	18,672
Cash paid for taxes	0	0
Non-cash investing and financing activities:
Sale of Business Component, Notes Receivable	(100,000)	0
Sale of Business Component, Accounts Payable and Accrued Expenses, net of Cash	$ 3,819	$ 0

XML 16 R6.htm IDEA: XBRL DOCUMENT

Organization

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

NOTE 1 – ORGANIZATION

XML 17 R7.htm IDEA: XBRL DOCUMENT

Transactions

9 Months Ended

Sep. 30, 2018

Business Combinations [Abstract]

Transactions

NOTE 2 – TRANSACTIONS

June 2014 Merger

The Merger was accounted for as a reverse-merger and recapitalization of Dala.

May 2016 Transaction

July 2017 Transaction

The Closing of the Common Stock Purchase Agreement resulted in a change in control of the Company.

December 2017 Transaction

July 2018 Transaction

XML 18 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements have been prepared using the accrual basis of accounting.

Cash and Cash Equivalents

Cash and Cash Equivalents include cash on hand and all short-term investments with maturities of three months or less.

Trade Accounts Receivable

Allowance for Doubtful Receivables

Notes Receivable

Inventory

Property and Equipment

Goodwill and Intangible Assets

Intangible assets consist of customer lists arising from acquisitions which are amortized on a straight line basis over three years, their estimated useful lives.

Other Assets

Customer Deposits

Impairment of Long-Lived Assets

Fair Market Value of Assets

Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.

Unproved oil and natural gas properties are accounted for and measured under Regulation S-X, Rule 4-10.

Fair Value Measurements at September 30, 2018

Quoted Prices

In Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Total

Assets

Inputs

Carrying

(Level 1)

(Level 2)

(Level 3)

Value

Description

Unproved oil and natural gas properties

4,013

Oil and Natural Gas Properties

During the period ended September 30, 2018, and December 31, 2017, the Company incurred a total of $0 in oil and natural gas expenditures.

During the nine months ended September 30, 2018, we reduced the ceiling under the full cost method through amortization expense of $33,464.

No impairment was realized for the period ending September 30, 2018, or the year ended December 31, 2017.

Revenue Recognition

Services revenues are generated from cellular and telecommunication services. The revenue is derived from wholesale and retail services.

Cost of Revenue

Cost of Revenue includes the cost of communication services, equipment and accessories, shipping costs, and commissions of sub-agents.

Stock-based Compensation

Income Taxes

Net Loss Per Share

Concentrations of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of receivables, cash, and cash equivalents.

Concentration of Major Customer

Segment Reporting

Effect of Recent Accounting Pronouncements

The Company has evaluated all other recent accounting pronouncements and believes that none will have a significant effect on the Company’s financial statement.

Emerging Growth Company

XML 19 R9.htm IDEA: XBRL DOCUMENT

Property and Equipment

9 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 4 – PROPERTY AND EQUIPMENT

Property and equipment consist of the following major classifications as of September 30, 2018, and December 31, 2017:

	September 30, 2018		December 31, 2017

Leasehold Improvements	$	46,950	$	46,950
Furniture and Fixtures		75,901		87,201
Billing Software		217,163		217,163
Office Equipment		86,887		89,590
		426,901		440,904
Less: Accumulated Depreciation and Amortization		(318,088)		(298,837)
	$	108,812	$	142,067

XML 20 R10.htm IDEA: XBRL DOCUMENT

Intangible Assets

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 5 – INTANGIBLE ASSETS

Intangible Assets consist of customer lists that were acquired through acquisitions:

	September 30, 2018		December 31, 2017

Customer Lists	$	1,135,961	$	1,135,961
Less: Accumulated Amortization		(1,102,392)		(951,333)
	$	33,569	$	184,628

XML 21 R11.htm IDEA: XBRL DOCUMENT

Lines of Credit

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Lines of Credit

NOTE 6 – LINES OF CREDIT

XML 22 R12.htm IDEA: XBRL DOCUMENT

Operating Leases

9 Months Ended

Sep. 30, 2018

Leases [Abstract]

Operating Leases

NOTE 7 – OPERATING LEASES

Period Ended September 30,
2018	$	16,525
2019		38,558

The Company also leases an office space on a month-to-month basis. Total lease expense for the nine months ended September 30, 2018, and 2017 amounted to $110,023 and $112,203, respectively.

XML 23 R13.htm IDEA: XBRL DOCUMENT

Amount Due to Shareholder

9 Months Ended

Sep. 30, 2018

Amount Due to Shareholder

NOTE 8 – AMOUNT DUE TO SHAREHOLDER

XML 24 R14.htm IDEA: XBRL DOCUMENT

Related Party Transactions

9 Months Ended

Sep. 30, 2018

Related Party Transactions

NOTE 9 – RELATED PARTY TRANSACTIONS

Transactions with Shareholders

As of September 30, 2018, amounts due from advances to shareholders were $110,000. The details of the advances are set forth in NOTE 8.

XML 25 R15.htm IDEA: XBRL DOCUMENT

Retirement Plan

9 Months Ended

Sep. 30, 2018

Retirement Benefits [Abstract]

Retirement Plan

NOTE 10 – RETIREMENT PLAN

XML 26 R16.htm IDEA: XBRL DOCUMENT

Contingencies and Commitments

9 Months Ended

Sep. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Contingencies and Commitments

NOTE 11 – CONTINGENCIES AND COMMITMENTS

Litigation

From time to time, the Company may be subject to legal proceedings and claims which arise in the ordinary course of business. As of September 30, 2018, there are no legal proceedings.

Contract Contingency

Escrowed Contract

Letters of Credit

Going Concern

XML 27 R17.htm IDEA: XBRL DOCUMENT

Segment Reporting

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Segment Reporting

NOTE 12 – SEGMENT REPORTING

The following table reflects the result of operations of the Company’s reportable segments:

	Wholesale		Retail		Virtual ETC		Gas & Oil		Total

For the nine months ended September 30, 2018
Revenue	$	1,679,859	$	2,249,981	$	3,661,378	$	-	$	7,591,218

Net Income (Loss)	$	(256,953)	$	490,927	$	(1,456,121)	$	(33,462)	$	(1,255,609)
Gain on Sale of Assets	$	-	$	318,257	$	-	$	-	$	318,257
Depreciation and amortization	$	45,264	$	27,646	$	99,440	$	33,462	$	206,172
Additions to property and equipment	$	-	$	-	$	-	$	-	$	-

For the three months ended September 30, 2018
Revenue	$	581,817	$	563,774	$	1,307,923	$	-	$	2,453,514

Net Income (Loss)	$	(98,198)	$	506,691	$	(358,164)	$	(4,012)	$	46,317
Gain on Sale of Assets	$	-	$	318,257	$	-	$	-	$	318,257
Depreciation and amortization	$	14,693	$	9,732	$	33,145	$	4,012	$	61,582
Additions to property and equipment	$	-	$	-	$	-	$	-	$	-

For the nine months ended September 30, 2017
Revenue	$	6,054,755	$	2,827,073	$	465,669	$	-	$	9,347,497

Net Loss	$	(471,492)	$	(761,291)	$	(4,171)	$	-	$	(1,236,954)

Depreciation and amortization	$	133,722	$	215,914	$	1,183	$	-	$	350,819
Additions to property and equipment	$	-	$	5,845	$	-	$	-	$	5,845

For the three months ended September 30, 2017
Revenue	$	1,550,227	$	948,355	$	176,081	$	-	$	2,674,663

Net Income (Loss)	$	(183,836)	$	(399,169)	$	28,839	$	-	$	(554,166)

Depreciation and amortization	$	112,199	$	186,348	$	1,183	$	-	$	299,730
Additions to property and equipment	$	-	$	-	$	-	$	-	$	-

XML 28 R18.htm IDEA: XBRL DOCUMENT

Preferred Convertible Stock and Warrants

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Preferred Convertible Stock and Warrants

NOTE 13 – PREFERRED CONVERTIBLE STOCK AND WARRANTS

The Series A 6% Convertible Preferred Stock had no voting rights.

XML 29 R19.htm IDEA: XBRL DOCUMENT

Shareholders' Equity

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Shareholders' Equity

NOTE 14 – SHAREHOLDERS’ EQUITY

Common Stock

On June 2, 2014, the Company issued 10,000,000 shares of its common stock to Chisholm II in exchange for oil and natural gas assets recorded at $1,898,947.

On July 19, 2017, the Company issued 12,100,000 shares of common stock to M2.

During the nine months period ended September 30, 2018, the Company recorded vested options expense of $454,434.

Also, see NOTE 2 above.

Stock Compensation

The following table represents stock option activity as of and for the nine months ended September 30, 2018:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Life	Aggregate Intrinsic Value

Options Outstanding – December 31, 2017	3,925,000	$	0.21	4.2	$	-
Granted	150,000	$	0.33	4.4
Exercised
Forfeited
Options Outstanding – September 30, 2018	4,075,000	$	0.22	4.2	$	-

Options Vested and Expected to Vest, September 30, 2018	4,075,000	$	0.22	4.2	$	-

Exercisable and Vested, September 30, 2018	1,698,750	$	0.25	4.2	$	-

XML 30 R20.htm IDEA: XBRL DOCUMENT

Income Tax

9 Months Ended

Sep. 30, 2018

Income Tax Disclosure [Abstract]

Income Tax

NOTE 15 – INCOME TAX

For the periods ending September 30, 2018, and 2017, there was no provision for income taxes and deferred tax assets have been entirely offset by valuation allowances.

The Company’s tax expense differs from the “expected” tax expense for Federal income tax purposes (computed by applying the United States Federal tax rate of 21% to loss before taxes).

The tax effects of the temporary differences between reportable financial statement income and taxable income are recognized as deferred tax assets and liabilities.

The tax effect of significant components of the Company’s deferred tax assets and liabilities at September 30, 2018 and 2017, respectively, are as follows:

	September 30,
	2018		2017
Deferred tax assets:
Net operating loss carryforward	$	525,922	$	602,349
Total gross deferred tax assets		525,922		602,349
Less: Deferred tax asset valuation allowance		(525,922)		(602,349)
Total net deferred tax assets		-		-

Deferred tax liabilities:
Depreciation		-		-
Total deferred tax liabilities		-		-

Total net deferred taxes	$	-	$	-

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Subsequent Events

9 Months Ended

Sep. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

NOTE 16 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date of this filing, and with the exception of the following, no material subsequent events have occurred:

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Accounting Policies (Policies)	9 Months Ended
Accounting Policies (Policies)	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared using the accrual basis of accounting. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates in these financial statements include the allowance for doubtful receivables, allowance for inventory obsolescence, the estimated useful lives of property and equipment, and customer lists. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and Cash Equivalents include cash on hand and all short-term investments with maturities of three months or less.
Trade Account Receivables	Trade Accounts Receivable The Company accounts for trade receivables based on amounts billed to customers. Past due receivables are determined based on contractual terms. The Company does not accrue interest and does not require collateral on any of its trade receivables.
Allowance for Doubtful Receivables	Allowance for Doubtful Receivables The allowance for doubtful receivables is determined by management based on customer credit history, specific customer circumstances and general economic conditions. Periodically, management reviews accounts receivable and adjusts the allowance based on current circumstances and charges off uncollectible receivables against the allowance when all attempts to collect the receivable have failed. As of September 30, 2018, and December 31, 2017, management has determined that no allowance for doubtful receivables is necessary. Notes Receivable The Company entered into an Assets Sale Agreement with Telecon Wireless Resources, Inc, with an effective date of July 31, 2018. As part of the Agreement, the Company agreed to hold a one-year note of $100,000 to be paid in 12 payments of $8,333. As of September 30, 2018, the outstanding amount, including principal and interest was $91,667. The Note in the Agreement did not reference an interest rate. The note is being recorded with an implied interest rate of 5.00%.
Inventory	Inventory Inventory consists primarily of the cost of cellular phones and cellular accessories. Inventory is reported at the lower of cost and net realizable value. Cost is determined by the first-in, first-out (“FIFO”) method. Due to the rapidly changing technology within the industry, inventory is evaluated on a regular basis to determine if any obsolescence exists.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost, and are depreciated on the straight-line method over their estimated useful lives. Leasehold improvements are amortized over the lesser of the lease term or estimated useful life, furniture and fixtures, equipment, and vehicles are depreciated over periods ranging from five to seven (5-7) years, and billing software is depreciated over three (3) years which represents the estimated useful life of the assets. Maintenance and repairs are charged to expense as incurred while major replacements and improvements are capitalized. When property and equipment are retired or sold, the cost and applicable accumulated depreciation are removed from the respective accounts and the related gain or loss is recognized. The Company recognizes impairment losses for long-lived assets whenever changes in circumstances result in the carrying amount of the assets exceeding the sum of the expected future cash flows associated with such assets. Management has concluded that no impairment reserves are required as of September 30, 2018 and December 31, 2017.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the excess of cost over the fair value of net assets acquired in connection with business acquisitions. Goodwill is tested at the reporting unit level, which is defined as an operating segment or a component of an operating segment that constitutes a business for which financial information is available and is regularly reviewed by management. The Company assesses goodwill for impairment at least annually in the absence of an indicator of possible impairment and immediately upon an indicator of possible impairment. The annual impairment review is completed at the end of the year. If the carrying amount of a reporting unit exceeds its fair value, the Company measures the possible goodwill impairment based upon an allocation of the estimate of fair value to the underlying assets and liabilities of the reporting unit, including any previously unrecognized intangible assets, based upon known facts and circumstances as if the acquisition occurred currently. The excess of the fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. An impairment loss would be recognized to the extent the carrying value of goodwill exceeds the implied fair value of the goodwill. It was determined that Goodwill of $80,867 created through the reverse merger was fully impaired as of December 31, 2017. Intangible assets consist of customer lists arising from acquisitions which are amortized on a straight line basis over three years, their estimated useful lives. Other Assets Other Assets represent items classified long-term assets in accordance with the Statement of Financial Accounting Standards ASC 210-10-45. Through September 30, 2018, the Company had made payments on behalf of IM Telecom, LLC in the amount of $333,316. These amounts were paid as part of a Purchase and Sale of Membership Interest, which was effective as of February 7, 2018. See additional information in Note 11 – Contingencies and Commitments, Escrowed Contract and Part II – Other Information, Item 5.
Customer Deposits	Customer Deposits Before entering into a contract with a sub-reseller customer, the Company will require the customer to either secure a formal letter of credit with a bank, or require a certain level of cash collateral deposits from the customer. These collateral requirements are determined by management and may be adjusted upward or downward depending on the volume of business with the sub-reseller customer, or if management’s assessment of credit risk for a sub-reseller customer would change. The Company held $28,854 in collateral deposits from various sub-reseller customers at September 30, 2018 and December 31, 2017. Such amounts represent collateral received from the sub-resellers in order to contract with the Company. The related contracts have an option to terminate the contract within a period of less than one year, and accordingly, these collateral deposits are classified as current liabilities in the accompanying balance sheet.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company accounts for long-lived assets in accordance with the provisions of Statement of Financial Accounting Standards ASC 360-10, “Accounting for the Impairment or Disposal of Long-Lived Assets”. This statement requires that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.
Fair Market Value of Assets	Fair Market Value of Assets The Company measures its financial assets and liabilities in accordance with generally accepted accounting principles. For certain of our financial instruments, including cash, accounts payable, accrued expenses, deposits received from customers for receivables and short-term loans the carrying amounts approximate fair value due to their short maturities. We follow accounting guidance for financial and non-financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements, but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices, which are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use. Unproved oil and natural gas properties are accounted for and measured under Regulation S-X, Rule 4-10. We currently measure and report at fair value other intangible assets (due to our impairment analysis) and derivative liabilities using ASC 820-10, Fair Value Measurement. The fair value of intangible assets has been determined using the present value of estimated future cash flows method. The fair value of derivative liabilities is measured using the Black-Scholes option pricing method.
Oil and Natural Gas Properties	Oil and Natural Gas Properties The Company follows the full cost method of accounting for oil and natural gas operations whereby all costs related to the exploration and development of oil and natural gas properties are initially capitalized into a single cost center (“full cost pool”). Such costs include land acquisition costs, a portion of employee salaries related to Property development, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling directly related to acquisition, and exploration activities. Internal salaries are capitalized based on employee time allocated to the acquisition of leaseholds and development of oil and natural gas properties. The Company did not capitalize interest for the period ended September 30, 2018, as it was not required. Proceeds from Property sales will generally be credited to the full cost pool, with no gain or loss recognized, unless such a sale would significantly alter the relationship between capitalized costs and the proved reserves attributable to these costs. The Company assesses all items classified as unproved Property on a quarterly basis for possible impairment or reduction in value. The assessment includes consideration of the following factors, among others: intent to drill, remaining lease term, geological and geophysical evaluations, drilling results and activity, the assignment of proved reserves, and the economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such Property and all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to depletion and amortization. The costs of drilling exploratory dry holes are included in the amortization base immediately upon determination that the well is dry. Capitalized costs associated with impaired properties and properties having proven reserves, estimated future development costs, and asset retirement costs under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 410-20-25 are depleted and amortized on the unit-of-production method based on the estimated gross proved reserves. The costs of unproved properties are withheld from the depletion base until such time as they are developed, impaired, or abandoned. Under the full cost method of accounting, capitalized oil and natural gas Property costs less accumulated depletion, net of deferred income taxes, may not exceed a ceiling amount equal to the present value, discounted at 10%, of estimated future net revenues from proved oil and natural gas reserves plus the cost of unproved properties not subject to amortization (without regard to estimates of fair value), or estimated fair value, if lower, of unproved properties that are subject to amortization. Should capitalized costs exceed this ceiling, which is tested on a quarterly basis, an impairment is recognized. The present value of estimated future net revenues is computed by applying prices based on a 12-month unweighted average of the oil and natural gas prices in effect on the first day of each month, less estimated future expenditures to be incurred in developing and producing the proved reserves (assuming the continuation of existing economic conditions), less any applicable future taxes. If such capitalized costs exceed the ceiling, the Company will record a write-down to the extent of such excess as a non-cash charge to earnings. Any such write-down will reduce earnings in the period of occurrence and result in a lower depreciation, depletion and amortization rate in future periods. A write-down may not be reversed in future periods even though higher oil and natural gas prices may subsequently increase the ceiling.
Revenue Recognition	Revenue Recognition Services revenues are generated from cellular and telecommunication services. The revenue is derived from wholesale and retail services. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This update provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. We have adopted this update. We do not believe this guidance will impact the recognition of our primary source of revenue from our wholesale and retail customers. The adoption of this guidance did not have a material impact on our consolidated financial statements.
Stock-Based Compensation	Stock-based Compensation The Company records stock based compensation in accordance with the guidance in ASC 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This requires that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with ASC 718-10 and the conclusions reached by the ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505-50.
Income Taxes	Income Taxes Beginning on December 18, 2018, the Effective Date of the KonaTel Nevada Merger, KonaTel Nevada terminated its S Corporation status. For the short-tax year, there was no tax provision of federal or state taxes in the financial statements. As of September 30, 2018, because of a net loss, there was no tax expense provision of federal or state taxes in the financial statements. The sale of the Company’s New York retail operations to Telecon Wireless resulted in both a capital gain and an ordinary gain. The gains on the sale would be taxed at the corporate income tax rate of 21%. The gain of $318,257, with a tax effect of $66,834, is included in the net loss carryforward. Because of this, there was no tax expense provision of federal or state taxes in the financial statements. Prior to the closing of Merger, with the consent of its shareholders, KonaTel Nevada had elected under the Internal Revenue Code and for Pennsylvania tax purposes to be an S Corporation. In lieu of corporation income taxes, the shareholders of a S Corporation are taxed on their proportionate share of the Company’s taxable income. Therefore, no provision for federal or state income tax is included in the financial statements. The Company evaluates tax positions taken and determines whether it is more-likely-than-not that the tax position will be sustained upon examination based on the technical merits of the position. Management has reviewed its tax positions regarding state nexus as well as its status as a pass-through entity and has determined there are no such positions that fail to meet the more-likely-than-not criterion.
Net Loss Per Share	Net Loss Per Share The Company follows ASC Topic 260 to account for the loss per share. Basic loss per common share calculations are determined by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted loss per common share calculations are determined by dividing net loss by the weighted average number of common shares and dilutive common share equivalents outstanding.
Concentration of Credit Risk	Concentrations of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of receivables, cash, and cash equivalents. All cash and cash equivalents and restricted cash and cash equivalents are held at high credit financial institutions. These deposits are generally insured under the FDIC’s deposit insurance coverage; however, from time to time, the deposit levels may exceed FDIC coverage levels. The Company also has a concentration of risk with respect to trade receivables from sub-resellers. As of September 30, 2018, and December 31, 2017, the Company had a significant concentration of receivables due from three and two major customers, respectively (defined as customers whose receivable balances are greater than 10% of total accounts receivable). These customers represented approximately 87% of the total accounts receivable as of September 30, 2018, and approximately 78% of total accounts receivable as of December 31, 2017.
Concentration of Major Customer	Concentration of Major Customer A significant amount of the revenue is derived from contracts with major sub-reseller customers. For the period ended September 30, 2018, and 2017, the Company had two and three, respectively, major sub-reseller customers which amounted to approximately 51% and 87%, respectively, of total revenues. For the year ended December 31, 2017, the Company had two major sub-reseller customers which amounted to approximately 43% of total revenues.
Segment Reporting	Segment Reporting The Company operates within four reportable segments. The Company’s management evaluates performance and allocates resources based on the profit or loss from operations. Because the Company is a service business with very few physical assets, Management does not use total assets by segment to make decisions regarding operations, and therefore the total assets disclosure by segment has not been included. The reportable segments consist of a Wholesale unit, a Retail unit, a Virtual ETC unit, and Gas & Oil Operations. The Wholesale unit purchases bulk rate services at a discounted unit and provides services to retail providers. The Retail and Virtual ETC units provide services to the end user through the use of agents and direct selling to the customer. The Gas & Oil Operations consist of leaseholds of property for the purpose of exploration and development of oil and natural gas properties.
Effect of Recent Accounting Pronouncements	Effect of Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU No. 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The Company has determined that this pronouncement has very little impact on the financial statements. The Company has determined that the cumulative effect transition method would be applied. In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815) Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or Equity. This update amends existing guidance with the objective to eliminate the use of different methods in practice with respect to the consideration of redemption features in relation to other features when determining whether the nature of a host contract is more akin to debt or equity and thereby reduce existing diversity under GAAP in accounting for hybrid financial instruments issued in the form of a share. The amendments clarify how current GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. On February 25, 2016, the FASB issued Accounting Standards Update No. 2016- 02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. Early application is permitted. The Company has determined that adoption of the standard will begin January 1, 2019. The Company currently has four equipment operating leases and one Property lease; and the Property lease expires in April 2019. The Company has determined that this pronouncement has very little impact on the financial statements. The Company has evaluated all other recent accounting pronouncements and believes that none will have a significant effect on the Company’s financial statement.

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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

Fair Value Measurements at September 30, 2018

Quoted Prices

In Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Total

Assets

Inputs

Carrying

(Level 1)

(Level 2)

(Level 3)

Value

Description

Unproved oil and natural gas properties

4,013

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Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

	September 30, 2018		December 31, 2017

Leasehold Improvements	$	46,950	$	46,950
Furniture and Fixtures		75,901		87,201
Billing Software		217,163		217,163
Office Equipment		86,887		89,590
		426,901		440,904
Less: Accumulated Depreciation and Amortization		(318,088)		(298,837)
	$	108,812	$	142,067

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Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

	September 30, 2018		December 31, 2017

Customer Lists	$	1,135,961	$	1,135,961
Less: Accumulated Amortization		(1,102,392)		(951,333)
	$	33,569	$	184,628

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Operating Leases (Tables)

9 Months Ended

Sep. 30, 2018

Leases [Abstract]

Schedule of Future Minimum Lease Payments for Operating Leases

Period Ended September 30,
2018	$	16,525
2019		38,558

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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

	Wholesale		Retail		Virtual ETC		Gas & Oil		Total

For the nine months ended September 30, 2018
Revenue	$	1,679,859	$	2,249,981	$	3,661,378	$	-	$	7,591,218

Net Income (Loss)	$	(256,953)	$	490,927	$	(1,456,121)	$	(33,462)	$	(1,255,609)
Gain on Sale of Assets	$	-	$	318,257	$	-	$	-	$	318,257
Depreciation and amortization	$	45,264	$	27,646	$	99,440	$	33,462	$	206,172
Additions to property and equipment	$	-	$	-	$	-	$	-	$	-

For the three months ended September 30, 2018
Revenue	$	581,817	$	563,774	$	1,307,923	$	-	$	2,453,514

Net Income (Loss)	$	(98,198)	$	506,691	$	(358,164)	$	(4,012)	$	46,317
Gain on Sale of Assets	$	-	$	318,257	$	-	$	-	$	318,257
Depreciation and amortization	$	14,693	$	9,732	$	33,145	$	4,012	$	61,582
Additions to property and equipment	$	-	$	-	$	-	$	-	$	-

For the nine months ended September 30, 2017
Revenue	$	6,054,755	$	2,827,073	$	465,669	$	-	$	9,347,497

Net Loss	$	(471,492)	$	(761,291)	$	(4,171)	$	-	$	(1,236,954)

Depreciation and amortization	$	133,722	$	215,914	$	1,183	$	-	$	350,819
Additions to property and equipment	$	-	$	5,845	$	-	$	-	$	5,845

For the three months ended September 30, 2017
Revenue	$	1,550,227	$	948,355	$	176,081	$	-	$	2,674,663

Net Income (Loss)	$	(183,836)	$	(399,169)	$	28,839	$	-	$	(554,166)

Depreciation and amortization	$	112,199	$	186,348	$	1,183	$	-	$	299,730
Additions to property and equipment	$	-	$	-	$	-	$	-	$	-

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Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Schedule of Share-Based Compensation , Stock Options, Activity

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Life	Aggregate Intrinsic Value

Options Outstanding – December 31, 2017	3,925,000	$	0.21	4.2	$	-
Granted	150,000	$	0.33	4.4
Exercised
Forfeited
Options Outstanding – September 30, 2018	4,075,000	$	0.22	4.2	$	-

Options Vested and Expected to Vest, September 30, 2018	4,075,000	$	0.22	4.2	$	-

Exercisable and Vested, September 30, 2018	1,698,750	$	0.25	4.2	$	-

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Income Tax (Tables)

9 Months Ended

Sep. 30, 2018

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

	September 30,
	2018		2017
Deferred tax assets:
Net operating loss carryforward	$	525,922	$	602,349
Total gross deferred tax assets		525,922		602,349
Less: Deferred tax asset valuation allowance		(525,922)		(602,349)
Total net deferred tax assets		-		-

Deferred tax liabilities:
Depreciation		-		-
Total deferred tax liabilities		-		-

Total net deferred taxes	$	-	$	-

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Transactions (Details Narrative) - USD ($)	9 Months Ended		12 Months Ended
Transactions (Details Narrative) - USD ($)	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Effective date of acquisition					Jun. 02, 2014
Acquisition, shares issued					10,000,000
Acquisition purchase price	$ 1,150,000	$ 0
Common stock outstanding, shares	32,942,286		27,192,286
Preferred stock oustanding shares			2,008	2,008
Warrants issued					2,893,725
Proceeds from issuance of stock					$ 2,025,000
Series A preferred convertible stock, units issued			0		2,025
Series A convertible preferred stock, conversion terms				The conversion price was changed from $0.70 per share to $0.05 per share.	Each $1,000 unit consisted of (i) one share of Series A 6% Convertible Preferred Stock that is convertible at any time at the option of the Holder into common stock at the conversion price of $0.70 per common share based on the total dollar amount invested and (ii) 1,429 warrants (issued for each Series A 6% Convertible Preferred Stock sold in each unit) to purchase common shares of the Company at an exercise price of $1.35 with a life of three years as of the "Effective Date" defined as the earliest date of the following to occur: (a) the initial registration statement required by the Offering Documents has been declared effective by the United States Securities and Exchange Commission (the "SEC"), (b) all of the underlying shares have been sold pursuant to SEC Rule 144 or may be sold pursuant to SEC Rule 144 without the requirement for the Company to be in compliance with the current public information required under SEC Rule 144 and without volume or manner-of-sale restrictions or (c) following the one year anniversary of June 3, 2014.
Common stock, par value	$ 0.001		$ 0.001
Gain on disposition of intangible assets	$ 406,000
Chisholm Partners II, LLC
Common and preferred shares cancelled				8,567,800
Partial Cancellation Agreement, description				In exchange for the return of 8,567,800 shares of Common Stock for cancellation, the Company returned 55,000 acres of the Company's property rights held in the form of oil and gas leases from Chisholm II (approximately 68.75% of its total holdings) to Chisholm II.
Shares returned and cancelled				1,030,000
M2 Equity Partners LLC \| Common Stock Purchase Agreement
Effective date of acquisition			Jul. 19, 2017
Acquisition agreement terms	Post-Merger, there were approximately 27,192,286 outstanding shares of our common stock, 13,500,000 shares of which are owned by Mr. McEwen; 12,100,000 shares of which were then owned by M2 (Messrs. Savage and Atkinson are members of M2 and collectively owned approximately 65.2% of M2, which equated to an indirect beneficial ownership of approximately 3,950,000 shares of our common stock each, and with Mr. Atkinson being the sole Manager of M2, he was then also the beneficial owner of all of M2's shares of our common stock; and 1,692,286 shares, which were owned by public shareholders.		Prior to the closing of the Common Stock Purchase Agreement, the Company had the following outstanding securities: (i) 2,926,486 shares of Common Stock; (ii) 2,008 shares of Series A 6% Convertible Preferred Stock (the "Preferred Stock"); and (iii) 1,928,571 warrants (the "Warrants").
Acquisition, shares issued			12,100,000
Acquisition purchase price			$ 347,500
Common stock cancelled, shares			1,584,200
Common stock shares outstanding after cancellation prior to or simultaneous with the closing			1,342,286
Payment to repurchase common stock			$ 15,842
Common and preferred shares cancelled			2,008
Payment to repuchase preferred stock and warrants			$ 53,841
Purchase price funds held in Trust			$ 10,750
Miscellaneous expenses and other liabilities	$ 262,367
Contingent consideration arrangement, description			The Company used the remainder of the $347,500 to, among other items set forth in the schedules and exhibits to the Common Stock Purchase Agreement, pay or compromise all outstanding indebtedness and other liabilities of the Company, amounting to approximately $262,367, which includes a payment of an aggregate of $10,000 ($5,000 to each) to our two directors and executive officers, with the understanding that our then current assets will consist of approximately $10,750, our Property, consisting of our oil and gas lease assets that we presently own, along with other intangible assets, and following the payment of the indebtedness and other liabilities and financial obligations of the Company, there will be no liabilities of the Company at Closing.
Preferred stock oustanding shares			0
Warrants outstanding			0
Restricted shares issued			13,500,000
Common stock, par value			$ 0.001
Shares distributed to members	12,100,000
Shareholder voting agreement, description			The Company entered into Shareholder Voting Agreement between the Company, Mr. Savage, Mr. Atkinson, M2 and Mr. McEwen whereby Mr. McEwen was granted an irrevocable proxy coupled with an interest from each of the foregoing, together with the following rights, including a right of veto, for a period of two (2) years, on the following matters: (i) an increase in the compensation of any employee of the Company by more than $20,000 in any one calendar year and for these purposes, the term compensation includes any form of remuneration or monetary benefit; (ii) the issuance of stock, the creation of a new class of stock, the grant of options or warrants, modification of any shareholder, option holder or warrant holder's rights, grants, conversion rights or the taking of any other action that directly or indirectly dilutes the outstanding securities of the Company, excepting the current private placement of common stock of the Company for an equity funding of $1,300,000 through the offer and sale of 6,500,000 shares of the Company's common stock solely to "accredited investors"; (iii) the issuance of debt in excess of $100,000 in the aggregate in any one calendar year; (iv) the approval of a plan of merger, reorganization or conversion; (v) the sale, transfer or other conveyance of assets of the Company having an aggregate value in excess of $100,000 in any one calendar year, other than in the ordinary course of the business; and (vi) the entry into a contract or other transaction having a total aggregate contractual liability for the Company in excess of $100,000 in any one calendar year.

XML 41 R31.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies - Schedule of Fair Value Assets and Liabilities on Recurring Basis (Details)	Sep. 30, 2018 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unproved Oil and Gas Property, Successful Effort Method	$ 4,013
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unproved Oil and Gas Property, Successful Effort Method	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unproved Oil and Gas Property, Successful Effort Method	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unproved Oil and Gas Property, Successful Effort Method	$ 4,013

XML 42 R32.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details Narrative)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) Integer	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)
Notes Receivable
Notes receivable, outstanding	$ 91,667		$ 91,667		$ 0
Inventory
Allowance for inventory obsolescence	807		807		10,083
Customer Deposits
Collateral deposits	28,854		28,854		28,854
Oil and Gas Properties
Oil and natural gas expenses			0		$ 0
Amortization expense			33,464
Income Tax
Gain on Sale of Assets	318,257	$ 0	318,257	$ 0
Tax effect			$ 66,834
Goodwill and Intangible Assets
Estimated useful lives			3 years
Goodwill impairment loss			$ 80,867
Other prepaid assets	333,316		$ 333,316
Segment Reporting
Number of reportable segments \| Integer			4
Revenue from Contract with Customer
Concentration Risk
Concentration risk, percentage			51.00%	87.00%
Revenue from Two Major Sub-Reseller Customers
Concentration Risk
Concentration risk, percentage					43.00%
Customer Concentration Risk
Concentration Risk
Concentration risk, percentage			87.00%		78.00%
Leasehold Improvements
Property and Equipment
Depreciation method and terms			Depreciated on the straight-line method over their estimated useful life. Amortized over the lesser of the lease term or estimated useful life
Furniture and Fixtures
Property and Equipment
Depreciation method and terms			Depreciated on the straight-line method over periods ranging from 5-7 years
Equipment
Property and Equipment
Depreciation method and terms			Depreciated on the straight-line method over periods ranging from 5-7 years
Vehicles
Property and Equipment
Depreciation method and terms			Depreciated on the straight-line method over periods ranging from 5-7 years
Billing Software
Property and Equipment
Depreciation method and terms			Depreciated on the straight-line method over 3 years
Telecon Wireless Resources, Inc.
Notes Receivable
Notes receivable	100,000		$ 100,000
Notes receivable, commitment	8,333		8,333
Notes receivable, outstanding	$ 91,667		$ 91,667
Implied interest rate	5.00%		5.00%

XML 43 R33.htm IDEA: XBRL DOCUMENT

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 426,901	$ 440,904
Less: Accumulated Depreciation and Amortization	(318,088)	(298,837)
Property, plant and equipment, net	108,812	142,067
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	46,950	46,950
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment	75,901	87,201
Billing Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment	217,163	217,163
Office Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 86,887	$ 89,590

XML 44 R34.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details Narrative) - USD ($)	9 Months Ended
Property and Equipment (Details Narrative) - USD ($)	Sep. 30, 2018	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 21,649	$ 66,829

XML 45 R35.htm IDEA: XBRL DOCUMENT

Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Customer Lists	$ 1,135,961	$ 1,135,961
Less: Accumulated Amortization	(1,102,392)	(951,333)
Intangible assets, net	$ 33,569	$ 184,628

XML 46 R36.htm IDEA: XBRL DOCUMENT

Intangible Assets (Details Narrative) - USD ($)	9 Months Ended
Intangible Assets (Details Narrative) - USD ($)	Sep. 30, 2018	Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 151,059	$ 283,990
Future amortization expense of intangible assets	$ 33,569

XML 47 R37.htm IDEA: XBRL DOCUMENT

Lines of Credit (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
Lines of Credit (Details Narrative) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Line of credit, maximum borrowing	$ 1,050,000	$ 1,050,000
Line of credit, interest rate description	Bears interest at a variable rate with a floor set at 5.25%.	Bears interest at a variable rate with a floor set at 5.25%.
Line of credit, advances	$ 153,141	$ 153,141
Line of credit, maturity date	Apr. 30, 2018	Apr. 30, 2018
Line of credit, maturity date, description	The maturity date has been verbally extended by the bank on a month-to-month basis.

XML 48 R38.htm IDEA: XBRL DOCUMENT

Operating Leases - Schedule of Future Minimum Lease Payments (Details)	Sep. 30, 2018 USD ($)
Leases [Abstract]
Future minimum lease payments for the period ended September 30, 2018	$ 16,525
Future minimum lease payments for the period ended September 30, 2019	$ 38,558

XML 49 R39.htm IDEA: XBRL DOCUMENT

Operating Leases (Details Narrative) - USD ($)	9 Months Ended
Operating Leases (Details Narrative) - USD ($)	Sep. 30, 2018	Sep. 30, 2017
Leases [Abstract]
Operating lease expense	$ 110,023	$ 112,203

XML 50 R40.htm IDEA: XBRL DOCUMENT

Amount Due to Shareholder (Details Narrative) - USD ($)	9 Months Ended		12 Months Ended
Amount Due to Shareholder (Details Narrative) - USD ($)	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Proceeds from related parties	$ 100,000	$ 0
Amount Due to Shareholder	110,000		$ 223,327
Gary Stevens
Proceeds from related parties	100,000
Loan fee	$ 5,000
Interest rate	8.00%
Repayment of related party debt	$ 100,000
D. Sean McEwen
Proceeds from related parties			$ 191,500
Interest expense, federal rate			1.52%
Repayment of related party debt	81,500
Amount Due to Shareholder	110,000
Matthew Atkinson
Proceeds from related parties			$ 17,063
Interest expense, federal rate			1.52%
Repayment of related party debt	17,063
Mark Savage
Proceeds from related parties			$ 14,764
Interest expense, federal rate			1.52%
Repayment of related party debt	$ 14,764

XML 51 R41.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Narrative) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Amount Due to Shareholders	$ 110,000	$ 223,327
D. Sean McEwen
Amount Due to Shareholders	$ 110,000

XML 52 R42.htm IDEA: XBRL DOCUMENT

Retirement Plan (Details Narrative)	9 Months Ended
Retirement Plan (Details Narrative)	Sep. 30, 2017 USD ($)
Retirement Benefits [Abstract]
Company contributions to employee retirement plan	$ 27,684

XML 53 R43.htm IDEA: XBRL DOCUMENT

Contingencies and Commitments (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Contingencies, description			The Company entered into an Agreement for the Purchase and Sale of Membership Interest dated as of February 5, 2018 (the "PSMI"), with the transaction documents being deposited in escrow on February 7, 2018, respecting the acquisition of 100% of the membership interest in IM Telecom, LLC, an Oklahoma limited liability company ("IM Telecom"), from its sole owner, Trevan Morrow ("Mr. Morrow"). The principal asset of IM Telecom is a "Lifeline Program" license (a Federal Communications Commission [the "FCC"] approved Compliance Plan), the transfer of ownership of which requires prior approval of the FCC. The PSMI provided that if the transfer of the beneficial ownership of the Lifeline Program license to us was not approved by the FCC prior to April 30, 2018, or a later date agreed upon by the parties, either party may terminate the PSMI; and the parties had agreed to continue the PSMI, with the FCC subsequently publishing notice of the approval of the transfer of the ownership of the Lifeline Program license to the Company on October 23, 2018. The parties are in the process of finalizing the closing of the PSMI, anticipated to be concluded by year end 2018.
Net loss	$ 46,317	$ (554,166)	$ (1,255,609)	$ (1,236,954)
Cash flow from operations			(1,293,856)	$ (350,522)
Accumulated deficit	(4,446,482)		(4,446,482)		$ (3,190,873)
Standby Letters of Credit
Letter of credit	$ 275,000		$ 275,000		$ 593,000

- Definition

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

+ References + Details

XML 54 R44.htm IDEA: XBRL DOCUMENT

Segment Reporting - Schedule of Segment Reporting Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
Revenue	$ 2,453,514	$ 2,674,663	$ 7,591,218	$ 9,347,497
Net Income (Loss)	46,317	(554,166)	(1,255,609)	(1,236,954)
Gain on Sale of Assets	318,257	0	318,257	0
Depreciation and amortization	61,582	299,730	206,172	350,819
Additions to property and equipment				5,845
Wholesale
Segment Reporting Information [Line Items]
Revenue	581,817	1,550,227	1,679,859	6,054,755
Net Income (Loss)	(98,198)	(183,836)	(256,953)	(471,492)
Depreciation and amortization	14,693	112,199	45,264	133,722
Retail
Segment Reporting Information [Line Items]
Revenue	563,774	948,355	2,249,981	2,827,073
Net Income (Loss)	506,691	(399,169)	490,927	(761,291)
Gain on Sale of Assets	318,257		318,257
Depreciation and amortization	9,732	186,348	27,646	215,914
Additions to property and equipment				5,845
Virtual ETC
Segment Reporting Information [Line Items]
Revenue	1,307,923	176,081	3,661,378	465,669
Net Income (Loss)	(358,164)	28,839	(1,456,121)	(4,171)
Depreciation and amortization	33,145	1,183	99,440	1,183
Gas & Oil
Segment Reporting Information [Line Items]
Revenue	0	0	0	0
Net Income (Loss)	(4,012)	0	(33,462)	0
Depreciation and amortization	$ 4,012	$ 0	$ 33,462	$ 0

XML 55 R45.htm IDEA: XBRL DOCUMENT

Segment Reporting (Details Narrative)	9 Months Ended
Segment Reporting (Details Narrative)	Sep. 30, 2018 $ / PerUnit Integer	Sep. 30, 2017 $ / PerUnit Integer
Number of reportable segments	4
Wholesale
Number of customers/average lines	17	18
Gross profit per line \| $ / PerUnit	3.19	2.46
Retail
Number of customers/average lines	7,606	7,208
Gross profit per line \| $ / PerUnit	20.58	24.36
Virtual ETC
Number of customers/average lines	17,871	3,132
Gross profit per line \| $ / PerUnit	(1.51)	0.31

XML 56 R46.htm IDEA: XBRL DOCUMENT

Preferred Convertible Stock and Warrants (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Equity [Abstract]
Series A preferred convertible stock, units issued			2,025
Series A preferred convertible stock, price per unit			$ 1,000
Series A preferred convertible stock, conversion basis			Each unit consisted of (i) one share of Series A 6% Convertible Preferred Stock that is convertible at any time at the option of the holder into common stock at the conversion price of $0.70 per common share based on the total dollar amount invested (subject to adjustment) and (ii) 1,429 warrants to purchase common shares of the Company at an exercise price of $1.35 for three years of the "Effective Date" defined as the earliest date of the following to occur: (a) the initial registration statement required by the Offering Documents has been declared effective by the United States Securities and Exchange Commission (the "SEC"), (b) all of the underlying shares have been sold pursuant to SEC Rule 144 or may be sold pursuant to SEC Rule 144 without the requirement for the Company to be in compliance with the current public information required under SEC Rule 144 and without volume or manner-of-sale restrictions or (c) following the one year anniversary of June 3, 2014.
Series A preferred convertible stock, dividend rate	6.00%
Conversion of Series A Convertible Preferred stock			17
Common stock issued as a result of conversion of Series A Convertible Preferred stock			24,286
Series A preferred convertible stock, shares outstanding	2,008	2,008
Series A preferred convertible stock, shares cancelled	2,008
Number of common shares contingently issuable upon conversion of preferred stock	2,868,571
Proceeds from issuance of convertible preferred stock, net of offering costs			$ 2,025,000
Warrants issued			2,893,725
Value of warrants issued			$ 711,044
Preferred stock dividends forfeited, shares		675
Supermajority of shareholders approval of certain corporate transactions, description		A supermajority of more than 67% of the shareholders of the Series A 6% Convertible Preferred Stock approved certain corporate transactions in an effort to settle certain violations of the Series A 6% Convertible Preferred Stock Certificate of Designation and other documents related to the sale of Series A 6% Convertible Preferred Stock in 2014. The transactions approved by a supermajority of the Series A 6% Convertible Preferred Shareholders are to be implemented by the Board of Directors at the Board's discretion. The approved transactions included the following: (i) the approval of a potential settlement agreement with Chisholm Partners II, LLC and certain members of Chisholm II; (ii) the approval of the amendment of the Certificate of Designation for the Series A 6% Convertible Preferred Stock modifying the Conversion Price to $0.05; (iii) the Removal of Section 7, "Certain Adjustments" in the Series A 6% Convertible Preferred Stock Certificate of Designation; (iv) the modification of the permitted indebtedness allowable under the Series A 6% Convertible Preferred Stock Certificate of Designation to $200,000; (v) the approval of promissory notes with related parties in an amount up to $60,000; (vi) the waiver of the right of redemption upon Triggering Events for the Company's violations of Section 10 of the Certificate of Designation; (vii) the waiver of the accrual of the late fee for unpaid dividends as of January 1, 2016; (viii) the waiver of the first right of refusal to purchase shares from other Series A 6% Convertible Preferred Shareholders; and (ix) waiver of the "Most Favored Nation" provision in the SPA for the Series A 6% Convertible Preferred Stock, among other things.

XML 57 R47.htm IDEA: XBRL DOCUMENT

Shareholders' Equity - Schedule of Share-Based Compensation , Stock Options, Activity (Details)	9 Months Ended
	Sep. 30, 2018 USD ($) $ / shares shares
Share-Based Compensation Arrangement By Share-Based Payment Award Options Outstanding
Options outstanding, December 31, 2017 \| shares	3,925,000
Granted \| shares	150,000
Options outstanding, September 30, 2018 \| shares	4,075,000
Options vested and expected to vest, September 30, 2018 \| shares	4,075,000
Options exercisable and vested, September 30, 2018 \| shares	1,698,750
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
Weighted average exercise price outstanding, December 31, 2017 \| $ / shares	$ 0.21
Weighted average exercise price, granted \| $ / shares	0.33
Weighted average exercise price outstanding, September 30, 2018 \| $ / shares	0.22
Weighted average exercise price, options vested and expected to vest, September 30, 2018 \| $ / shares	0.22
Weighted average exercise price, exercisable and vested, September 30, 2018 \| $ / shares	$ 0.25
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures
Weighted average remaining contractual life outstanding, December 31, 2017	4 years 3 months
Weighted average remaining contractual life, granted	4 years 6 months
Weighted average remaining contractual life outstanding, September 30, 2018	4 years 3 months
Weighted average remaining contractual life, options vested and expected to vest, September 30, 2018	4 years 3 months
Weighted average remaining contractual life, exercisable and vested, September 30, 2018	4 years 3 months
Average intrinsic value outstanding, December 31, 2017 \| $	$ 0
Average intrinsic value outstanding, September 30, 2018 \| $	0
Average intrinsic value, vested and expected to vested, September 30, 2018 \| $	0
Average intrinsic value, exercisable and vested, September 30, 2018 \| $	$ 0

XML 58 R48.htm IDEA: XBRL DOCUMENT

Shareholders' Equity (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
Shareholders' Equity (Details Narrative) - USD ($)	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Stock-based compensation expense, vested options			$ 454,434	$ 0
Business acquisition, shares issued							10,000,000
Common shares outstanding			32,942,286		27,192,286
Conversion of Series A Convertible Preferred stock							17
Common stock issued as a result of conversion of Series A Convertible Preferred stock							24,286
Private Placement
Common stock issued	1,000,000	4,750,000
Common stock issued, price per share	$ 0.20	$ 0.20
Common stock issued, aggregate value	$ 200,000	$ 950,000
Director
Issuance of common stock for services, shares					50,000
Leonard W. Burningham
Issuance of common stock for services, shares					200,000
M2 Equity Partners LLC \| Common Stock Purchase Agreement
Business acquisition, shares issued					12,100,000
Common stock cancelled and returned to treasury					2,008
Shares distributed to members			12,100,000
Common Stock
Business acquisition, shares issued					13,500,000		10,000,000
Oil and gas assets acquired							$ 1,898,947
Common shares outstanding					1,692,286		12,500,000
Conversion of Series A Convertible Preferred stock							17
Common stock issued as a result of conversion of Series A Convertible Preferred stock							24,286
Common stock cancelled and returned to treasury						9,597,800

XML 59 R49.htm IDEA: XBRL DOCUMENT

Income Tax - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Sep. 30, 2018	Sep. 30, 2017
Deferred Tax Assets
Net operating loss carryforward	$ 525,922	$ 602,349
Total gross deferred tax assets	525,922	602,349
Less: Deferred tax asset valuation allowance	(525,922)	(602,349)
Total net deferred tax assets	0	0
Deferred Tax Liabilities
Depreciation	0	0
Total deferred tax liabilities	0	0
Total net deferred taxes	$ 0	$ 0

XML 60 R50.htm IDEA: XBRL DOCUMENT

Income Tax (Details Narrative) - USD ($)	Sep. 30, 2018	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Deferred tax asset valuation allowance	$ (525,922)	$ (602,349)

XML 61 R51.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended
Subsequent Events (Details Narrative) - USD ($)	Oct. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Stock options, vested, maturity		4 years 3 months
Standby Letters of Credit
Subsequent Event [Line Items]
Letter of credit		$ 275,000	$ 593,000
Subsequent Event \| Standby Letters of Credit
Subsequent Event [Line Items]
Letter of credit	$ 275,000
Subsequent Event \| Director
Subsequent Event [Line Items]
Stock options, vested	50,000
Stock options, vested, maturity	5 years
Directors compensation, description	Jeffrey Pearl was elected to fill the vacancy on our Board of Directors effective October 28, 2018. As part of his designation as director, he will receive a monthly cash payment of $2,000; and a quarterly stock option grant of 25,000 shares of our common stock, with the shares vesting on the date of the grant and being valued at 110% of the fair market value or the closing price of our common stock on the date of the grant ($0.45 times 110% = $0.495 per share).

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