KonaTel, Inc.

0001515971-19-000146.txt : 20191119 0001515971-19-000146.hdr.sgml : 20191119 20191119161629 ACCESSION NUMBER: 0001515971-19-000146 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 63 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191119 DATE AS OF CHANGE: 20191119 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: 191231376 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 ktel10q093019.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, 2019

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)

The Registrant does not have any securities registered pursuant to Section 12(b) of the Exchange Act.

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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes 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 definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o	Accelerated filer o
Non-accelerated filer	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

Our website is www.konatel.com.

Our common stock is quoted on the OTC Markets Group, Inc. (“OTC Markets”) “OTC Pink Tier” under the symbol “KTEL.”

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the Registrant’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		40,692,286 shares
Class		Outstanding as of November 18, 2019

References

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 subsidiaries, KonaTel, Inc., a Nevada corporation (“KonaTel Nevada”), Apeiron Systems, Inc., a Nevada corporation doing business as “Apeiron” (“Apeiron”), and IM Telecom, LLC, an Oklahoma limited liability company doing business as “Infiniti Mobile” (“Infinite Mobile”).

Forward-Looking Statements

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 United States Securities and Exchange Commission (the “SEC”) that are contained in the SEC Edgar Archives. 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, 2019

INDEX


			Page No.
PART I – FINANCIAL INFORMATION			4
Item 1. Financial Statements			5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			18
Item 3. Quantitative and Qualitative Disclosures About Market Risk			21
Item 4. Controls and Procedures			21
PART II – OTHER INFORMATION			22
Item 1. Legal Proceedings			22
Item 1A. Risk Factors			22
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			22
Item 3. Defaults Upon Senior Securities			22
Item 4. Mine Safety Disclosures			22
Item 5. Other Information			22
Item 6. Exhibits			23

SIGNATURES			24

PART I - FINANCIAL STATEMENTS

SEPTEMBER 30, 2019

Table of Contents


Condensed Consolidated Balance Sheets as of September 30, 2019 (unaudited), and December 31, 2018	5
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019, and 2018 (unaudited)	6
Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the three and nine months ended September 30, 2019, and 2018 (unaudited)	7
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019, and 2018 (unaudited)	8
Notes to Condensed Consolidated Financial Statements (unaudited)	9

KonaTel, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

	September 30,			December 31,
	2019			2018
Assets
Current Assets
Cash and Cash Equivalents	$	139,637		$	56,510
Accounts Receivable, net		720,158			1,035,273
Note Receivable		—			66,667
Inventory, Net		1,562			1,085
Prepaid Expenses		3,677			7,354
Total Current Assets		865,034			1,166,889

Fixed Asset
Property and Equipment, Net		111,682			132,023
Right to Use Assets, Net		58,614			—
Total Fixed Assets		170,296			132,023

Other Assets
Intangible Assets, Net		2,508,089			2,490,922
Advances for Acquisition Target		—			561,309
Other Assets		257,740			57,266
Total Other Assets		2,765,829			3,109,497
Total Assets	$	3,801,159		$	4,408,409

Liabilities and Stockholders’ Equity
Current Liabilities
Accounts Payable and Accrued Expenses	$	1,417,543		$	1,265,080
Amount Due to Stockholder		204,344			91,152
Revolving Line of Credit		35,683			103,379
Lease Liabilities		42,271			—
Deferred Revenue		42,867			69,988
Income Tax Payable		87,800			108,941
Customer Deposits		29,988			28,854
Total Current Liabilities		1,860,496			1,667,394

Long Term Liabilities
Lease Liabilities		17,508			—
Deferred Tax Liability		10,700			10,700
Total Long Term Liabilities		28,208			10,700
Total Liabilities		1,888,704			1,678,094

Stockholders’ Equity
Common stock, $0.001 par value, 50,000,000 shares authorized, 40,692,286 outstanding and issued at September 30, 2019, and December 31, 2018		40,692			40,692
Additional Paid In Capital		7,301,658			7,041,696
Accumulated Deficit		(5,429,895	)		(4,352,073	)
Total Stockholders’ Equity		1,912,455			2,730,315
Total Liabilities and Stockholders’ Equity	$	3,801,159		$	4,408,409

See accompanying notes to unaudited condensed consolidated financial statements.

KonaTel, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018

Revenue	$	2,346,975		$	2,453,514		$	7,253,641		$	7,591,218
Cost of Revenue		1,517,834			1,892,988			4,836,732			6,481,979

Gross Profit		829,141			560,526			2,416,909			1,109,239

Operating Expenses
Payroll and Related Expenses		461,331			336,660			1,403,872			1,120,388
Operating and Maintenance		225,252			332,718			1,034,287			936,212
Bad Debt		3,300			—			3,300			15,210
Utilities and Facilities		21,066			41,883			80,839			147,389
Depreciation and Amortization		251,117			61,582			753,350			206,172
General and Administrative		13,306			26,560			91,639			64,485
Marketing and Advertising		2,550			4,995			24,020			42,284
Taxes and Insurance		15,615			21,437			85,508			124,771
Total Operating Expenses		993,537			825,835			3,476,815			2,656,911

Operating Loss		(164,396	)		(265,309	)		(1,059,906	)		(1,547,672	)

Other Income and Expense
Interest Income		221			456			1,562			4,757
Other Income		—			318,257			14,836			318,257
Interest Expense		(11,631	)		(7,087	)		(34,314	)		(30,951	)
Total Other Income and Expenses		(11,410	)		311,626			(17,916	)		292,063

Net Profit (Loss)	$	(175,805	)	$	46,317		$	(1,077,822	)	$	(1,255,609	)

Net loss per share	$	(0.00	)	$	0.00		$	(0.03	)	$	(0.04	)
Weighted Average Number of Basic and Diluted Shares		40,692,286			32,942,286			40,692,286			31,423,055

See accompanying notes to unaudited condensed consolidated financial statements.

KONATEL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

(Unaudited)

	Common Shares				Additional			Accumulated
	Shares		Amount		Paid-in Capital			Deficit			Total
Balances as of January 1, 2019		40,692,286	$	40,692	$	7,041,696		$	(4,352,073	)	$	2,730,315
Stock Based Compensation						259,962						259,962
Net Loss									(1,077,822	)		(1,077,822	)

Balances as of September 30, 2019		40,692,286	$	40,692	$	7,301,658		$	(5,429,895	)	$	1,912,455


Balances as of July 1, 2019		40,692,286	$	40,692	$	7,414,595		$	(5,254,089	)	$	2,201,198
Cancellation of Stock Options						(98,482	)					(98,482	)
Stock Based Compensation						(14,455	)					(14,455	)
Net Loss									(175,806	)		(175,806	)

Balances as of September 30, 2019		40,692,286	$	40,692	$	7,301,658		$	(5,429,895	)	$	1,912,455

	Common Shares				Additional		Accumulated
	Shares		Amount		Paid-in Capital		Deficit			Total
Balances as of January 1, 2018		27,192,286	$	27,192	$	2,703,033	$	(3,190,873	)	$	(460,648	)
Issuance of Common Stock		5,750,000		5,750		1,144,250					1,150,000
Stock Based Compensation						454,434					454,434
Net Loss								(1,255,609	)		(1,255,609	)

Balances as of September 30, 2018		32,942,286	$	32,942	$	4,301,717	$	(4,446,482	)	$	(111,823	)


Balances as of July 1, 2018		32,942,286	$	32,942	$	4,139,734	$	(4,492,799	)	$	(320,123	)
Issuance of Common Stock											—
Stock Based Compensation						161,983					161,983
Net Profit								46,317			46,317

Balances as of September 30, 2018		32,942,286	$	32,942	$	4,301,717	$	(4,446,482	)	$	(111,823	)

See accompanying notes to unaudited condensed consolidated financial statements.

KonaTel, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended September 30,
	2019			2018
Cash Flows from Operating Activities:
Net Loss	$	(1,077,822	)	$	(1,255,609	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and Amortization		753,350			206,172
Bad Debt		3,300			15,210
Stock-based Compensation		259,962			454,434
Gain on Sale of Business Component		—			(318,257	)

Changes in Operating Assets and Liabilities, net of effects of acquisition:
Accounts Receivable		375,579			(391,445	)
Inventory		(477	)		39,246
Prepaid Expenses		6,077			(229,749	)
Accounts Payable and Accrued Expenses		(61,226	)		140,998
Deferred Revenue		(27,121	)		36,305
Customer Deposits		1,134			—
Other Assets		(200,474	)		506
Net cash provided by (used in) operating activities		32,282			(1,302,189	)

Cash Flows from Investing Activities
Cash Received in Acquisition of IM Telecom		14,318			—
Notes Receivable from Sale of Business Component		66,667			8,333
Proceeds from Sale of Business Component		—			226,043
Asset Purchase of IM Telecom		(22,382	)		—
Net cash provided by (used in) investing activities		58,603			234,376

Cash Flows from Financing Activities
Proceeds from issuance of common stock		—			1,150,000
Repayment of Revolving Lines of Credit		(67,696	)		—
Principal Payments on Lease Liabilities		(53,254	)
Advances made by Stockholder		200,000			100,000
Repayments of amounts due to Related Party		(86,808	)		(213,328	)
Net cash provided by (used in) financing activities		(7,758	)		1,036,672

Net Change in Cash		83,127			(31,141	)
Cash - Beginning of Year		56,510			94,149
Cash - End of Period	$	139,637		$	63,008

Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$	29,920		$	20,359
Lease Obligations for Right to Use Assets	$	59,658		$	—
Cash paid for taxes	$	—		$	—

Non-cash investing and financing activities:
Asset Purchase of IM Telecom
Accounts Receivable	$	63,764
Prepaid Expense	$	2,400
Furniture and Equipment at Fair Market Value	$	1,308
Accounts Payable and Accrued Expenses, net of cash	$	(192,548	)
License	$	694,447
Sale of Business Component
Notes Receivable				$	(100,000	)
Accounts Payable and Accrued Expenses, net of cash				$	3,819

See accompanying notes to unaudited condensed consolidated financial statements.

KONATEL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

NOTE 1 – ORGANIZATION

KonaTel Nevada (as defined below) was organized under the laws of the State of Nevada on October 14, 2014, by its founder and then sole shareholder, D. Sean McEwen, to conduct the business of a full-service MVNO (“Mobile Virtual Network Operator”) provider that delivered cellular products and services to individual and business customers in various retail and wholesale markets.

KonaTel Inc., formerly known as Dala Petroleum Corp. (the “Company,” “we,” “our,” or “us” and words of similar import), and 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.

On December 31, 2018, we acquired Apeiron Systems, Inc., a Nevada corporation doing business as “Apeiron” (“Apeiron”), which became our wholly-owned subsidiary on December 31, 2018. Apeiron was organized in 2013 and is an international hosted services CPaaS (“Communications Platform as a Service”) provider that designed, built, owns and operates its private core network, supporting a suite of real-time business communications services and Applications Programming Interfaces (“APIs”). As an Internet Telephony Service Provider (“ITSP”), Apeiron holds a Federal Communications Commission (“FCC”) numbering authority license. Some of Apeiron’s hosted services include SIP/VoIP services, SMS/MMS processing, BOT integration, NLP (“Natural Language Processing”), ML (“Machine Learning”), number services, including mobile, toll free and DID landline numbers, SMS to Email services, Database Dip services, SD-WAN, voice termination and numerous API driven services including voice, messaging and network management.

On January 31, 2019, we acquired IM Telecom, an Oklahoma limited liability company doing business as “Infiniti Mobile” (“Infiniti Mobile”), which became our wholly-owned subsidiary on that date. Infiniti Mobile is an FCC licensed ETC (“Eligible Telecommunications Carrier”) and is one of 22 FCC licensed carriers to hold an FCC approved Lifeline Compliance Plan in the United States. Under the Lifeline program, Infiniti Mobile is currently authorized to provide government subsidized mobile telecommunications services to eligible low-income Americans currently in eight states.

NOTE 2 – TRANSACTIONS

The following are significant transactions that impact the operations of the Company:

Apeiron Acquisition

On December 31, 2018, the Company purchased Apeiron, which became a wholly-owned subsidiary. The total purchase price was $2,450,000. The purchase included the issuance of 7,000,000 shares of the Company’s common stock in exchange for all the outstanding common shares of Apeiron common stock. The purchase price was derived and based on the fair market value of the 7,000,000 shares at the December 31, 2018, common stock price of $0.35 per share. The acquisition provides the Company with expansion and diversification within the telecommunications industry. Apeiron brings CPaaS and business networking services to the Company that have significant business in the wireless telecommunications industry. The combination allows the Company to share customers and provide bundled service integrations.

Infiniti Mobile Acquisition

On January 31, 2019, the Company completed the acquisition of Infiniti Mobile. The purchase price was $752,366 and included $100 in cash, advances to Infiniti Mobile for the period from the sales agreement dated February 5, 2018, until January 31, 2019, in the amount of $465,056, USAC over-payment settlement of $168,277 and accounts receivables due to the Company in the amount of $152,764.

The transaction was accounted for under the purchase method. The purchase price allocation to assets and liabilities assumed in the transaction was:

Cash	$	14,318
Accounts Receivable		63,764
Prepaid Expenses and Deposits		2,400
Furniture and Equipment at Fair Value		1,309
License		694,447
Accounts Payable		(192,548	)
Net Assets Acquired	$	583,690

The following table provides unaudited proforma results, prepared in accordance with ASC 805, for the three and nine months ended September 30, 2019, and 2018 respectively, as if Infiniti Mobile and Apeiron had been acquired on January 1, 2018:

	For the Three Months Ended September 30, 2019			For the Three Months Ended September 30, 2018		For the Nine Months Ended September 30, 2019			For the Nine Months Ended September 30, 2018
Net Sales	$	2,346,975		$	3,279,615	$	7,317,859		$	10,225,430
Net Profit (Loss)	$	(175,805	)	$	89,147	$	(1,043,590	)	$	(928,468	)
Net profit (loss) per share, basic and diluted	$	(0.00	)	$	0.00	$	(0.03	)	$	(0.03	)

NOTE 3 – BASIS OF PRESENTATION

Interim Financial Statements

The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring adjustments), which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited interim financial statements should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2018.

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, software, licenses, and customer lists. Actual results could differ from those estimates.

Basis of Consolidation

The condensed consolidated financial statements include the Company and three (3) wholly-owned corporate subsidiaries, KonaTel Nevada, Apeiron and Infiniti Mobile. The condensed consolidated financial statements for the nine-month period ended September 30, 2019, include the Company and its three (3) wholly-owned corporate subsidiaries, KonaTel Nevada, Apeiron and Infiniti Mobile (February through September). The condensed consolidated balance sheet for year ended December 31, 2018, includes the Company and the wholly-owned corporate subsidiaries, KonaTel Nevada and Apeiron. The condensed consolidated statements of operations, cash flows, and stockholders’ equity (deficit) for the nine-month period ended September 30, 2018, include the Company and the wholly owned corporate subsidiary, KonaTel Nevada. All significant intercompany transactions are eliminated.

Going Concern

As the Company did not generate net income during the nine-month periods ended September 30, 2019, and 2018, the Company has been dependent upon equity financing to support its operations. The Company incurred losses of $1,077,822 and $1,255,609 for the nine-month periods ended September 30, 2019, and 2018, respectively. The Company has had significant improvement in providing cash from the operations. Net cash provided by operating activities was $32,282 and used in operating activities was ($1,302,189) for the nine-months ended September 30, 2019, and 2018, respectively. The accumulated deficit as of September 30, 2019, is $5,429,895.

The Company has ameliorated any substantial doubt issues by generating additional cash flow since the completion of our merger with KonaTel Nevada on December 18, 2017, including: the acquisition of Apeiron and Infiniti Mobile; 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, the Company also has 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.

Net 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. As of September 30, 2019, and December 31, 2018, there are 4,575,000 and 4,325,000 potentially dilutive common shares, respectively. The dilutive common shares are not included in the computation of diluted earnings per share, because to do so would be anti-dilutive.

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 customers and cellular providers. As of September 30, 2019, the Company had no significant concentration of receivables (defined as customers whose receivable balances are greater than 10% of total receivables). As of December 31, 2018, the Company had a significant concentration of receivables due from two customers in the amounts of $441,934, or 42.7%.

Concentration of Major Customer

A significant amount of the revenue is derived from contracts with major customers and cellular providers. For the nine-month period ended September 30, 2019, the Company had one customer that accounted for $1,810,875, or 25.0% and one cellular provider that accounted for $2,028,814, or 28.0%, of the total revenue. For the three-month period ended September 30, 2019, the Company had one customer that accounted for $634,668, or 27.0% and one cellular provider that accounted for $612,092, or 26.1% of the total revenue.

Effect of Recent Accounting Pronouncements

On February 25, 2016, the FASB issued Accounting Standards Update (ASU) 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 2020. The Company has determined that this pronouncement will not have a material impact on the financial statements (see NOTE 5).

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 Securities Exchange Act of 1934, as amended (the “Exchange Act”).

NOTE 4 – PROPERTY AND EQUIPMENT

Property and equipment consist of the following major classifications as of September 30, 2019, and December 31, 2018:

	September 30, 2019			December 31, 2018
Leasehold Improvements	$	46,950		$	46,950
Furniture and Fixtures		102,946			101,638
Billing Software		217,163			217,163
Office Equipment		86,887			86,887
		453,946			452,638
Less: Accumulated Depreciation and Amortization		(342,264	)		(320,615	)
Property and equipment, net	$	111,682		$	132,023

Depreciation and amortization expense amounted to $21,649 and $21,649 for the nine-month periods ended September 30, 2019, and 2018 and $7,217 and $7,216 for the three-month periods ended September 30, 2019, and 2018, respectively. Depreciation and amortization expense are included as a component of operating expenses in the accompanying statements of operations.

NOTE 5 – RIGHT-TO-USE ASSETS

Right-to-Use Assets consist of assets accounted for under ASC 842. The assets are recorded at present value using implied interest rates between 5.29% and 5.34%.

	September 30, 2019			December 31, 2018
Right-to-Use Assets	$	113,035		$	—
Less: Accumulated Depreciation		(54,421	)		—
Right-to-Use, net	$	58,614		$	—

Depreciation amounted to $54,421 for the nine-month period and $18,140 for the three-month period ended September 30, 2019. Depreciation expense is included as a component of operating expenses in the accompanying statements of operations.

NOTE 6 – INTANGIBLE ASSETS

Intangible Assets with definite useful life consist of licenses, customer lists and software that were acquired through acquisitions:

	September 30, 2019			December 31, 2018
Customer Lists	$	1,135,961		$	1,135,961
Software		2,407,001			2,407,001
License		694,447			—
Less: Accumulated Amortization		(1,729,320	)		(1,052,040	)
Intangible Assets, net	$	2,508,089		$	2,490,922

Amortization expense amounted to $677,280 and $151,059 for the nine-month periods ended September 30, 2019, and 2018 and $225,761 and $20,903 for the three-month periods ended September 30, 2019, and 2018, respectively. Amortization expense is included as a component of operating expenses in the accompanying statements of operations. Amortization expense is expected to be as follows:

2019	$	208,976
2020	$	802,334
2021	$	802,333

Intangible Assets with indefinite useful life consist of a license granted by the FCC:

The License, because of the nature of the asset and the limitation on the number of granted licenses by the FCC, will not be amortized. The License was acquired through an acquisition. The fair market value of the License as of September 30, 2019, was $624,255.

NOTE 7 – LINES OF CREDIT

The Company has two lines of credit with a bank which provide aggregate maximum borrowing availability of $1,050,000 as of September 30, 2019, and December 31, 2018. The lines of credit are payable on demand and bear interest at a variable rate with rate ranges from 7.5% to 8.0%. Outstanding advances under these line of credit arrangements amounted to $35,683 and $103,379 as of September 30, 2019, and December 31, 2018, respectively. The lines of credit mature on January 5, 2020, and February 14, 2020.

The lines are secured by the general assets of the Company and aggregate amounts drawn under the lines 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 8 – LEASES

The Company has right-to-use assets through leases of property under three non-cancelable leases with terms in excess of one year. The current lease liabilities expire April 30, 2020, September 1, 2020, and December 1, 2021. Future lease liability payments under the terms of these leases are as follows:

2019	$	18,110
2020	$	31,373
2021	$	10,175
Total	$	59,658
Less Current Maturities	$	42,150
Long Term Maturities	$	17,508

The Company also leases two office spaces on a month-to-month basis. Total lease expense for the nine-month periods ended September 30, 2019, and 2018 amounted to $52,592 and $110,023 and $15,392 and $33,677 for the three-month periods ended September 30, 2019, and 2018, respectively.

NOTE 9 – AMOUNT DUE TO STOCKHOLDER

As of September 30, 2019, and December 31, 2018, the Company’s principal shareholder, D. Sean McEwen was owed $4,344 and $91,152, respectively, for advances used for working capital under a note. The note bears a 10% per annum interest rate. The note matures on November 30, 2019.

During 2019, Joshua Ploude, CEO of Apeiron, advanced the Company $200,000. The amount was used to provide a vendor security deposit. The note bears a 10% per annum interest rate until May 1, 2019, at which time, will increase to 12% per annum. The note had an original maturity date of July 10, 2019. The loan has been extended without a defined maturity end date.

NOTE 10 – 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, 2019, there are no legal proceedings, except the following:

On August 28, 2018, we filed a claim in AAA Arbitration against a former employee, Saul Glosser. In August 2019, the Company won an arbitration award (ratified by the court) from Mr. Glosser in the amount of $362,871 ($357,914 plus arbitrator compensation of

$4,957). The award has been deemed final as Mr. Glosser has not preserved any outstanding issues for review. At this time collectability is yet to be determined, and therefore the award is not currently reflected in the balance sheet.

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.

Letters of Credit

The Company maintains irrevocable standby letter of credit arrangements with certain cellular carriers in the aggregate amount of $63,000. 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, 2019, and December 31, 2018. The letters of credit are not considered in the financial statements.

Regulatory Determinations

On May 17, 2019, Infiniti Mobile was notified by the United States Administrative Company (“USAC”) of an over-payment of Universal Service Fund reimbursements in the amount of $168,677. On July 25, 2019, the Company entered into a Letter of Acknowledgement with the FCC and requested a 24-month payment plan regarding the repayment of the over-payment amounts. The FCC decision regarding the payment plan request is pending and is expected before December 31, 2019. As required by the Letter of Acknowledgement requirements, Infiniti Mobile has made a good faith down payment in the amount of 10% of the total over-payment and continues to make regular monthly payments of 1/24th of the outstanding balance pending payment plan approval. The over-payment amount was recorded as a current acquisition expense.

The Company entered into a Settlement Agreement with the former owner of Infiniti Mobile regarding this matter, effective September 4, 2019, which was the date of delivery of the fully executed Settlement Agreement that was dated August 22, 2019, and filed with the SEC on September 4, 2019. Under the Settlement Agreement, and as part of the previous owner’s obligations to indemnify and hold the Company harmless from any liability arising from the breach of any representations and warranties in the initial Purchase and Sale Agreement dated February 5, 2019 (the “PSMI”), and filed with the SEC on February 6, 2019, which included this liability, the vested $0.20 per share 500,000 share incentive stock option grant that was awarded to the previous owner at the closing of the PSMI was cancelled and deemed null and void, and the previous owner was released from any liability for the $168,677 over-payment. All of the other terms and conditions of the PSMI remain in full force and effect, including the continuing indemnification provisions regarding all other representations and warranties.

NOTE 11 – 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 Hosted Services, Mobile Services, Lifeline ETC (“Eligible Communications Carrier”), and Lifeline VETC (“Virtual Eligible Communications Carrier”).

Hosted Services – This segment includes a suite of hosted CPaaS (“Communications Platform as a Service”) services including SIP/VoIP services, SMS/MMS, BOT integration, NLP (“Natural Language Processing”), ML (“Machine Learning”), mobile numbers, toll free numbers, DID landline numbers, SMS to Email, Database Dip, SD-WAN, voice termination and numerous API driven services. Apeiron developed, owns and supports its services through its dedicated national telecommunications network. Apeiron provides telecommunications services to application developers, call centers and small and medium size businesses. Apeiron markets these services through the Apeiron website, independent sales agents, ISOs (Independent Sales Organizations) and Social Media Optimization (“SCO”).

Mobile Services – This segment includes retail and wholesale cellular voice/text/data services and mobile data (IoT or “Internet of Things”) services. KonaTel consolidated its wholesale and retail services with Apeiron’s hosted CPaaS services, providing Apeiron with an expanded portfolio of mobile services to bundle with its existing services. Apeiron’s mobile voice/text/data and mobile data

services are supported by a blend of reseller agreements with select national wireless carriers and national wireless wholesalers. A wireless communications service reseller does not own the wireless network infrastructure over which services are provided to its customers. Apeiron’s mobile voice/text/data and mobile data solutions are generally sold as traditional post-paid service plans that may include voice/text/data or wireless data only plans. Sometimes equipment is provided which can include, but is not limited to, phones, tablets, modems, routers and accessories. Apeiron primarily markets its mobile services through independent sales agents and ISOs via the “Apeiron” brand. These agents and ISOs generally market to small and medium sized businesses throughout the United States. This type of marketing is also considered B2B (“Business to Business”) sales.

Lifeline ETC – This segment operates under its own FCC approved Compliance Plan and FCC wireless ETC designation in eight states which currently include Georgia, Kentucky, Maryland, Nevada, Oklahoma, South Carolina, Vermont and Wisconsin. IM Telecom, operating under its Infiniti Mobile brand, currently markets its Lifeline service through its Internet presence, its storefront in Tulsa, Oklahoma and through ISOs that specialize in the distribution of Lifeline services. These ISOs typically support teams of field agents who market directly to Lifeline eligible individuals requesting Lifeline service. We provide phones and wireless voice/text/data service to Lifeline eligible individuals requesting Lifeline service. In some states and depending on government requirements, we may only provide voice/text service with no mobile data.

Lifeline VETC – This segment operates under the license of another ETC. We currently market our Lifeline VETC sales through ISOs that specialize in the distribution of Lifeline services. These ISOs typically support teams of field agents who market directly to Lifeline eligible individuals requesting Lifeline service. We provide phones and wireless voice/text/data service to Lifeline eligible individuals requesting Lifeline service. In some states and depending upon government requirements, we may only provide voice/text service with no mobile data.

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

	Hosted Services			Mobile Services			Lifeline ETC			Lifeline VETC			Total
For the nine-month period ended September 30, 2019
Revenue	$	2,450,483		$	1,943,318		$	506,931		$	2,352,909		$	7,253,641
Net Loss	$	(215,291	)	$	144,955		$	(462,519	)	$	(544,967	)	$	(1,077,822	)
Depreciation and amortization	$	428,060		$	269,712		$	34,705		$	20,872		$	753,350
Additions to property and equipment	$	—		$	—		$	—		$	—		$	—

For the three-month period ended September 30, 2019
Revenue	$	875,256		$	600,553		$	276,073		$	595,093		$	2,346,975
Net Loss	$	46,816		$	(93,308	)	$	21,819		$	(151,133	)	$	(175,806	)
Depreciation and amortization	$	199,586		$	19,711		$	1,507		$	30,313		$	251,117
Additions to property and equipment	$	—		$	—		$	—		$	—		$	—

For the nine-month period ended September 30, 2018
Revenue	$	—		$	3,929,840		$	—		$	3,661,378		$	7,591,218
Net Loss	$	—		$	(676,925	)	$	—		$	(578,684	)	$	(1,255,609	)
Depreciation and amortization	$	—		$	115,140		$	—		$	91,032		$	206,172
Additions to property and equipment	$	—		$	—		$	—		$	—		$	—

For the three-month period ended September 30, 2018
Revenue	$	—		$	945,764		$	—		$	1,507,750		$	2,453,514
Net Profit (Loss)	$	—		$	(254,292	)	$	—		$	300,609		$	46,317
Depreciation and amortization	$	—		$	52,542		$	—		$	9,040		$	61,582
Additions to property and equipment	$	—		$	—		$	—		$	—		$	—

NOTE 12 – STOCKHOLDERS’ EQUITY

Common Stock

On March 8, 2018, the Company 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 13, 2018, the Company issued 1,000,000 shares in a private placement to “accredited investors” at $0.20 per share for an aggregate amount of $200,000, $100,000 of which was in cash and $100,000 of which was in settlement of an advance in that amount from this subscriber.

Stock Compensation

The Company offers stock option equity awards to directors and key employees. Options vested in tranches and expire in five (5) years. During the nine-months ended September 30, 2019, and 2018, the Company recorded vested options expense of $141,804 and $454,434, respectively. The option expense not taken as of September 30, 2019, is $743,967, with a weighted average term of 3.1 years.

The following table represents stock option activity as of and for the three-month period ended September 30, 2019:

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

Options Outstanding – December 31, 2018		4,325,000	$	0.20		3.1	$	—
Granted		500,000	$	0.20		2.3
Exercised
Forfeited		1,550,000
Options Outstanding – September 30, 2019		3,275,000	$	0.19		3.2	$	—

Exercisable and Vested, September 30, 2019		2,925,250	$	0.19		3.1	$	—

NOTE 13 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date of this filing and no material subsequent events have occurred.

Effective October 15, 2019 (though executed October 17, 2019), the Company and Charles L. Schneider, Jr., the CEO of our wholly-owned subsidiary, KonaTel Nevada, and the President and CEO of our wholly-owned subsidiary, Infiniti Mobile, executed and delivered a Severance Agreement and Release (the “Severance Agreement”). In connection with the execution and delivery of the Severance Agreement, the parties also executed and delivered the following additional agreements: (i) various assignments to Mr. Schneider regarding the Company’s reseller agreement with Standup Wireless; (ii) an Amended Incentive Stock Option Agreement; and (iii) an Independent Contractor Agreement.

Pursuant to the Severance Agreement, Mr. Schneider’s Employment Agreement with the Company dated July 1, 2016, was terminated. The Company agreed to pay his salary (16,667 per month) and benefits through December 31, 2019; allowed him to retain his laptop, monitors, keyboard/mouse and printer; and assigned him certain Company contract rights as a reseller of Lifeline services for StandUp Wireless, another Lifeline provider, which he agreed to assume. The Company had determined that it was no longer interested in acting as a distributor of Lifeline services for StandUp Wireless and intended to focus its efforts on distributing Lifeline service under its own FCC Lifeline license. Additionally, the parties agreed that 500,000 of the 1,500,000 incentive stock options held by Mr. Schneider had vested; that the remaining 1,000,000 incentive stock options that he had been granted were void; and the Amended Incentive Stock Option Agreement was revised to include a customary “cashless” exercise feature for the 500,000 vested options. A Lock-Up/Leak-Out Agreement (the “LULO Agreement”) was also executed and delivered by the Company and Mr. Schneider, which provides for a Lock-Up Period of six (6) months from the exercise of the option to purchase any shares underlying the vested options; and an eighteen (18) month Leak-Out Period thereafter by which he

is limited to the resale of shares of common stock acquired in any such exercise (including shares currently owned or hereafter acquired) to the greater of (i) (5%) of the total shares of the Company publicly traded on any nationally recognized medium of a stature no less than the Pink OTC Markets, Inc. (the “OTC Pink Tier”) of the OTC Markets Group, Inc. (the “OTC Markets”) over the previous ten (10) trading days, or (ii) one percent (1%) of the total outstanding shares of the Company as reported in the Company’s most recently filed SEC report or registration statement in the Edgar Archives of the SEC, divided by thirteen (13) weeks.

Pursuant to the Independent Contractor Agreement (the “ICA”) entered into with the Company, Mr. Schneider has agreed to assist the Company in having its wholly-owned subsidiary, Infiniti Mobile, being granted its request for Eligible Telecommunications Carrier (“ETC”) status from the California Public Utilities Commission (“CPUC”) to distribute Lifeline cellular phone service within the State of California. In the event that the Company is successful in this process, Mr. Schneider will be granted a one (1) year Warrant with a customary “cashless” exercise feature to purchase 250,000 shares of the Company’s common stock at an exercise price to be determined on the date of any such approval. The ICA has a term of one (1) year and may be extended by the parties yearly. The LULO Agreement is applicable to any shares that may be acquired under any such Warrant, with the eighteen (18) month term commencing on the exercise of any such Warrant that may be issued. Mr. Schneider has more than thirty (30) year experience in the telecommunications industry should be invaluable to the Company in this process.

These agreements also contained customary representations and warranties, confidentiality provisions and non-disparagement provisions, as may have been applicable, among other customary terms and conditions

The Company also granted the Vice President of Operations of Infiniti Mobile and the Vice President of Finance stock options under its Form of Incentive Stock Option Agreement and incentive stock option plan, 300,000 options to each at an exercise price of $0.15 per share, which is the current public market price for the common stock of the Company on the OTC Pink Tier, with 100,000 shares each vesting on December 31, 2019, and with the remainder vesting at the rate of 100,000 shares each on December 31, 2020, and 2021.

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

Our Hosted Services (“CPaaS or Communications Platform as a Service”) include SIP/VoIP services, SMS/MMS, BOT integration, NLP (“Natural Language Processing”), ML (“Machine Learning”), mobile numbers, toll free numbers, DID landline numbers, SMS to Email, Database Dip, SD-WAN, voice termination and numerous API driven services. Apeiron developed, owns and supports its services through its dedicated national telecommunications network. Apeiron provides telecommunications services to application developers, call centers and small and medium size businesses. Apeiron markets these services through the Apeiron website, independent sales agents, ISOs (Independent Sales Organizations) and Social Media Optimization (“SCO”).

Our Mobile Services include our retail and wholesale cellular voice/text/data services and mobile data (IoT or “Internet of Things”) services. We consolidated our wholesale and retail mobile services with Apeiron’s hosted CPaaS services, providing Apeiron with a bundled portfolio of mobile and hosted CPaaS services. Apeiron’s mobile voice/text/data and mobile data services are supported by a blend of reseller agreements with select national wireless carriers and national wireless wholesalers. A wireless communications service reseller does not own the wireless network infrastructure over which services are provided to its customers. Apeiron’s mobile voice/text/data and mobile data solutions are generally sold as traditional post-paid service plans that may include voice/text/data or wireless data only plans. Sometimes equipment is provided which can include, but is not limited to, phones, tablets, modems, routers and accessories. Apeiron primarily markets its mobile services through independent sales agents and ISOs via the “Apeiron” brand. These agents and ISOs generally market to small and medium sized businesses throughout the United States. This type of marketing is also considered B2B (“Business to Business”) sales.

Our Lifeline ETC services operate under its own FCC approved Compliance Plan and FCC wireless ETC designation in eight states which currently include Georgia, Kentucky, Maryland, Nevada, Oklahoma, South Carolina, Vermont and Wisconsin. IM Telecom, operating under its Infiniti Mobile brand, currently markets its Lifeline service through its internet presence, its storefront in Tulsa, Oklahoma, and through ISOs that specialize in the distribution of Lifeline services. These ISOs typically support teams of field agents who market directly to Lifeline eligible individuals requesting Lifeline service. We provide phones and wireless voice/text/data service to Lifeline eligible individuals requesting Lifeline service. In some states and depending on government requirements, we may only provide voice/text service with no mobile data.

Our Lifeline VETC operates under the license of another ETC. We currently market our Lifeline VETC sales through ISOs that specialize in the distribution of Lifeline services. These ISOs typically support teams of field agents who market directly to Lifeline eligible individuals requesting Lifeline service. We provide phones and wireless voice/text/data service to Lifeline eligible individuals requesting Lifeline service. In some states and depending upon government requirements, we may only provide voice/text service with no mobile data.

Results of Operations

Comparison of the quarter ended September 30, 2019, to the quarter ended September 30, 2018

For the quarter ended September 30, 2019, we had $2,346,975 in revenues from operations compared to the quarter ended September 30, 2018, where we had $2,453,514 in revenue from operations. The cost of revenue for the quarter ended September 30, 2019, was $1,517,834, compared to $1,892,988 for the quarter ended September 30, 2018. We had a gross profit of $829,141 for the quarter ended September 30, 2019, and $560,526 for the quarter ended September 30, 2018.

For the quarter ended September 30, 2019, and the quarter ended September 30, 2018, total operating expenses were $993,536 and $825,835, respectively, for an increase of $167,701.

For the quarter ended September 30, 2019, non-operating expenses were interest income of $221 and interest expense of $11,631, compared to $456 interest income, other income (gain on sale of business component) of $318,257, and interest expense of $7,087 for the quarter ended September 30, 2018.

For the quarter ended September 30, 2019, we had net loss of $175,805. For the quarter ended September 30, 2018, we had a net profit of $46,317.

In comparing our Statements of Operations between the three-month periods ended September 30, 2019, and 2018, the Company continued the process of diversifying the service mix. Gross Revenue from Hosted Services and Lifeline ETC were new services added through acquisitions and accounted for 49.1% of the total gross revenue for the three months ended September 30, 2019. Mobile services showed a decline of 36.5%, and Lifeline VETC showed a decrease of 60.5% in gross revenue for the three months ended September 30, 2019, compared to the three months ended September 30, 2018. Gross profit margin overall was 35.3% for the three months ended September 30, 2019, compared to 22.8% for the three months ended September 30, 2018. Hosted services and Lifeline ETC gross profit margin was 47.2% and 63.7%, respectively, for the three months ended September 30, 2019. Mobile services gross profit margin was 21.0% compared to (5.90%) for the three months ended September 30, 2019, and 2018, respectively. Lifeline VETC gross profit margin was 19.0% compared to 40.9% for the three months ended September 30, 2019, and 2018, respectively.

Comparison of the nine months ended September 30, 2019, to the nine months ended September 30, 2018

For the nine months ended September 30, 2019, we had $7,253,641 in revenues from operations compared to the nine months ended September 30, 2018, where we had $7,591,218 in revenue from operations. The cost of revenue for the nine months ended September 30, 2019, was $4,836,732, compared to $6,481,979 for the nine months ended September 30, 2018. We had a gross profit of $2,416,909 for the nine months ended September 30, 2019, and $1,109,239 for the nine months ended September 30, 2018.

For the nine months ended September 30, 2019, and the nine months ended September 30, 2018, total operating expenses were $3,476,815 and $2,656,911, respectively, for an increase of $819,904.

For the nine months ended September 30, 2019, non-operating expenses were interest income of $1,562, other income of $14,836 and interest expense of $34,314, compared to $4,757 interest income, other income (gain on sale of business component) of $318,257, and interest expense of $30,951 for the nine months ended September 30, 2018.

For the nine months ended September 30, 2019, we had net loss of $1,077,822. For the nine months ended September 30, 2018, we had a net loss of $1,255,609.

In comparing our Statements of Operations between the nine-month periods ended September 30, 2019, and 2018, the Company continued the process of diversifying the service mix. Gross Revenue from Hosted Services and Lifeline ETC were new services added through acquisitions and accounted for 40.8% of the total gross revenue for the nine months ended September 30, 2019. Mobile services showed a decline of 50.5%, and Lifeline VETC showed a decrease of 35.7% in gross revenue for the nine months ended September 30, 2019, compared to the nine months ended September 30, 2018. Gross profit margin overall was 33.3% for the nine months ended September 30, 2019, compared to 14.6% for the nine months ended September 30, 2018. Hosted services and Lifeline ETC gross profit margin was 38.3% and 58.0%, respectively, for the nine months ended September 30, 2019. Mobile services gross profit margin was 28.6% compared to 13.9% for the nine months ended September 30, 2019, and 2018, respectively. Lifeline VETC gross profit margin was 26.7% compared to 15.4% for the nine months ended September 30, 2019, and 2018, respectively.

Liquidity and Capital Resources

As of September 30, 2019, we have $139,637 in cash and cash equivalents on hand.

In comparing liquidity between the three-month periods ending September 30, 2019, and September 30, 2018, cash and short-term assets decreased by 32.5%. Accounts receivable decrease accounted for the overall decrease. Liabilities and total overall debt showed a 0.6% increase in the three-month period ending September 30, 2019, when compared to September 30, 2018. 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) decreased to .46 as of September 30, 2019, compared to .70 as of December 31, 2018. Working capital decreased by 98.9%. The decreases were created due decreases in accounts receivable and to a short-term borrowing from a stockholder.

Cash Flow from Operations

During the nine months ended September 30, 2019, cash flow provided by operating activities was $32,282, and for the nine months ended September 30, 2018, cash flow used in operating activities was ($1,302,189). Cash flows used in operating activities were primarily attributable to the Company’s net loss of $1,255,609 for the nine months ended September 30, 2018.

Cash Flows from Investing Activities

During the nine months ended September 30, 2019, and the nine months ended September 30, 2018, cash flow provided by investing activities was $58,603 and $226,043, respectively. The cash flow from investing activities for the nine months ended September 30, 2019, were from the asset purchase of Infiniti Mobile and payment from a note receivable created in the sale of a business component. The cash flow from investing activities for the nine months ended September 30, 2018, was derived from the sale of a business component.

Cash Flows from Financing Activities

During the nine months ended September 30, 2019, and the nine months ended September 30, 2018, cash flow provided by (used in) financing activities was ($7,758) and $1,036,672, respectively. The funds provided by financing were comprised of $67,696 for repayment of revolving lines of credit, $53,254 principal payments on lease liabilities, $200,000 in advances from stockholder and $86,808 in repayments due to a stockholder for the nine months ended September 30, 2019. The funds provided by financing were comprised of proceeds from issuance of common stock, $1,150,000, $100,000 in advances made by stockholder and repayments to a stockholder of $213,328 for the nine months ended September 30, 2018.

Going Concern

As the Company did not generate net income during the nine-month periods ended September 30, 2019, and 2018, the Company has been dependent upon equity financing to support its operations. The Company incurred losses of $1,128,616 and $1,255,609 for the nine-month periods ended September 30, 2019, and 2018, respectively. The Company has had significant improvement in providing cash from the operations. Net cash provided by operating activities was $32,282 and used in operating activities was ($1,293,856) for the nine-months ended September 30, 2019, and 2018, respectively. The accumulated deficit as of September 30, 2019, is $5,429,895.

The Company has ameliorated any substantial doubt issues by generating additional cash flow since the completion of our merger with KonaTel Nevada on December 18, 2017, including: the acquisition of Apeiron and Infiniti Mobile; receiving cash investments through the private placement of shares of our common stock; and cost reductions in Apeiron and VETC, all of which has contributed to an improvement in our working capital, without the use of additional lines of credit or borrowings. Additionally, the Company also has 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.

Off-Balance Sheet Arrangements

We had no Off-Balance Sheet arrangements during the period ended September 30, 2019.

Critical Accounting Policies

Net 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. As of September 30, 2019, and December 31, 2018, there are 2,925,250 and 4,325,000 potentially dilutive common shares, respectively. The dilutive common shares are not included in the computation of diluted earnings per share, because to do so would be anti-dilutive.

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

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

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Not required.

Item 4. Controls and Procedures.

Management’s Quarterly Report on Internal Control Over Financial Reporting

We maintain disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act that are designed to ensure that material information relating to us is made known to the officers who certify our financial reports and to other members of senior management and the Board of Directors. These disclosure controls and procedures are designed to ensure that information required to be disclosed in our reports that are filed or submitted under the Exchange Act are 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 our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

Management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness, as of September 30, 2019, of our disclosure controls and procedures. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were adequate as of September 30, 2019. During this period, we achieved effective controls for ensuring the accuracy of reporting over significant account balances, including the review, approval, documentation of related transactions, and other complex accounting procedures. These control improvements were achieved through the implementation of a Vice President of Finance function and additional segregation of duties and responsibilities as well as multi-level review procedures to validate accounts and financial results. The Company also currently has two independent directors.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2019, that have materially affected, or are 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 10, of the Company’s 10-K Annual Report for the fiscal year ended December 31, 2018, filed with the SEC on April 23, 2019, for a list of “Risk Factors,” which Annual Report can be accessed by Hyperlink in Part II, Item 6 hereof.

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

None; not applicable.

Item 3. Defaults upon Senior Securities

None; not applicable.

Item 4. Mine Safety Disclosure

Not applicable.

Item 5. Other Information

(1) Effective October 15, 2019 (though executed October 17, 2019), the Company and Charles L. Schneider, Jr., the CEO of our wholly-owned subsidiary, KonaTel Nevada, and the President and CEO of our wholly-owned subsidiary, Infiniti Mobile, executed and delivered a Severance Agreement and Release (the “Severance Agreement”). In connection with the execution and delivery of the Severance Agreement, the parties also executed and delivered the following additional agreements: (i) various assignments to Mr. Schneider regarding the Company’s reseller agreement with Standup Wireless; (ii) an Amended Incentive Stock Option Agreement; and (iii) an Independent Contractor Agreement.

focus its efforts on distributing Lifeline service under its own FCC Lifeline license. Additionally, the parties agreed that 500,000 of the 1,500,000 incentive stock options held by Mr. Schneider had vested; that the remaining 1,000,000 incentive stock options that he had been granted were void; and the Amended Incentive Stock Option Agreement was revised to include a customary “cashless” exercise feature for the 500,000 vested options. A Lock-Up/Leak-Out Agreement (the “LULO Agreement”) was also executed and delivered by the Company and Mr. Schneider, which provides for a Lock-Up Period of six (6) months from the exercise of the option to purchase any shares underlying the vested options; and an eighteen (18) month Leak-Out Period thereafter by which he is limited to the resale of shares of common stock acquired in any such exercise (including shares currently owned or hereafter acquired) to the greater of (i) (5%) of the total shares of the Company publicly traded on any nationally recognized medium of a stature no less than the Pink OTC Markets, Inc. (the “OTC Pink Tier”) of the OTC Markets Group, Inc. (the “OTC Markets”) over the previous ten (10) trading days, or (ii) one percent (1%) of the total outstanding shares of the Company as reported in the Company’s most recently filed SEC report or registration statement in the Edgar Archives of the SEC, divided by thirteen (13) weeks.

(2) Effective October 24, 2019, the Company granted the Vice President of Operations of Infiniti Mobile and the Vice President of Finance stock options under its Form of Incentive Stock Option Agreement and incentive stock option plan, 300,000 options to each at an exercise price of $0.15 per share, which is the current public market price for the common stock of the Company on the OTC Pink Tier, with 100,000 shares each vesting on December 31, 2019, and with the remainder vesting at the rate of 100,000 shares each on December 31, 2020, and 2021.

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.
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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:

Annual Report on Form 10-K for the year ended December 31, 2018, and filed with the SEC on April 23, 2019.

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 19, 2019	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 19, 2019	By:	/s/ D. Sean McEwen
			D. Sean McEwen
			Chairman, President, CEO and a Director

Date:	November 19, 2019	By:	/s/ Brian R. Riffle
			Brian R. Riffle
			Chief Financial Officer

EX-31.1 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:

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

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

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

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

5. The Registrant’s other certifying officer(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);

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

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

Date:	November 19, 2019	By:	/s/ D. Sean McEwen
			D. Sean McEwen
			Chairman, President and CEO

EX-31.2 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.;

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

Date:	November 19, 2019	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, 2019, 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 19, 2019	By:	/s/ D. Sean McEwen
			D. Sean McEwen
			Chairman, President and CEO

Date:	November 19, 2019	By:	/s/ Brian R. Riffle
			Brian R. Riffle
			Chief Financial Officer

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NOTE 1 – ORGANIZATION   KonaTel Nevada (as defined below) was organized under the laws of the State of Nevada on October 14, 2014, by its founder and then sole shareholder, D. Sean McEwen, to conduct the business of a full-service MVNO (“Mobile Virtual Network Operator”) provider that delivered cellular products and services to individual and business customers in various retail and wholesale markets.   KonaTel Inc., formerly known as Dala Petroleum Corp. (the “Company,” “we,” “our,” or “us” and words of similar import), and 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.   On December 31, 2018, we acquired Apeiron Systems, Inc., a Nevada corporation doing business as “Apeiron” (“Apeiron”), which became our wholly-owned subsidiary on December 31, 2018. Apeiron was organized in 2013 and is an international hosted services CPaaS (“Communications Platform as a Service”) provider that designed, built, owns and operates its private core network, supporting a suite of real-time business communications services and Applications Programming Interfaces (“APIs”). As an Internet Telephony Service Provider (“ITSP”), Apeiron holds a Federal Communications Commission (“FCC”) numbering authority license. Some of Apeiron’s hosted services include SIP/VoIP services, SMS/MMS processing, BOT integration, NLP (“Natural Language Processing”), ML (“Machine Learning”), number services, including mobile, toll free and DID landline numbers, SMS to Email services, Database Dip services, SD-WAN, voice termination and numerous API driven services including voice, messaging and network management.   On January 31, 2019, we acquired IM Telecom, an Oklahoma limited liability company doing business as “Infiniti Mobile” (“Infiniti Mobile”), which became our wholly-owned subsidiary on that date. Infiniti Mobile is an FCC licensed ETC (“Eligible Telecommunications Carrier”) and is one of 22 FCC licensed carriers to hold an FCC approved Lifeline Compliance Plan in the United States. Under the Lifeline program, Infiniti Mobile is currently authorized to provide government subsidized mobile telecommunications services to eligible low-income Americans currently in eight states.

NOTE 2 – TRANSACTIONS   The following are significant transactions that impact the operations of the Company:   Apeiron Acquisition   On December 31, 2018, the Company purchased Apeiron, which became a wholly-owned subsidiary. The total purchase price was $2,450,000. The purchase included the issuance of 7,000,000 shares of the Company’s common stock in exchange for all the outstanding common shares of Apeiron common stock. The purchase price was derived and based on the fair market value of the 7,000,000 shares at the December 31, 2018, common stock price of $0.35 per share. The acquisition provides the Company with expansion and diversification within the telecommunications industry. Apeiron brings CPaaS and business networking services to the Company that have significant business in the wireless telecommunications industry. The combination allows the Company to share customers and provide bundled service integrations.   Infiniti Mobile Acquisition   On January 31, 2019, the Company completed the acquisition of Infiniti Mobile. The purchase price was $752,366 and included $100 in cash, advances to Infiniti Mobile for the period from the sales agreement dated February 5, 2018, until January 31, 2019, in the amount of $465,056, USAC over-payment settlement of $168,277 and accounts receivables due to the Company in the amount of $152,764.   The transaction was accounted for under the purchase method. The purchase price allocation to assets and liabilities assumed in the transaction was:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="width: 86%; text-align: justify">Cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">14,318</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Accounts Receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">63,764</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: justify">Prepaid Expenses and Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,400</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Furniture and Equipment at Fair Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,309</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: justify">License</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">694,447</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Accounts Payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(192,548</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: justify">   Net Assets Acquired</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">583,690</td><td style="text-align: left"> </td></tr> </table>   The following table provides unaudited proforma results, prepared in accordance with ASC 805, for the three and nine months ended September 30, 2019, and 2018 respectively, as if Infiniti Mobile and Apeiron had been acquired on January 1, 2018:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 11pt"> </td><td style="font-size: 8.5pt; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; text-align: center; border-bottom: Black 1pt solid">For the Three Months Ended September 30, 2019</td><td style="padding-bottom: 1pt; font-size: 8.5pt"> </td><td style="font-size: 8.5pt; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; text-align: center; border-bottom: Black 1pt solid">For the Three Months Ended September 30, 2018</td><td style="padding-bottom: 1pt; font-size: 8.5pt"> </td><td style="font-size: 8.5pt; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; text-align: center; border-bottom: Black 1pt solid">For the Nine Months Ended September 30, 2019</td><td style="padding-bottom: 1pt; font-size: 8.5pt"> </td><td style="font-size: 8.5pt; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; text-align: center; border-bottom: Black 1pt solid">For the Nine Months Ended September 30, 2018</td><td style="padding-bottom: 1pt; font-size: 8.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="width: 40%; text-align: left">Net Sales</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,346,975</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,279,615</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7,317,859</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">10,225,430</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net Profit (Loss)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(175,805</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">89,147</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,043,590</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(928,468</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left">Net profit (loss) per share, basic and diluted</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.00</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.03</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.03</td><td style="text-align: left">)</td></tr> </table>

NOTE 3 – BASIS OF PRESENTATION   Interim Financial Statements   The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring adjustments), which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited interim financial statements should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2018.   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, software, licenses, and customer lists. Actual results could differ from those estimates.   Basis of Consolidation   The condensed consolidated financial statements include the Company and three (3) wholly-owned corporate subsidiaries, KonaTel Nevada, Apeiron and Infiniti Mobile. The condensed consolidated financial statements for the nine-month period ended September 30, 2019, include the Company and its three (3) wholly-owned corporate subsidiaries, KonaTel Nevada, Apeiron and Infiniti Mobile (February through September). The condensed consolidated balance sheet for year ended December 31, 2018, includes the Company and the wholly-owned corporate subsidiaries, KonaTel Nevada and Apeiron. The condensed consolidated statements of operations, cash flows, and stockholders’ equity (deficit) for the nine-month period ended September 30, 2018, include the Company and the wholly owned corporate subsidiary, KonaTel Nevada. All significant intercompany transactions are eliminated.   Going Concern   As the Company did not generate net income during the nine-month periods ended September 30, 2019, and 2018, the Company has been dependent upon equity financing to support its operations. The Company incurred losses of $1,077,822 and $1,255,609 for the nine-month periods ended September 30, 2019, and 2018, respectively. The Company has had significant improvement in providing cash from the operations. Net cash provided by operating activities was $32,282 and used in operating activities was ($1,302,189) for the nine-months ended September 30, 2019, and 2018, respectively. The accumulated deficit as of September 30, 2019, is $5,429,895.   The Company has ameliorated any substantial doubt issues by generating additional cash flow since the completion of our merger with KonaTel Nevada on December 18, 2017, including: the acquisition of Apeiron and Infiniti Mobile; 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, the Company also has 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.   Net 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. As of September 30, 2019, and December 31, 2018, there are 4,575,000 and 4,325,000 potentially dilutive common shares, respectively. The dilutive common shares are not included in the computation of diluted earnings per share, because to do so would be anti-dilutive.   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 customers and cellular providers. As of September 30, 2019, the Company had no significant concentration of receivables (defined as customers whose receivable balances are greater than 10% of total receivables). As of December 31, 2018, the Company had a significant concentration of receivables due from two customers in the amounts of $441,934, or 42.7%.   Concentration of Major Customer   A significant amount of the revenue is derived from contracts with major customers and cellular providers. For the nine-month period ended September 30, 2019, the Company had one customer that accounted for $1,810,875, or 25.0% and one cellular provider that accounted for $2,028,814, or 28.0%, of the total revenue. For the three-month period ended September 30, 2019, the Company had one customer that accounted for $634,668, or 27.0% and one cellular provider that accounted for $612,092, or 26.1% of the total revenue.   Effect of Recent Accounting Pronouncements   On February 25, 2016, the FASB issued Accounting Standards Update (ASU) 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 2020. The Company has determined that this pronouncement will not have a material impact on the financial statements (see NOTE 5).   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 Securities Exchange Act of 1934, as amended (the”Exchange Act”).

NOTE 4 – PROPERTY AND EQUIPMENT   Property and equipment consist of the following major classifications as of September 30, 2019, and December 31, 2018:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 11pt; text-align: center"> </td><td style="font-size: 8.5pt; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt; font-size: 8.5pt"> </td><td style="font-size: 8.5pt; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt; font-size: 8.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="width: 68%; text-align: left">Leasehold Improvements</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">46,950</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">46,950</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Furniture and Fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">102,946</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,638</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left">Billing Software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">217,163</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">217,163</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Office Equipment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">86,887</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">86,887</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="font-size: 11pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">453,946</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">452,638</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less:  Accumulated Depreciation and Amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(342,264</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(320,615</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">111,682</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">132,023</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Depreciation and amortization expense amounted to $21,649 and $21,649 for the nine-month periods ended September 30, 2019 and 2018 and $7,217 and $7,216 for the three-month periods ended September 30, 2019, and 2018, respectively. Depreciation and amortization expense are included as a component of operating expenses in the accompanying statements of operations.

NOTE 5 – RIGHT-TO-USE ASSETS   Right-to-Use Assets consist of assets accounted for under ASC 842. The assets are recorded at present value using implied interest rates between 5.29% and 5.34%.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 11pt; text-align: center"> </td><td style="font-size: 8.5pt; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt; font-size: 8.5pt"> </td><td style="font-size: 8.5pt; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt; font-size: 8.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="width: 70%; text-align: left">Right-to-Use Assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">113,035</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less:  Accumulated Depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(54,421</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Right-to-Use, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">58,614</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Depreciation amounted to $54,421 for the nine-month period and $18,140 for the three-month period ended September 30, 2019. Depreciation expense is included as a component of operating expenses in the accompanying statements of operations.

NOTE 6 – INTANGIBLE ASSETS   Intangible Assets with definite useful life consist of licenses, customer lists and software that were acquired through acquisitions:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-size: 8.5pt; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt; font-size: 8.5pt"> </td><td style="font-size: 8.5pt; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt; font-size: 8.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="width: 68%; font-size: 9pt; text-align: justify">Customer Lists</td><td style="width: 2%; font-size: 9pt"> </td> <td style="width: 1%; font-size: 9pt; text-align: left">$</td><td style="width: 12%; font-size: 9pt; text-align: right">1,135,961</td><td style="width: 1%; font-size: 9pt; text-align: left"> </td><td style="width: 2%; font-size: 9pt"> </td> <td style="width: 1%; font-size: 9pt; text-align: left">$</td><td style="width: 12%; font-size: 9pt; text-align: right">1,135,961</td><td style="width: 1%; font-size: 9pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 9pt; text-align: justify">Software</td><td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt; text-align: right">2,407,001</td><td style="font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt; text-align: right">2,407,001</td><td style="font-size: 9pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="font-size: 9pt; text-align: justify">License</td><td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt; text-align: right">694,447</td><td style="font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt; text-align: right">—  </td><td style="font-size: 9pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 9pt; text-align: justify; padding-bottom: 1pt">Less: Accumulated Amortization</td><td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(1,729,320</td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</td><td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(1,052,040</td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="font-size: 9pt; text-align: left; padding-bottom: 2.5pt">Intangible Assets, net</td><td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">2,508,089</td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">2,490,922</td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"> </td></tr> </table>   Amortization expense amounted to $677,280 and $151,059 for the nine-month periods ended September 30, 2019, and 2018 and $225,761 and $20,903 for the three-month periods ended September 30, 2019, and 2018, respectively. Amortization expense is included as a component of operating expenses in the accompanying statements of operations. Amortization expense is expected to be as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="width: 95%; text-align: left; vertical-align: middle">2019</td><td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">208,976</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: middle">2020</td><td style="text-align: left"> </td> <td style="text-align: right">$</td><td style="text-align: left"> </td> <td style="text-align: right">802,334</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; vertical-align: middle">2021</td><td style="text-align: left"> </td> <td style="text-align: right">$</td><td style="text-align: left"> </td> <td style="text-align: right">802,333</td><td style="text-align: left"> </td></tr> </table>   Intangible Assets with indefinite useful life consist of a license granted by the FCC:   The License, because of the nature of the asset and the limitation on the number of granted licenses by the FCC, will not be amortized. The License was acquired through an acquisition. The fair market value of the License as of September 30, 2019, was $624,255.

NOTE 7 – LINES OF CREDIT   The Company has two lines of credit with a bank which provide aggregate maximum borrowing availability of $1,050,000 as of September 30, 2019, and December 31, 2018. The lines of credit are payable on demand and bear interest at a variable rate with rate ranges from 7.5% to 8.0%. Outstanding advances under these line of credit arrangements amounted to $35,683 and $103,379 as of September 30, 2019, and December 31, 2018, respectively. The lines of credit mature on January 5, 2020, and February 14, 2020.   The lines are secured by the general assets of the Company and aggregate amounts drawn under the lines 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 8 – LEASES   The Company has right-to-use assets through leases of property under three non-cancelable leases with terms in excess of one year. The current lease liabilities expire April 30, 2020, September 1, 2020, and December 1, 2021. Future lease liability payments under the terms of these leases are as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="width: 85%; text-align: left; vertical-align: middle">2019</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">18,110</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: middle">2020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">31,373</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; vertical-align: middle">2021</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">10,175</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: middle">Total</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">59,658</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; vertical-align: middle">Less Current Maturities</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">42,150</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: middle">Long Term Maturities</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">17,508</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The Company also leases two office spaces on a month-to-month basis. Total lease expense for the nine-month periods ended September 30, 2019, and 2018 amounted to $52,592 and $110,023 and $15,392 and $33,677 for the three-month periods ended September 30, 2019, and 2018, respectively.

NOTE 9 – AMOUNT DUE TO STOCKHOLDER   As of September 30, 2019, and December 31, 2018, the Company’s principal shareholder, D. Sean McEwen was owed $4,344 and $91,152, respectively, for advances used for working capital under a note. The note bears a 10% per annum interest rate. The note matures on November 30, 2019.   During 2019, Joshua Ploude, CEO of Apeiron, advanced the Company $200,000. The amount was used to provide a vendor security deposit. The note bears a 10% per annum interest rate until May 1, 2019, at which time, will increase to 12% per annum. The note had an original maturity date of July 10, 2019. The loan has been extended without a defined maturity end date.

NOTE 10 – 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, 2019, there are no legal proceedings, except the following:   On August 28, 2018, we filed a claim in AAA Arbitration against a former employee, Saul Glosser. In August 2019 the Company won an arbitration award (ratified by the court) from Mr. Glosser in the amount of $362,871 ($357,914 plus arbitrator compensation of $4,957). The award has been deemed final as Mr. Glosser has not preserved any outstanding issues for review. At this time collectability is yet to be determined, and therefore the award is not currently reflected in the balance sheet.   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.   Letters of Credit   The Company maintains irrevocable standby letter of credit arrangements with certain cellular carriers in the aggregate amount of $63,000. 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, 2019, and December 31, 2018. The letters of credit are not considered in the financial statements.   Regulatory Determinations   On May 17, 2019, Infiniti Mobile was notified by the United States Administrative Company (“USAC”) of an over-payment of Universal Service Fund reimbursements in the amount of $168,677. On July 25, 2019, the Company entered into a Letter of Acknowledgement with the FCC and requested a 24-month payment plan regarding the repayment of the over-payment amounts. The FCC decision regarding the payment plan request is pending and is expected before December 31, 2019. As required by the Letter of Acknowledgement requirements, Infiniti Mobile has made a good faith down payment in the amount of 10% of the total over-payment and continues to make regular monthly payments of 1/24th of the outstanding balance pending payment plan approval. The over-payment amount was recorded as a current acquisition expense.   The Company entered into a Settlement Agreement with the former owner of Infiniti Mobile regarding this matter, effective September 4, 2019, which was the date of delivery of the fully executed Settlement Agreement that was dated August 22, 2019, and filed with the SEC on September 4, 2019. Under the Settlement Agreement, and as part of the previous owner’s obligations to indemnify and hold the Company harmless from any liability arising from the breach of any representations and warranties in the initial Purchase and Sale Agreement dated February 5, 2019 (the “PSMI”), and filed with the SEC on February 6, 2019, which included this liability, the vested $0.20 per share 500,000 share incentive stock option grant that was awarded to the previous owner at the closing of the PSMI was cancelled and deemed null and void, and the previous owner was released from any liability for the $168,677 over-payment. All of the other terms and conditions of the PSMI remain in full force and effect, including the continuing indemnification provisions regarding all other representations and warranties.

NOTE 11 – 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 Hosted Services, Mobile Services, Lifeline ETC (“Eligible Communications Carrier”), and Lifeline VETC (“Virtual Eligible Communications Carrier”).   Hosted Services – This segment includes a suite of hosted CPaaS (“Communications Platform as a Service”) services including SIP/VoIP services, SMS/MMS, BOT integration, NLP (“Natural Language Processing”), ML (“Machine Learning”), mobile numbers, toll free numbers, DID landline numbers, SMS to Email, Database Dip, SD-WAN, voice termination and numerous API driven services.  Apeiron developed, owns and supports its services through its dedicated national telecommunications network. Apeiron provides telecommunications services to application developers, call centers and small and medium size businesses. Apeiron markets these services through the Apeiron website, independent sales agents, ISOs (Independent Sales Organizations) and Social Media Optimization (“SCO”).   Mobile Services – This segment includes retail and wholesale cellular voice/text/data services and mobile data (IoT or “Internet of Things”) services. KonaTel consolidated its wholesale and retail services with Apeiron’s hosted CPaaS services, providing Apeiron with an expanded portfolio of mobile services to bundle with its existing services. Apeiron’s mobile voice/text/data and mobile data services are supported by a blend of reseller agreements with select national wireless carriers and national wireless wholesalers.  A wireless communications service reseller does not own the wireless network infrastructure over which services are provided to its customers.  Apeiron’s mobile voice/text/data and mobile data solutions are generally sold as traditional post-paid service plans that may include voice/text/data or wireless data only plans. Sometimes equipment is provided which can include, but is not limited to, phones, tablets, modems, routers and accessories. Apeiron primarily markets its mobile services through independent sales agents and ISOs via the “Apeiron” brand.  These agents and ISOs generally market to small and medium sized businesses throughout the United States.  This type of marketing is also considered B2B (“Business to Business”) sales.   Lifeline ETC – This segment operates under its own FCC approved Compliance Plan and FCC wireless ETC designation in eight states which currently include Georgia, Kentucky, Maryland, Nevada, Oklahoma, South Carolina, Vermont and Wisconsin.  IM Telecom, operating under its Infiniti Mobile brand, currently markets its Lifeline service through its Internet presence, its storefront in Tulsa, Oklahoma and through ISOs that specialize in the distribution of Lifeline services.  These ISOs typically support teams of field agents who market directly to Lifeline eligible individuals requesting Lifeline service.  We provide phones and wireless voice/text/data service to Lifeline eligible individuals requesting Lifeline service. In some states and depending on government requirements, we may only provide voice/text service with no mobile data.   Lifeline VETC – This segment operates under the license of another ETC.  We currently market our Lifeline VETC sales through ISOs that specialize in the distribution of Lifeline services.  These ISOs typically support teams of field agents who market directly to Lifeline eligible individuals requesting Lifeline service. We provide phones and wireless voice/text/data service to Lifeline eligible individuals requesting Lifeline service. In some states and depending upon government requirements, we may only provide voice/text service with no mobile data.   The following table reflects the result of operations of the Company’s reportable segments:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 11pt"> </td><td style="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Hosted Services</td><td style="padding-bottom: 1pt; font-size: 8.5pt; font-weight: bold"> </td><td style="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Mobile Services</td><td style="padding-bottom: 1pt; font-size: 8.5pt; font-weight: bold"> </td><td style="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Lifeline ETC</td><td style="padding-bottom: 1pt; font-size: 8.5pt; font-weight: bold"> </td><td style="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Lifeline VETC</td><td style="padding-bottom: 1pt; font-size: 8.5pt; font-weight: bold"> </td><td style="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td><td style="padding-bottom: 1pt; font-size: 8.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="font-weight: bold; width: 35%">For the nine-month period ended September 30, 2019</td><td style="font-size: 11pt; width: 1%"> </td> <td style="font-size: 11pt; text-align: left; width: 1%"> </td><td style="font-size: 11pt; text-align: right; width: 10%"> </td><td style="font-size: 11pt; text-align: left; width: 1%"> </td><td style="font-size: 11pt; width: 1%"> </td> <td style="font-size: 11pt; text-align: left; width: 1%"> </td><td style="font-size: 11pt; text-align: right; width: 10%"> </td><td style="font-size: 11pt; text-align: left; width: 1%"> </td><td style="font-size: 11pt; width: 1%"> </td> <td style="font-size: 11pt; text-align: left; width: 1%"> </td><td style="font-size: 11pt; text-align: right; width: 10%"> </td><td style="font-size: 11pt; text-align: left; width: 1%"> </td><td style="font-size: 11pt; width: 1%"> </td> <td style="font-size: 11pt; text-align: left; width: 1%"> </td><td style="font-size: 11pt; text-align: right; width: 10%"> </td><td style="font-size: 11pt; text-align: left; width: 1%"> </td><td style="font-size: 11pt; width: 1%"> </td> <td style="font-size: 11pt; text-align: left; width: 1%"> </td><td style="font-size: 11pt; text-align: right; width: 10%"> </td><td style="font-size: 11pt; text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,450,483</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,943,318</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">506,931</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,352,909</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,253,641</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(215,291</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">144,955</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(462,519</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(544,967</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,077,822</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Depreciation and amortization</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">428,060</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">269,712</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">34,705</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">20,872</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">753,350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Additions to property and equipment</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 11pt"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">For the three-month period ended September 30, 2019</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">875,256</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">600,553</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">276,073</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">595,093</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,346,975</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">46,816</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(93,308</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,819</td><td style="padding-bottom: 2.5pt; text-align: left"></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(151,133</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(175,806</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Depreciation and amortization</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">199,586</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">19,711</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,507</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30,313</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">251,117</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Additions to property and equipment</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 11pt"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">For the nine-month period ended September 30, 2018</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,929,840</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,661,378</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,591,218</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(676,925</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(578,684</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,255,609</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Depreciation and amortization</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">115,140</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">91,032</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">206,172</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Additions to property and equipment</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 11pt"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">For the three-month period ended September 30, 2018</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">945,764</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,507,750</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,453,514</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Profit (Loss)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(254,292</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">300,609</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">46,317</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Depreciation and amortization</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52,542</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,040</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">61,582</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Additions to property and equipment</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

NOTE 12 – STOCKHOLDERS’ EQUITY   Common Stock   On March 8, 2018, the Company 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 13, 2018, the Company issued 1,000,000 shares in a private placement to “accredited investors” at $0.20 per share for an aggregate amount of $200,000, $100,000 of which was in cash and $100,000 of which was in settlement of an advance in that amount from this subscriber.   Stock Compensation   The Company offers stock option equity awards to directors and key employees. Options vested in tranches and expire in five (5) years. During the nine-months ended September 30, 2019, and 2018, the Company recorded vested options expense of $141,804 and $454,434, respectively. The option expense not taken as of September 30, 2019, is $743,967, with a weighted average term of 3.1 years.   The following table represents stock option activity as of and for the three-month period ended September 30, 2019:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td><td style="font: 8.5pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: 8.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number of Shares</td><td style="padding-bottom: 1pt; font: 8.5pt Times New Roman, Times, Serif"> </td><td style="font: 8.5pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: 8.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; font: 8.5pt Times New Roman, Times, Serif"> </td><td style="font: 8.5pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: 8.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Weighted Average Remaining Life</td><td style="padding-bottom: 1pt; font: 8.5pt Times New Roman, Times, Serif"> </td><td style="font: 8.5pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: 8.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Aggregate Intrinsic Value</td><td style="padding-bottom: 1pt; font: 8.5pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="width: 35%; font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: middle">Options Outstanding – December 31, 2018</td><td style="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 1%; font: 9pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 12%; font: 9pt Times New Roman, Times, Serif; text-align: right">4,325,000</td><td style="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 1%; font: 9pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 9pt Times New Roman, Times, Serif; text-align: right">0.20</td><td style="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 1%; font: 9pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 14%; font: 9pt Times New Roman, Times, Serif; text-align: right">3.1</td><td style="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 1%; font: 9pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 9pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: middle">Granted</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">500,000</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">0.20</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">2.3</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: middle">Exercised</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: middle">Forfeited</td><td style="padding-bottom: 1pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">1,550,000</td><td style="padding-bottom: 1pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: middle">Options Outstanding – September 30, 2019</td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">3,275,000</td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="text-align: right">0.19</td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="text-align: right">3.2</td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: middle"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: middle">Exercisable and Vested, September 30, 2019</td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">2,925,250</td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="text-align: right">0.19</td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="text-align: right">3.1</td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

NOTE 13 – SUBSEQUENT EVENTS   The Company has evaluated subsequent events through the date of this filing and no material subsequent events have occurred.   Effective October 15, 2019 (though executed October 17, 2019), the Company and Charles L. Schneider, Jr., the CEO of our wholly-owned subsidiary, KonaTel Nevada, and the President and CEO of our wholly-owned subsidiary, Infiniti Mobile, executed and delivered a Severance Agreement and Release (the “Severance Agreement”). In connection with the execution and delivery of the Severance Agreement, the parties also executed and delivered the following additional agreements: (i) various assignments to Mr. Schneider regarding the Company’s reseller agreement with Standup Wireless; (ii) an Amended Incentive Stock Option Agreement; and (iii) an Independent Contractor Agreement.   Pursuant to the Severance Agreement, Mr. Schneider’s Employment Agreement with the Company dated July 1, 2016, was terminated. The Company agreed to pay his salary (16,667 per month) and benefits through December 31, 2019; allowed him to retain his laptop, monitors, keyboard/mouse and printer; and assigned him certain Company contract rights as a reseller of Lifeline services for StandUp Wireless, another Lifeline provider, which he agreed to assume. The Company had determined that it was no longer interested in acting as a distributor of Lifeline services for StandUp Wireless and intended to focus its efforts on distributing Lifeline service under its own FCC Lifeline license. Additionally, the parties agreed that 500,000 of the 1,500,000 incentive stock options held by Mr. Schneider had vested; that the remaining 1,000,000 incentive stock options that he had been granted were void; and the Amended Incentive Stock Option Agreement was revised to include a customary “cashless” exercise feature for the 500,000 vested options. A Lock-Up/Leak-Out Agreement (the “LULO Agreement”) was also executed and delivered by the Company and Mr. Schneider, which provides for a Lock-Up Period of six (6) months from the exercise of the option to purchase any shares underlying the vested options; and an eighteen (18) month Leak-Out Period thereafter by which he is limited to the resale of shares of common stock acquired in any such exercise (including shares currently owned or hereafter acquired) to the greater of (i) (5%) of the total shares of the Company publicly traded on any nationally recognized medium of a stature no less than the Pink OTC Markets, Inc. (the “OTC Pink Tier”) of the OTC Markets Group, Inc. (the “OTC Markets”) over the previous ten (10) trading days, or (ii) one percent (1%) of the total outstanding shares of the Company as reported in the Company’s most recently filed SEC report or registration statement in the Edgar Archives of the SEC, divided by thirteen (13) weeks.   Pursuant to the Independent Contractor Agreement (the “ICA”) entered into with the Company, Mr. Schneider has agreed to assist the Company in having its wholly-owned subsidiary, Infiniti Mobile, being granted its request for Eligible Telecommunications Carrier (“ETC”) status from the California Public Utilities Commission (“CPUC”) to distribute Lifeline cellular phone service within the State of California. In the event that the Company is successful in this process, Mr. Schneider will be granted a one (1) year Warrant with a customary “cashless” exercise feature to purchase 250,000 shares of the Company’s common stock at an exercise price to be determined on the date of any such approval. The ICA has a term of one (1) year and may be extended by the parties yearly. The LULO Agreement is applicable to any shares that may be acquired under any such Warrant, with the eighteen (18) month term commencing on the exercise of any such Warrant that may be issued. Mr. Schneider has more than thirty (30) year experience in the telecommunications industry should be invaluable to the Company in this process.   These agreements also contained customary representations and warranties, confidentiality provisions and non-disparagement provisions, as may have been applicable, among other customary terms and conditions   The Company also granted the Vice President of Operations of Infiniti Mobile and the Vice President of Finance stock options under its Form of Incentive Stock Option Agreement and incentive stock option plan, 300,000 options to each at an exercise price of $0.15 per share, which is the current public market price for the common stock of the Company on the OTC Pink Tier, with 100,000 shares each vesting on December 31, 2019, and with the remainder vesting at the rate of 100,000 shares each on December 31, 2020, and 2021.

Basis of Consolidation   The condensed consolidated financial statements include the Company and three (3) wholly-owned corporate subsidiaries, KonaTel Nevada, Apeiron and Infiniti Mobile. The condensed consolidated financial statements for the nine-month period ended September 30, 2019, include the Company and its three (3) wholly-owned corporate subsidiaries, KonaTel Nevada, Apeiron and Infiniti Mobile (February through September). The condensed consolidated balance sheet for year ended December 31, 2018, includes the Company and the wholly-owned corporate subsidiaries, KonaTel Nevada and Apeiron. The condensed consolidated statements of operations, cash flows, and stockholders’ equity (deficit) for the nine-month period ended September 30, 2018, include the Company and the wholly owned corporate subsidiary, KonaTel Nevada. All significant intercompany transactions are eliminated.

Net 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. As of September 30, 2019, and December 31, 2018, there are 4,575,000 and 4,325,000 potentially dilutive common shares, respectively. The dilutive common shares are not included in the computation of diluted earnings per share, because to do so would be anti-dilutive.

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 customers and cellular providers. As of September 30, 2019, the Company had no significant concentration of receivables (defined as customers whose receivable balances are greater than 10% of total receivables). As of December 31, 2018, the Company had a significant concentration of receivables due from two customers in the amounts of $441,934, or 42.7%.

Concentration of Major Customer   A significant amount of the revenue is derived from contracts with major customers and cellular providers. For the nine-month period ended September 30, 2019, the Company had one customer that accounted for $1,810,875, or 25.0% and one cellular provider that accounted for $2,028,814, or 28.0%, of the total revenue. For the three-month period ended September 30, 2019, the Company had one customer that accounted for $634,668, or 27.0% and one cellular provider that accounted for $612,092, or 26.1% of the total revenue.

Effect of Recent Accounting Pronouncements   On February 25, 2016, the FASB issued Accounting Standards Update (ASU) 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 2020. The Company has determined that this pronouncement will not have a material impact on the financial statements (see NOTE 5).   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 Securities Exchange Act of 1934, as amended (the “Exchange Act”).

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, software, licenses, and customer lists. Actual results could differ from those estimates.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: justify; width: 86%">Cash</td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 10%">14,318</td><td style="text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Accounts Receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">63,764</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: justify">Prepaid Expenses and Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,400</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Furniture and Equipment at Fair Value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,309</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: justify">License</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">694,447</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Accounts Payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(192,548</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: justify">   Net Assets Acquired</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">583,690</td><td style="text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; vertical-align: middle; width: 85%">2019</td><td style="text-align: left; width: 1%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 10%">18,110</td><td style="text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: middle">2020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">31,373</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; vertical-align: middle">2021</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">10,175</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: middle">Total</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">59,658</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; vertical-align: middle">Less Current Maturities</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">42,150</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: middle">Long Term Maturities</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">17,508</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 11pt"> </td><td style="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Hosted Services</td><td style="padding-bottom: 1pt; font-size: 8.5pt; font-weight: bold"> </td><td style="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Mobile Services</td><td style="padding-bottom: 1pt; font-size: 8.5pt; font-weight: bold"> </td><td style="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Lifeline ETC</td><td style="padding-bottom: 1pt; font-size: 8.5pt; font-weight: bold"> </td><td style="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Lifeline VETC</td><td style="padding-bottom: 1pt; font-size: 8.5pt; font-weight: bold"> </td><td style="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td><td style="padding-bottom: 1pt; font-size: 8.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="font-weight: bold; width: 35%">For the nine-month period ended September 30, 2019</td><td style="font-size: 11pt; width: 1%"> </td> <td style="font-size: 11pt; text-align: left; width: 1%"> </td><td style="font-size: 11pt; text-align: right; width: 10%"> </td><td style="font-size: 11pt; text-align: left; width: 1%"> </td><td style="font-size: 11pt; width: 1%"> </td> <td style="font-size: 11pt; text-align: left; width: 1%"> </td><td style="font-size: 11pt; text-align: right; width: 10%"> </td><td style="font-size: 11pt; text-align: left; width: 1%"> </td><td style="font-size: 11pt; width: 1%"> </td> <td style="font-size: 11pt; text-align: left; width: 1%"> </td><td style="font-size: 11pt; text-align: right; width: 10%"> </td><td style="font-size: 11pt; text-align: left; width: 1%"> </td><td style="font-size: 11pt; width: 1%"> </td> <td style="font-size: 11pt; text-align: left; width: 1%"> </td><td style="font-size: 11pt; text-align: right; width: 10%"> </td><td style="font-size: 11pt; text-align: left; width: 1%"> </td><td style="font-size: 11pt; width: 1%"> </td> <td style="font-size: 11pt; text-align: left; width: 1%"> </td><td style="font-size: 11pt; text-align: right; width: 10%"> </td><td style="font-size: 11pt; text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,450,483</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,943,318</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">506,931</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,352,909</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,253,641</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(215,291</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">144,955</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(462,519</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(544,967</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,077,822</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Depreciation and amortization</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">428,060</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">269,712</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">34,705</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">20,872</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">753,350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Additions to property and equipment</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 11pt"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">For the three-month period ended September 30, 2019</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">875,256</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">600,553</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">276,073</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">595,093</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,346,975</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">46,816</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(93,308</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,819</td><td style="padding-bottom: 2.5pt; text-align: left"></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(151,133</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(175,806</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Depreciation and amortization</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">199,586</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">19,711</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,507</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30,313</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">251,117</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Additions to property and equipment</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 11pt"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">For the nine-month period ended September 30, 2018</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,929,840</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,661,378</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,591,218</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(676,925</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(578,684</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,255,609</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Depreciation and amortization</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">115,140</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">91,032</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">206,172</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Additions to property and equipment</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 11pt"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">For the three-month period ended September 30, 2018</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">945,764</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,507,750</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,453,514</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net Profit (Loss)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(254,292</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">300,609</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">46,317</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Depreciation and amortization</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52,542</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,040</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">61,582</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Additions to property and equipment</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td><td style="font: 8.5pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: 8.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number of Shares</td><td style="padding-bottom: 1pt; font: 8.5pt Times New Roman, Times, Serif"> </td><td style="font: 8.5pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: 8.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; font: 8.5pt Times New Roman, Times, Serif"> </td><td style="font: 8.5pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: 8.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Weighted Average Remaining Life</td><td style="padding-bottom: 1pt; font: 8.5pt Times New Roman, Times, Serif"> </td><td style="font: 8.5pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: 8.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Aggregate Intrinsic Value</td><td style="padding-bottom: 1pt; font: 8.5pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: middle; width: 35%">Options Outstanding – December 31, 2018</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left; width: 1%"> </td><td style="font: 9pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; width: 1%"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 12%">4,325,000</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left; width: 1%"> </td><td style="font: 9pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; width: 1%">$</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 14%">0.20</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left; width: 1%"> </td><td style="font: 9pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; width: 1%"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 14%">3.1</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left; width: 1%"> </td><td style="font: 9pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; width: 1%">$</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 12%">—  </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: middle">Granted</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">500,000</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">0.20</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">2.3</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: middle">Exercised</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: middle">Forfeited</td><td style="padding-bottom: 1pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">1,550,000</td><td style="padding-bottom: 1pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: middle">Options Outstanding – September 30, 2019</td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">3,275,000</td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="text-align: right">0.19</td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="text-align: right">3.2</td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: middle"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(235,235,255)"> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: middle">Exercisable and Vested, September 30, 2019</td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">2,925,250</td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="text-align: right">0.19</td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="text-align: right">3.1</td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 9pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

583690

2400 2400

The Company currently has four equipment operating leases and one Property lease; and the Property lease expires in April 2020.

694447

362871

Infiniti Mobile was notified by the United States Administrative Company ("USAC") of an over-payment of Universal Service Fund reimbursements in the amount of $168,677. On July 25, 2019, the Company entered into a Letter of Acknowledgement with the FCC and requested a 24-month payment plan regarding the repayment of the over-payment amounts. The FCC decision regarding the payment plan request is pending and is expected before December 31, 2019. As required by the Letter of Acknowledgement requirements, Infiniti Mobile has made a good faith down payment in the amount of 10% of the total over-payment and continues to make regular monthly payments of 1/24th of the outstanding balance pending payment plan approval. The over-payment amount was recorded as a current acquisition expense.

The Company entered into a Settlement Agreement with the former owner of Infiniti Mobile regarding the over-payment of Universal Service Fund reimbursements, effective September 4, 2019, which was the date of delivery of the fully executed Settlement Agreement that was dated August 22, 2019, and filed with the SEC on September 4, 2019. Under the Settlement Agreement, and as part of the previous owner's obligations to indemnify and hold the Company harmless from any liability arising from the breach of any representations and warranties in the initial Purchase and Sale Agreement dated February 5, 2019 (the "PSMI"), and filed with the SEC on February 6, 2019, which included this liability, the vested $0.20 per share 500,000 share incentive stock option grant that was awarded to the previous owner at the closing of the PSMI was cancelled and deemed null and void, and the previous owner was released from any liability for the $168,677 over-payment. All of the other terms and conditions of the PSMI remain in full force and effect, including the continuing indemnification provisions regarding all other representations and warranties.

Pursuant to the Severance Agreement, Mr. Schneider's Employment Agreement with the Company dated July 1, 2016, was terminated. The Company agreed to pay his salary (16,667 per month) and benefits through December 31, 2019; allowed him to retain his laptop, monitors, keyboard/mouse and printer; and assigned him certain Company contract rights as a reseller of Lifeline services for StandUp Wireless, another Lifeline provider, which he agreed to assume. The Company had determined that it was no longer interested in acting as a distributor of Lifeline services for StandUp Wireless and intended to focus its efforts on distributing Lifeline service under its own FCC Lifeline license.

500000

Pursuant to the Independent Contractor Agreement (the "ICA") entered into with the Company, Mr. Schneider has agreed to assist the Company in having its wholly-owned subsidiary, Infiniti Mobile, being granted its request for Eligible Telecommunications Carrier ("ETC") status from the California Public Utilities Commission ("CPUC") to distribute Lifeline cellular phone service within the State of California. In the event that the Company is successful in this process, Mr. Schneider will be granted a one (1) year Warrant with a customary "cashless" exercise feature to purchase 250,000 shares of the Company's common stock at an exercise price to be determined on the date of any such approval. The ICA has a term of one (1) year and may be extended by the parties yearly. The LULO Agreement is applicable to any shares that may be acquired under any such Warrant, with the eighteen (18) month term commencing on the exercise of any such Warrant that may be issued.

100,000 shares vesting on December 31, 2019, and the remainder vesting at the rate of 100,000 shares each on December 31, 2020, and 2021.

0.20

On August 28, 2018, we filed a claim in AAA Arbitration against a former employee, Saul Glosser. In August 2019 the company won an arbitration award (ratified by the court) from Mr. Glosser in the amount of $362,871 ($357,914 plus arbitrator compensation of $4,957). The award has been deemed final as Mr. Glosser has not preserved any outstanding issues for review. At this time collectability is yet to be determined therefore the award is not currently reflected in the Balance Sheet.

-100000 3819 -98482 -98482

141804

454434

168677

152764

54421

$100,000 of which was in cash and $100,000 of which was in settlement of an advance in that amount from the subscriber. Amended Incentive Stock Option Agreement was revised to include a customary "cashless" exercise feature for the 500,000 vested options.

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Sean McEwen Joshua Ploude, Ceo of Apeiron Credit Facility [Axis] Standby Letters of Credit Loss Contingency Nature [Axis] United States Administrative Company Gain Contingencies, Nature [Axis] Positive Outcome of Litigation Segments [Axis] Hosted Services Mobile Services Lifeline ETC Lifeline VETC Sale of Stock [Axis] Private Placement Unique Name [Axis] Sale of Business Component Equity Components [Axis] Common Stock Additional Paid-In Capital Accumulated Deficit Title of Individual [Axis] Former Owner of Infiniti Mobile Subsequent Event Type [Axis] Subsequent Event Former CEO Vice President of Operations of Infiniti Mobile Vice President of Finance Cover [Abstract] Document Type Amendment Flag Amendment Description Document Registration Statement Document Annual Report Document Quarterly Report Document Transition Report Document Shell Company Report Document Shell Company Event Date Document Period Start Date Document Period End Date Document Fiscal Period Focus Document Fiscal Year Focus Current Fiscal Year End Date Entity File Number Entity Registrant Name Entity Central Index Key Entity Primary SIC Number Entity Tax Identification Number Entity Incorporation, State or Country Code Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Three Entity Address, City or Town Entity Address, State or Province Entity Address, Country Entity Address, Postal Zip Code Country Region City Area Code Local Phone Number Extension Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security No Trading Symbol Flag Trading Symbol Security Exchange Name Title of 12(g) Security Security Reporting Obligation Annual Information Form Audited Annual Financial Statements Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Entity Emerging Growth Company Elected Not To Use the Extended Transition Period Document Accounting Standard Other Reporting Standard Item Number Entity Shell Company Entity Public Float Entity Bankruptcy Proceedings, Reporting Current Entity Common Stock, Shares Outstanding Documents Incorporated by Reference [Text Block] Statement of Financial Position [Abstract] Current Assets Cash and Cash Equivalents Accounts Receivable, net Note Receivable Inventory, Net Prepaid Expenses Total Current Assets Fixed Assets Property and Equipment, Net Right to Use Assets, Net Total Fixed Assets Other Assets Intangible Assets, Net Advances for Acquisition Target Other Assets Total Other Assets Total assets Current Liabilities Accounts Payable and Accrued Expenses Amount Due to Stockholder Revolving Line of Credit Lease Liabilities Deferred Revenue Income tax payable Customer Deposits Total Current Liabilities Long Term Liabilities Lease Liabilities Deferred Tax Liability Total Long Term Liabilities Total Liabilities Commitments and Contingencies Stockholders' Equity (Deficit) 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 Expenses Operating and Maintenance Bad Debt Utilities and Facilities Depreciation and Amortization General and administrative Marketing and Advertising Taxes and Insurance Total Operating Expenses Operating Loss Other Income and Expense Interest Income Other Income Interest Expense Total Other Income and Expenses Net Profit (Loss) Net loss per share Weighted Average Number of Basic and Diluted Shares Statement [Table] Statement [Line Items] Beginning Balance Beginning Balance, shares Cancellation of Stock Options Issuance of common stock, value Issuance of common stock, shares Stock Based Compensation Net loss Ending Balance Ending Balance, shares 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 Inventory Prepaid Expenses EX-101.PRE 10 ktel-20190930_pre.xml XBRL PRESENTATION FILE XML 11 R28.htm IDEA: XBRL DOCUMENT

Transactions - Schedule of Noncash or Part Noncash Acquisitions (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Jan. 31, 2019
Cash	$ 14,318
License	$ 624,255
Infiniti Mobile Acquisition
Cash		$ 14,318
Accounts Receivable		63,764
Prepaid Expense		2,400
Furniture and Equipment at Fair Value		1,308
License		694,447
Accounts Payable		(192,548)
Net Assets Acquired		$ 583,690

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Accounting Policies (Policies)	9 Months Ended
Accounting Policies (Policies)	Sep. 30, 2019
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, software, licenses, and customer lists. Actual results could differ from those estimates.
Basis of Consolidation	Basis of Consolidation The condensed consolidated financial statements include the Company and three (3) wholly-owned corporate subsidiaries, KonaTel Nevada, Apeiron and Infiniti Mobile. The condensed consolidated financial statements for the nine-month period ended September 30, 2019, include the Company and its three (3) wholly-owned corporate subsidiaries, KonaTel Nevada, Apeiron and Infiniti Mobile (February through September). The condensed consolidated balance sheet for year ended December 31, 2018, includes the Company and the wholly-owned corporate subsidiaries, KonaTel Nevada and Apeiron. The condensed consolidated statements of operations, cash flows, and stockholders’ equity (deficit) for the nine-month period ended September 30, 2018, include the Company and the wholly owned corporate subsidiary, KonaTel Nevada. All significant intercompany transactions are eliminated.
Net Loss Per Share	Net 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. As of September 30, 2019, and December 31, 2018, there are 4,575,000 and 4,325,000 potentially dilutive common shares, respectively. The dilutive common shares are not included in the computation of diluted earnings per share, because to do so would be anti-dilutive.
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 customers and cellular providers. As of September 30, 2019, the Company had no significant concentration of receivables (defined as customers whose receivable balances are greater than 10% of total receivables). As of December 31, 2018, the Company had a significant concentration of receivables due from two customers in the amounts of $441,934, or 42.7%.
Concentration of Major Customer	Concentration of Major Customer A significant amount of the revenue is derived from contracts with major customers and cellular providers. For the nine-month period ended September 30, 2019, the Company had one customer that accounted for $1,810,875, or 25.0% and one cellular provider that accounted for $2,028,814, or 28.0%, of the total revenue. For the three-month period ended September 30, 2019, the Company had one customer that accounted for $634,668, or 27.0% and one cellular provider that accounted for $612,092, or 26.1% of the total revenue.
Effect of Recent Accounting Pronouncements	Effect of Recent Accounting Pronouncements On February 25, 2016, the FASB issued Accounting Standards Update (ASU) 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 2020. The Company has determined that this pronouncement will not have a material impact on the financial statements (see NOTE 5). 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 Securities Exchange Act of 1934, as amended (the “Exchange Act”).

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Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

	September 30, 2019			December 31, 2018
Customer Lists	$	1,135,961		$	1,135,961
Software		2,407,001			2,407,001
License		694,447			—
Less: Accumulated Amortization		(1,729,320	)		(1,052,040	)
Intangible Assets, net	$	2,508,089		$	2,490,922

Schedule of Intangible Assets Future Amortization Expense

2019	$	208,976
2020	$	802,334
2021	$	802,333

XML 14 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Current Assets
Cash and Cash Equivalents	$ 139,637	$ 56,510
Accounts Receivable, net	720,158	1,035,273
Note Receivable		66,667
Inventory, Net	1,562	1,085
Prepaid Expenses	3,677	7,354
Total Current Assets	865,034	1,166,889
Fixed Assets
Property and Equipment, Net	111,682	132,023
Right to Use Assets, Net	58,614
Total Fixed Assets	170,296	132,023
Other Assets
Intangible Assets, Net	2,508,089	2,490,922
Advances for Acquisition Target		561,309
Other Assets	257,740	57,266
Total Other Assets	2,765,829	3,109,497
Total assets	3,801,159	4,408,409
Current Liabilities
Accounts Payable and Accrued Expenses	1,417,543	1,265,080
Amount Due to Stockholder	204,344	91,152
Revolving Line of Credit	35,683	103,379
Lease Liabilities	42,271
Deferred Revenue	42,867	69,988
Income tax payable	87,800	108,941
Customer Deposits	29,988	28,854
Total Current Liabilities	1,860,496	1,667,394
Long Term Liabilities
Lease Liabilities	17,508
Deferred Tax Liability	10,700	10,700
Total Long Term Liabilities	28,208	10,700
Total Liabilities	1,888,704	1,678,094
Commitments and Contingencies
Stockholders' Equity (Deficit)
Common Stock	40,692	40,692
Additional Paid-In Capital	7,301,658	7,041,696
Accumulated Deficit	(5,429,895)	(4,352,073)
Total Stockholders' Equity	1,912,455	2,730,315
Total Liabilities and Stockholders' Equity	$ 3,801,159	$ 4,408,409

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows from Operating Activities
Net Loss	$ (1,077,822)	$ (1,255,609)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and Amortization	753,350	206,172
Bad Debt	3,300	15,210
Stock-based compensation	259,962	454,434
Gain on Sale of Business Component		(318,257)
Changes in Operating Assets and Liabilities, net of effects of acquisition:
Accounts Receivable	375,579	(391,445)
Inventory	(477)	39,246
Prepaid Expenses	6,077	(229,749)
Accounts Payable and Accrued Expenses	(61,226)	140,998
Deferred Revenue	(27,121)	36,305
Customer Deposits	1,134
Other Assets	(200,474)	506
Net cash provided by (used in) operating activities	32,282	(1,302,189)
Cash Flows from Investing Activities
Cash Received in Acquisition of IM Telecom	14,318
Notes receivable from Sale of Business Component	66,667	8,333
Proceeds from Sale of Business Component		226,043
Asset Purchase of IM Telecom	(22,382)
Net cash provided by (used in) investing activities	58,603	234,376
Cash Flows from Financing Activities
Proceeds from issuance of common stock		1,150,000
Repayment of of Revolving Lines of Credit	(67,696)
Principal Payments on Lease Liabilities	(53,254)
Advances made by Stockholder	200,000	100,000
Repayments of amounts due to Related Party	(86,808)	(213,328)
Net cash provided by (used in) financing activities	(7,758)	1,036,672
Net Change in Cash	83,127	(31,141)
Cash, Beginning of period	56,510	94,149
Cash, End of period	139,637	63,008
Supplemental disclosure of cash flow information:
Cash paid for interest	29,920	20,359
Lease Obligations for Right to Use Assets	59,658
Cash paid for taxes
Asset Purchase of IM Telecom
License	624,255
Sale of Business Component
Sale of Business Component
Notes Receivable		(100,000)
Accounts payable and Accrued Expenses, net of cash		$ 3,819
IM Telecom
Asset Purchase of IM Telecom
Accounts receivable	63,764
Prepaid Expense	2,400
Furniture and Equipment at Fair Market Value	1,308
Accounts Payable and Accrued Expenses, net of cash	(192,548)
License	$ 694,447

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Segment Reporting (Details Narrative)	9 Months Ended
Segment Reporting (Details Narrative)	Sep. 30, 2019 Number
Segment Reporting [Abstract]
Number of reportable segments	4

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Leases (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
Leases (Details Narrative) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Leases [Abstract]
Lease expense	$ 15,392	$ 33,677	$ 52,592	$ 110,023

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Right-To-Use Assets (Details Narrative)	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)
Depreciation	$ 18,140	$ 54,421
Minimum
Implied interest rate	5.29%	5.29%
Maximum
Implied interest rate	5.34%	5.34%

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Basis of Presentation (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
Basis of Presentation (Details Narrative) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Net Loss	$ (175,806)	$ 46,317	$ (1,077,822)	$ (1,255,609)
Net cash provided by (used in) operating activities			32,282	(1,302,189)
Accumulated Deficit	(5,429,895)		$ (5,429,895)		$ (4,352,073)
Potentially dilutive common shares			4,575,000		4,325,000
Concentration risk, percentage					42.70%
Receivable concentration					$ 441,934
Revenues	$ 2,346,975	$ 2,453,514	$ 7,253,641	$ 7,591,218
Operating leases, description			The Company currently has four equipment operating leases and one Property lease; and the Property lease expires in April 2020.
Revenue \| Cellular Provider
Concentration risk, percentage	26.10%		28.00%
Revenues	$ 612,092		$ 2,028,814
Revenue \| Customer
Concentration risk, percentage	27.00%		25.00%
Revenues	$ 634,668		$ 1,810,875

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Lines of Credit (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
Lines of Credit (Details Narrative) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
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 rate ranges from 7.5% to 8.0%.	Bears interest at a variable rate with rate ranges from 7.5% to 8.0%.
Line of credit, outstanding balance	$ 35,683	$ 103,379
Line of credit, maturity date	Jan. 05, 2020	Feb. 14, 2020

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Intangible Assets

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 6 – INTANGIBLE ASSETS

Intangible Assets with definite useful life consist of licenses, customer lists and software that were acquired through acquisitions:

	September 30, 2019			December 31, 2018
Customer Lists	$	1,135,961		$	1,135,961
Software		2,407,001			2,407,001
License		694,447			—
Less: Accumulated Amortization		(1,729,320	)		(1,052,040	)
Intangible Assets, net	$	2,508,089		$	2,490,922

2019	$	208,976
2020	$	802,334
2021	$	802,333

Intangible Assets with indefinite useful life consist of a license granted by the FCC:

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Contingencies and Commitments

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Contingencies and Commitments

NOTE 10 – CONTINGENCIES AND COMMITMENTS

Litigation

On August 28, 2018, we filed a claim in AAA Arbitration against a former employee, Saul Glosser. In August 2019 the Company won an arbitration award (ratified by the court) from Mr. Glosser in the amount of $362,871 ($357,914 plus arbitrator compensation of $4,957). The award has been deemed final as Mr. Glosser has not preserved any outstanding issues for review. At this time collectability is yet to be determined, and therefore the award is not currently reflected in the balance sheet.

Contract Contingency

Letters of Credit

Regulatory Determinations

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Intangible Assets (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Amortization of intangible assets $ 225,761 $ 20,903 $ 677,280 $ 151,059

License $ 624,255

X

- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3602-108585

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
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Transactions (Details Narrative) - USD ($)
12 Months Ended

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Dec. 31, 2018

Apeiron Systems

Acquisition purchase price $ 2,450,000

Equity interest issued, acquisition 7,000,000

Price per share $ 0.35

Infiniti Mobile Acquisition

Acquisition purchase price $ 752,366

Cash payments for acquisition 100

Advances for acqusition 465,056

USAC over-payment settlement 168,677

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Lines of Credit
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Sep. 30, 2019

Debt Disclosure [Abstract]

Lines of Credit
NOTE 7 – LINES OF CREDIT

The Company has two lines of credit with a bank which provide aggregate maximum borrowing availability of $1,050,000 as of September 30, 2019, and December 31, 2018. The lines of credit are payable on demand and bear interest at a variable rate with rate ranges from 7.5% to 8.0%. Outstanding advances under these line of credit arrangements amounted to $35,683 and $103,379 as of September 30, 2019, and December 31, 2018, respectively. The lines of credit mature on January 5, 2020, and February 14, 2020.

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

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Segment Reporting
9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segment Reporting
NOTE 11 – 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 Hosted Services, Mobile Services, Lifeline ETC (“Eligible Communications Carrier”), and Lifeline VETC (“Virtual Eligible Communications Carrier”).

Hosted Services – This segment includes a suite of hosted CPaaS (“Communications Platform as a Service”) services including SIP/VoIP services, SMS/MMS, BOT integration, NLP (“Natural Language Processing”), ML (“Machine Learning”), mobile numbers, toll free numbers, DID landline numbers, SMS to Email, Database Dip, SD-WAN, voice termination and numerous API driven services. Apeiron developed, owns and supports its services through its dedicated national telecommunications network. Apeiron provides telecommunications services to application developers, call centers and small and medium size businesses. Apeiron markets these services through the Apeiron website, independent sales agents, ISOs (Independent Sales Organizations) and Social Media Optimization (“SCO”).

Mobile Services – This segment includes retail and wholesale cellular voice/text/data services and mobile data (IoT or “Internet of Things”) services. KonaTel consolidated its wholesale and retail services with Apeiron’s hosted CPaaS services, providing Apeiron with an expanded portfolio of mobile services to bundle with its existing services. Apeiron’s mobile voice/text/data and mobile data services are supported by a blend of reseller agreements with select national wireless carriers and national wireless wholesalers. A wireless communications service reseller does not own the wireless network infrastructure over which services are provided to its customers. Apeiron’s mobile voice/text/data and mobile data solutions are generally sold as traditional post-paid service plans that may include voice/text/data or wireless data only plans. Sometimes equipment is provided which can include, but is not limited to, phones, tablets, modems, routers and accessories. Apeiron primarily markets its mobile services through independent sales agents and ISOs via the “Apeiron” brand. These agents and ISOs generally market to small and medium sized businesses throughout the United States. This type of marketing is also considered B2B (“Business to Business”) sales.

Lifeline ETC – This segment operates under its own FCC approved Compliance Plan and FCC wireless ETC designation in eight states which currently include Georgia, Kentucky, Maryland, Nevada, Oklahoma, South Carolina, Vermont and Wisconsin. IM Telecom, operating under its Infiniti Mobile brand, currently markets its Lifeline service through its Internet presence, its storefront in Tulsa, Oklahoma and through ISOs that specialize in the distribution of Lifeline services. These ISOs typically support teams of field agents who market directly to Lifeline eligible individuals requesting Lifeline service. We provide phones and wireless voice/text/data service to Lifeline eligible individuals requesting Lifeline service. In some states and depending on government requirements, we may only provide voice/text service with no mobile data.

Lifeline VETC – This segment operates under the license of another ETC. We currently market our Lifeline VETC sales through ISOs that specialize in the distribution of Lifeline services. These ISOs typically support teams of field agents who market directly to Lifeline eligible individuals requesting Lifeline service. We provide phones and wireless voice/text/data service to Lifeline eligible individuals requesting Lifeline service. In some states and depending upon government requirements, we may only provide voice/text service with no mobile data.

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

Hosted Services Mobile Services Lifeline ETC Lifeline VETC Total

For the nine-month period ended September 30, 2019

Revenue $ 2,450,483 $ 1,943,318 $ 506,931 $ 2,352,909 $ 7,253,641

Net Loss $ (215,291 ) $ 144,955 $ (462,519 ) $ (544,967 ) $ (1,077,822 )

Depreciation and amortization $ 428,060 $ 269,712 $ 34,705 $ 20,872 $ 753,350

Additions to property and equipment $ — $ — $ — $ — $ —

For the three-month period ended September 30, 2019

Revenue $ 875,256 $ 600,553 $ 276,073 $ 595,093 $ 2,346,975

Net Loss $ 46,816 $ (93,308 ) $ 21,819 $ (151,133 ) $ (175,806 )

Depreciation and amortization $ 199,586 $ 19,711 $ 1,507 $ 30,313 $ 251,117

Additions to property and equipment $ — $ — $ — $ — $ —

For the nine-month period ended September 30, 2018

Revenue $ — $ 3,929,840 $ — $ 3,661,378 $ 7,591,218

Net Loss $ — $ (676,925 ) $ — $ (578,684 ) $ (1,255,609 )

Depreciation and amortization $ — $ 115,140 $ — $ 91,032 $ 206,172

Additions to property and equipment $ — $ — $ — $ — $ —

For the three-month period ended September 30, 2018

Revenue $ — $ 945,764 $ — $ 1,507,750 $ 2,453,514

Net Profit (Loss) $ — $ (254,292 ) $ — $ 300,609 $ 46,317

Depreciation and amortization $ — $ 52,542 $ — $ 9,040 $ 61,582

Additions to property and equipment $ — $ — $ — $ — $ —

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Business Combinations [Abstract]

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Cash $ 14,318

Accounts Receivable 63,764

Prepaid Expenses and Deposits 2,400

Furniture and Equipment at Fair Value 1,309

License 694,447

Accounts Payable (192,548 )

 Net Assets Acquired $ 583,690

Schedule of Pro-Forma Financial Information

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Net Profit (Loss) $ (175,805 ) $ 89,147 $ (1,043,590 ) $ (928,468 )

Net profit (loss) per share, basic and diluted $ (0.00 ) $ 0.00 $ (0.03 ) $ (0.03 )

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2020 $ 31,373

2021 $ 10,175

Total $ 59,658

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Sep. 30, 2019

Sep. 30, 2018

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Sep. 30, 2019

Dec. 31, 2018

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 40,692,286 40,692,286

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Organization
9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization
NOTE 1 – ORGANIZATION

KonaTel Nevada (as defined below) was organized under the laws of the State of Nevada on October 14, 2014, by its founder and then sole shareholder, D. Sean McEwen, to conduct the business of a full-service MVNO (“Mobile Virtual Network Operator”) provider that delivered cellular products and services to individual and business customers in various retail and wholesale markets.

KonaTel Inc., formerly known as Dala Petroleum Corp. (the “Company,” “we,” “our,” or “us” and words of similar import), and 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.

On December 31, 2018, we acquired Apeiron Systems, Inc., a Nevada corporation doing business as “Apeiron” (“Apeiron”), which became our wholly-owned subsidiary on December 31, 2018. Apeiron was organized in 2013 and is an international hosted services CPaaS (“Communications Platform as a Service”) provider that designed, built, owns and operates its private core network, supporting a suite of real-time business communications services and Applications Programming Interfaces (“APIs”). As an Internet Telephony Service Provider (“ITSP”), Apeiron holds a Federal Communications Commission (“FCC”) numbering authority license. Some of Apeiron’s hosted services include SIP/VoIP services, SMS/MMS processing, BOT integration, NLP (“Natural Language Processing”), ML (“Machine Learning”), number services, including mobile, toll free and DID landline numbers, SMS to Email services, Database Dip services, SD-WAN, voice termination and numerous API driven services including voice, messaging and network management.

On January 31, 2019, we acquired IM Telecom, an Oklahoma limited liability company doing business as “Infiniti Mobile” (“Infiniti Mobile”), which became our wholly-owned subsidiary on that date. Infiniti Mobile is an FCC licensed ETC (“Eligible Telecommunications Carrier”) and is one of 22 FCC licensed carriers to hold an FCC approved Lifeline Compliance Plan in the United States. Under the Lifeline program, Infiniti Mobile is currently authorized to provide government subsidized mobile telecommunications services to eligible low-income Americans currently in eight states.

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Subsequent Events (Details Narrative) - $ / shares
1 Months Ended 9 Months Ended

Oct. 31, 2019

Oct. 17, 2019

Sep. 30, 2019

Subsequent Event [Line Items]

Stock options cancelled 1,550,000

Options granted 500,000

Options granted, exercise price $ 0.20

Subsequent Event | Former CEO

Subsequent Event [Line Items]

Severance agreement, description Pursuant to the Severance Agreement, Mr. Schneider's Employment Agreement with the Company dated July 1, 2016, was terminated. The Company agreed to pay his salary (16,667 per month) and benefits through December 31, 2019; allowed him to retain his laptop, monitors, keyboard/mouse and printer; and assigned him certain Company contract rights as a reseller of Lifeline services for StandUp Wireless, another Lifeline provider, which he agreed to assume. The Company had determined that it was no longer interested in acting as a distributor of Lifeline services for StandUp Wireless and intended to focus its efforts on distributing Lifeline service under its own FCC Lifeline license.

Stock options vested ^[1] 500,000

Stock options cancelled 1,000,000

Independent Contractor Agreement, description Pursuant to the Independent Contractor Agreement (the "ICA") entered into with the Company, Mr. Schneider has agreed to assist the Company in having its wholly-owned subsidiary, Infiniti Mobile, being granted its request for Eligible Telecommunications Carrier ("ETC") status from the California Public Utilities Commission ("CPUC") to distribute Lifeline cellular phone service within the State of California. In the event that the Company is successful in this process, Mr. Schneider will be granted a one (1) year Warrant with a customary "cashless" exercise feature to purchase 250,000 shares of the Company's common stock at an exercise price to be determined on the date of any such approval. The ICA has a term of one (1) year and may be extended by the parties yearly. The LULO Agreement is applicable to any shares that may be acquired under any such Warrant, with the eighteen (18) month term commencing on the exercise of any such Warrant that may be issued.

Subsequent Event | Vice President of Operations of Infiniti Mobile

Subsequent Event [Line Items]

Options granted 300,000

Options granted, exercise price $ 0.15

Options granted, vesting terms 100,000 shares vesting on December 31, 2019, and the remainder vesting at the rate of 100,000 shares each on December 31, 2020, and 2021.

Subsequent Event | Vice President of Finance

Subsequent Event [Line Items]

Options granted 300,000

Options granted, exercise price $ 0.15

Options granted, vesting terms 100,000 shares vesting on December 31, 2019, and the remainder vesting at the rate of 100,000 shares each on December 31, 2020, and 2021.

[1] Amended Incentive Stock Option Agreement was revised to include a customary "cashless" exercise feature for the 500,000 vested options.

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Segment Reporting - Schedule of Segment Reporting Information (Details) - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Segment Reporting Information [Line Items]

Revenue $ 2,346,975 $ 2,453,514 $ 7,253,641 $ 7,591,218

Net Loss (175,806) 46,317 (1,077,822) (1,255,609)

Depreciation and amortization 251,117 61,582 753,350 206,172

Additions to property and equipment

Hosted Services

Segment Reporting Information [Line Items]

Revenue 875,256 2,450,483

Net Loss 46,816 (215,291)

Depreciation and amortization 199,586 428,060

Additions to property and equipment

Mobile Services

Segment Reporting Information [Line Items]

Revenue 600,553 945,764 1,943,318 3,929,840

Net Loss (93,308) (254,292) 144,955 (676,925)

Depreciation and amortization 19,711 52,542 269,712 115,140

Additions to property and equipment

Lifeline ETC

Segment Reporting Information [Line Items]

Revenue 276,073 506,931

Net Loss 21,819 (462,519)

Depreciation and amortization 1,507 34,705

Additions to property and equipment

Lifeline VETC

Segment Reporting Information [Line Items]

Revenue 595,093 1,507,750 2,352,909 3,661,378

Net Loss (151,133) 300,609 (544,967) (578,684)

Depreciation and amortization 30,313 9,040 20,872 91,032

Additions to property and equipment

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Sep. 30, 2019

USD ($)

Leases [Abstract]

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Future minimum lease payments, 2020 31,373

Future minimum lease payments, 2021 10,175

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Subsequent Events
9 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

Subsequent Events
NOTE 13 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date of this filing and no material subsequent events have occurred.

Effective October 15, 2019 (though executed October 17, 2019), the Company and Charles L. Schneider, Jr., the CEO of our wholly-owned subsidiary, KonaTel Nevada, and the President and CEO of our wholly-owned subsidiary, Infiniti Mobile, executed and delivered a Severance Agreement and Release (the “Severance Agreement”). In connection with the execution and delivery of the Severance Agreement, the parties also executed and delivered the following additional agreements: (i) various assignments to Mr. Schneider regarding the Company’s reseller agreement with Standup Wireless; (ii) an Amended Incentive Stock Option Agreement; and (iii) an Independent Contractor Agreement.

Pursuant to the Severance Agreement, Mr. Schneider’s Employment Agreement with the Company dated July 1, 2016, was terminated. The Company agreed to pay his salary (16,667 per month) and benefits through December 31, 2019; allowed him to retain his laptop, monitors, keyboard/mouse and printer; and assigned him certain Company contract rights as a reseller of Lifeline services for StandUp Wireless, another Lifeline provider, which he agreed to assume. The Company had determined that it was no longer interested in acting as a distributor of Lifeline services for StandUp Wireless and intended to focus its efforts on distributing Lifeline service under its own FCC Lifeline license. Additionally, the parties agreed that 500,000 of the 1,500,000 incentive stock options held by Mr. Schneider had vested; that the remaining 1,000,000 incentive stock options that he had been granted were void; and the Amended Incentive Stock Option Agreement was revised to include a customary “cashless” exercise feature for the 500,000 vested options. A Lock-Up/Leak-Out Agreement (the “LULO Agreement”) was also executed and delivered by the Company and Mr. Schneider, which provides for a Lock-Up Period of six (6) months from the exercise of the option to purchase any shares underlying the vested options; and an eighteen (18) month Leak-Out Period thereafter by which he is limited to the resale of shares of common stock acquired in any such exercise (including shares currently owned or hereafter acquired) to the greater of (i) (5%) of the total shares of the Company publicly traded on any nationally recognized medium of a stature no less than the Pink OTC Markets, Inc. (the “OTC Pink Tier”) of the OTC Markets Group, Inc. (the “OTC Markets”) over the previous ten (10) trading days, or (ii) one percent (1%) of the total outstanding shares of the Company as reported in the Company’s most recently filed SEC report or registration statement in the Edgar Archives of the SEC, divided by thirteen (13) weeks.

Pursuant to the Independent Contractor Agreement (the “ICA”) entered into with the Company, Mr. Schneider has agreed to assist the Company in having its wholly-owned subsidiary, Infiniti Mobile, being granted its request for Eligible Telecommunications Carrier (“ETC”) status from the California Public Utilities Commission (“CPUC”) to distribute Lifeline cellular phone service within the State of California. In the event that the Company is successful in this process, Mr. Schneider will be granted a one (1) year Warrant with a customary “cashless” exercise feature to purchase 250,000 shares of the Company’s common stock at an exercise price to be determined on the date of any such approval. The ICA has a term of one (1) year and may be extended by the parties yearly. The LULO Agreement is applicable to any shares that may be acquired under any such Warrant, with the eighteen (18) month term commencing on the exercise of any such Warrant that may be issued. Mr. Schneider has more than thirty (30) year experience in the telecommunications industry should be invaluable to the Company in this process.

These agreements also contained customary representations and warranties, confidentiality provisions and non-disparagement provisions, as may have been applicable, among other customary terms and conditions

The Company also granted the Vice President of Operations of Infiniti Mobile and the Vice President of Finance stock options under its Form of Incentive Stock Option Agreement and incentive stock option plan, 300,000 options to each at an exercise price of $0.15 per share, which is the current public market price for the common stock of the Company on the OTC Pink Tier, with 100,000 shares each vesting on December 31, 2019, and with the remainder vesting at the rate of 100,000 shares each on December 31, 2020, and 2021.

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Right-To-Use Assets
9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Right-To-Use Assets
NOTE 5 – RIGHT-TO-USE ASSETS

Right-to-Use Assets consist of assets accounted for under ASC 842. The assets are recorded at present value using implied interest rates between 5.29% and 5.34%.

September 30,

2019

December 31,

2018

Right-to-Use Assets $ 113,035 $ —

Less: Accumulated Depreciation (54,421 ) —

Right-to-Use, net $ 58,614 $ —

Depreciation amounted to $54,421 for the nine-month period and $18,140 for the three-month period ended September 30, 2019. Depreciation expense is included as a component of operating expenses in the accompanying statements of operations.

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Amount Due to Stockholder
9 Months Ended

Sep. 30, 2019

Related Party Transactions [Abstract]

Amount Due to Stockholder
NOTE 9 – AMOUNT DUE TO STOCKHOLDER

As of September 30, 2019, and December 31, 2018, the Company’s principal shareholder, D. Sean McEwen was owed $4,344 and $91,152, respectively, for advances used for working capital under a note. The note bears a 10% per annum interest rate. The note matures on November 30, 2019.

During 2019, Joshua Ploude, CEO of Apeiron, advanced the Company $200,000. The amount was used to provide a vendor security deposit. The note bears a 10% per annum interest rate until May 1, 2019, at which time, will increase to 12% per annum. The note had an original maturity date of July 10, 2019. The loan has been extended without a defined maturity end date.

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Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($)

Sep. 30, 2019

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Customer Lists $ 1,135,961 $ 1,135,961

Software 2,407,001 2,407,001

License 694,447

Less: Accumulated Amortization (1,729,320) (1,052,040)

Intangible assets, net $ 2,508,089 $ 2,490,922

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Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)

Sep. 30, 2019

Dec. 31, 2018

Property, Plant and Equipment [Line Items]

Property, plant and equipment $ 453,946 $ 452,638

Less: Accumulated Depreciation and Amortization (342,264) (320,615)

Property, plant and equipment, net 111,682 132,023

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 102,946 101,638

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 $ 86,887

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Basis of Presentation
9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Basis of Presentation
NOTE 3 – BASIS OF PRESENTATION

Interim Financial Statements

The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring adjustments), which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited interim financial statements should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2018.

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, software, licenses, and customer lists. Actual results could differ from those estimates.

Basis of Consolidation

The condensed consolidated financial statements include the Company and three (3) wholly-owned corporate subsidiaries, KonaTel Nevada, Apeiron and Infiniti Mobile. The condensed consolidated financial statements for the nine-month period ended September 30, 2019, include the Company and its three (3) wholly-owned corporate subsidiaries, KonaTel Nevada, Apeiron and Infiniti Mobile (February through September). The condensed consolidated balance sheet for year ended December 31, 2018, includes the Company and the wholly-owned corporate subsidiaries, KonaTel Nevada and Apeiron. The condensed consolidated statements of operations, cash flows, and stockholders’ equity (deficit) for the nine-month period ended September 30, 2018, include the Company and the wholly owned corporate subsidiary, KonaTel Nevada. All significant intercompany transactions are eliminated.

Going Concern

As the Company did not generate net income during the nine-month periods ended September 30, 2019, and 2018, the Company has been dependent upon equity financing to support its operations. The Company incurred losses of $1,077,822 and $1,255,609 for the nine-month periods ended September 30, 2019, and 2018, respectively. The Company has had significant improvement in providing cash from the operations. Net cash provided by operating activities was $32,282 and used in operating activities was ($1,302,189) for the nine-months ended September 30, 2019, and 2018, respectively. The accumulated deficit as of September 30, 2019, is $5,429,895.

The Company has ameliorated any substantial doubt issues by generating additional cash flow since the completion of our merger with KonaTel Nevada on December 18, 2017, including: the acquisition of Apeiron and Infiniti Mobile; 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, the Company also has 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.

Net 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. As of September 30, 2019, and December 31, 2018, there are 4,575,000 and 4,325,000 potentially dilutive common shares, respectively. The dilutive common shares are not included in the computation of diluted earnings per share, because to do so would be anti-dilutive.

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 customers and cellular providers. As of September 30, 2019, the Company had no significant concentration of receivables (defined as customers whose receivable balances are greater than 10% of total receivables). As of December 31, 2018, the Company had a significant concentration of receivables due from two customers in the amounts of $441,934, or 42.7%.

Concentration of Major Customer

A significant amount of the revenue is derived from contracts with major customers and cellular providers. For the nine-month period ended September 30, 2019, the Company had one customer that accounted for $1,810,875, or 25.0% and one cellular provider that accounted for $2,028,814, or 28.0%, of the total revenue. For the three-month period ended September 30, 2019, the Company had one customer that accounted for $634,668, or 27.0% and one cellular provider that accounted for $612,092, or 26.1% of the total revenue.

Effect of Recent Accounting Pronouncements

On February 25, 2016, the FASB issued Accounting Standards Update (ASU) 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 2020. The Company has determined that this pronouncement will not have a material impact on the financial statements (see NOTE 5).

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 Securities Exchange Act of 1934, as amended (the”Exchange Act”).

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Cover - shares
9 Months Ended

Sep. 30, 2019

Nov. 18, 2019

Cover [Abstract]

Document Type 10-Q

Amendment Flag false

Document Period End Date Sep. 30, 2019

Document Fiscal Period Focus Q3

Document Fiscal Year Focus 2019

Current Fiscal Year End Date --12-31

Entity File Number 001-10171

Entity Registrant Name KonaTel, Inc.

Entity Central Index Key 0000845819

Entity Incorporation, State or Country Code DE

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Common Stock

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Stockholders' Equity - Schedule of Share-Based Compensation , Stock Options, Activity (Details)
9 Months Ended

Sep. 30, 2019

USD ($)

$ / shares

shares

Share-Based Compensation Arrangement By Share-Based Payment Award Options Outstanding

Options outstanding, beginning of period 4,325,000

Granted 500,000

Forfeited 1,550,000

Options outstanding, end of period 3,275,000

Options exercisable and vested, end of period 2,925,250

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price

Weighted average exercise price outstanding, beginning of period | $ / shares $ 0.20

Weighted average exercise price, granted | $ / shares 0.20

Weighted average exercise price outstanding, end of period | $ / shares 0.19

Weighted average exercise price, exercisable and vested, end of period | $ / shares $ 0.19

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures

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Weighted average remaining contractual life, granted 2 years 5 months

Weighted average remaining contractual life outstanding, end of period 3 years 2 months

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Amount Due to Stockholder (Details Narrative) - USD ($)
9 Months Ended 12 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Dec. 31, 2018

Proceeds from related parties $ 200,000 $ 100,000

Amount Due to related party $ 204,344 $ 91,152

D. Sean McEwen

Interest rate 10.00% 10.00%

Maturity date Nov. 30, 2019 Nov. 30, 2019

Amount Due to related party $ 4,344 $ 91,152

Joshua Ploude, Ceo of Apeiron

Proceeds from related parties $ 200,000

Interest rate 12.00%

Maturity date Jul. 10, 2019

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Income Statement [Abstract]

Revenue $ 2,346,975 $ 2,453,514 $ 7,253,641 $ 7,591,218

Cost of Revenue 1,517,834 1,892,988 4,836,732 6,481,979

Gross Profit 829,141 560,526 2,416,909 1,109,239

Operating expenses

Payroll and Related Expenses 461,331 336,660 1,403,872 1,120,388

Operating and Maintenance 225,252 332,718 1,034,287 936,212

Bad Debt 3,300 3,300 15,210

Utilities and Facilities 21,066 41,883 80,839 147,389

Depreciation and Amortization 251,117 61,582 753,350 206,172

General and administrative 13,306 26,560 91,639 64,485

Marketing and Advertising 2,550 4,995 24,020 42,284

Taxes and Insurance 15,615 21,437 85,508 124,771

Total Operating Expenses 993,537 825,835 3,476,815 2,656,911

Operating Loss (164,396) (265,309) (1,059,906) (1,547,672)

Other Income and Expense

Interest Income 221 456 1,562 4,757

Other Income 318,257 14,836 318,257

Interest Expense (11,631) (7,087) (34,314) (30,951)

Total Other Income and Expenses (11,410) 311,626 (17,916) 292,063

Net Profit (Loss) $ (175,806) $ 46,317 $ (1,077,822) $ (1,255,609)

Net loss per share $ (0.00) $ 0.00 $ (0.03) $ (0.04)

Weighted Average Number of Basic and Diluted Shares 40,692,286 32,942,286 40,692,286 31,423,055

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Transactions
9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Transactions
NOTE 2 – TRANSACTIONS

The following are significant transactions that impact the operations of the Company:

Apeiron Acquisition

On December 31, 2018, the Company purchased Apeiron, which became a wholly-owned subsidiary. The total purchase price was $2,450,000. The purchase included the issuance of 7,000,000 shares of the Company’s common stock in exchange for all the outstanding common shares of Apeiron common stock. The purchase price was derived and based on the fair market value of the 7,000,000 shares at the December 31, 2018, common stock price of $0.35 per share. The acquisition provides the Company with expansion and diversification within the telecommunications industry. Apeiron brings CPaaS and business networking services to the Company that have significant business in the wireless telecommunications industry. The combination allows the Company to share customers and provide bundled service integrations.

Infiniti Mobile Acquisition

On January 31, 2019, the Company completed the acquisition of Infiniti Mobile. The purchase price was $752,366 and included $100 in cash, advances to Infiniti Mobile for the period from the sales agreement dated February 5, 2018, until January 31, 2019, in the amount of $465,056, USAC over-payment settlement of $168,277 and accounts receivables due to the Company in the amount of $152,764.

The transaction was accounted for under the purchase method. The purchase price allocation to assets and liabilities assumed in the transaction was:

Cash $ 14,318

Accounts Receivable 63,764

Prepaid Expenses and Deposits 2,400

Furniture and Equipment at Fair Value 1,309

License 694,447

Accounts Payable (192,548 )

 Net Assets Acquired $ 583,690

The following table provides unaudited proforma results, prepared in accordance with ASC 805, for the three and nine months ended September 30, 2019, and 2018 respectively, as if Infiniti Mobile and Apeiron had been acquired on January 1, 2018:

For the Three

Months Ended

September 30, 2019

For the Three

Months Ended

September 30, 2018

For the Nine

Months Ended

September 30, 2019

For the Nine

Months Ended

September 30, 2018

Net Sales $ 2,346,975 $ 3,279,615 $ 7,317,859 $ 10,225,430

Net Profit (Loss) $ (175,805 ) $ 89,147 $ (1,043,590 ) $ (928,468 )

Net profit (loss) per share, basic and diluted $ (0.00 ) $ 0.00 $ (0.03 ) $ (0.03 )

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Property and Equipment (Tables)
9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

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September 30,

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December 31,

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Leasehold Improvements $ 46,950 $ 46,950

Furniture and Fixtures 102,946 101,638

Billing Software 217,163 217,163

Office Equipment 86,887 86,887

453,946 452,638

Less: Accumulated Depreciation and Amortization (342,264 ) (320,615 )

Property and equipment, net $ 111,682 $ 132,023

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Segment Reporting (Tables)
9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Hosted Services Mobile Services Lifeline ETC Lifeline VETC Total

For the nine-month period ended September 30, 2019

Revenue $ 2,450,483 $ 1,943,318 $ 506,931 $ 2,352,909 $ 7,253,641

Net Loss $ (215,291 ) $ 144,955 $ (462,519 ) $ (544,967 ) $ (1,077,822 )

Depreciation and amortization $ 428,060 $ 269,712 $ 34,705 $ 20,872 $ 753,350

Additions to property and equipment $ — $ — $ — $ — $ —

For the three-month period ended September 30, 2019

Revenue $ 875,256 $ 600,553 $ 276,073 $ 595,093 $ 2,346,975

Net Loss $ 46,816 $ (93,308 ) $ 21,819 $ (151,133 ) $ (175,806 )

Depreciation and amortization $ 199,586 $ 19,711 $ 1,507 $ 30,313 $ 251,117

Additions to property and equipment $ — $ — $ — $ — $ —

For the nine-month period ended September 30, 2018

Revenue $ — $ 3,929,840 $ — $ 3,661,378 $ 7,591,218

Net Loss $ — $ (676,925 ) $ — $ (578,684 ) $ (1,255,609 )

Depreciation and amortization $ — $ 115,140 $ — $ 91,032 $ 206,172

Additions to property and equipment $ — $ — $ — $ — $ —

For the three-month period ended September 30, 2018

Revenue $ — $ 945,764 $ — $ 1,507,750 $ 2,453,514

Net Profit (Loss) $ — $ (254,292 ) $ — $ 300,609 $ 46,317

Depreciation and amortization $ — $ 52,542 $ — $ 9,040 $ 61,582

Additions to property and equipment $ — $ — $ — $ — $ —

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Stockholders' Equity (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended

Jun. 30, 2018

Mar. 31, 2018

Sep. 30, 2019

Sep. 30, 2018

Stock-based compensation expense, vested options $ 141,804 $ 454,434

Deferred compensation expense $ 743,967

Weighted average term, compensation expense 3 years 1 month

Options vesting period 5 years

Private Placement

Common stock issued 1,000,000 4,750,000

Common stock issued, aggregate value $ 200,000 ^[1] $ 950,000

Stock price $ 0.20 $ 0.20

[1] $100,000 of which was in cash and $100,000 of which was in settlement of an advance in that amount from the subscriber.

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Contingencies and Commitments (Details Narrative) - USD ($)
9 Months Ended

Sep. 30, 2019

Dec. 31, 2018

Stock options cancelled 1,550,000

Former Owner of Infiniti Mobile

Settlement agreement, description The Company entered into a Settlement Agreement with the former owner of Infiniti Mobile regarding the over-payment of Universal Service Fund reimbursements, effective September 4, 2019, which was the date of delivery of the fully executed Settlement Agreement that was dated August 22, 2019, and filed with the SEC on September 4, 2019. Under the Settlement Agreement, and as part of the previous owner's obligations to indemnify and hold the Company harmless from any liability arising from the breach of any representations and warranties in the initial Purchase and Sale Agreement dated February 5, 2019 (the "PSMI"), and filed with the SEC on February 6, 2019, which included this liability, the vested $0.20 per share 500,000 share incentive stock option grant that was awarded to the previous owner at the closing of the PSMI was cancelled and deemed null and void, and the previous owner was released from any liability for the $168,677 over-payment. All of the other terms and conditions of the PSMI remain in full force and effect, including the continuing indemnification provisions regarding all other representations and warranties.

Stock options cancelled 500,000

Stock options cancelled, exercise price $ 0.20

Positive Outcome of Litigation

Contingencies, description On August 28, 2018, we filed a claim in AAA Arbitration against a former employee, Saul Glosser. In August 2019 the company won an arbitration award (ratified by the court) from Mr. Glosser in the amount of $362,871 ($357,914 plus arbitrator compensation of $4,957). The award has been deemed final as Mr. Glosser has not preserved any outstanding issues for review. At this time collectability is yet to be determined therefore the award is not currently reflected in the Balance Sheet.

Litigation settlement, amount awarded from other party $ 362,871

Name of plaintiff Saul Glosser

Dispute resolution type, description Arbitration

United States Administrative Company

Over-payment of fund reimbursements, description Infiniti Mobile was notified by the United States Administrative Company ("USAC") of an over-payment of Universal Service Fund reimbursements in the amount of $168,677. On July 25, 2019, the Company entered into a Letter of Acknowledgement with the FCC and requested a 24-month payment plan regarding the repayment of the over-payment amounts. The FCC decision regarding the payment plan request is pending and is expected before December 31, 2019. As required by the Letter of Acknowledgement requirements, Infiniti Mobile has made a good faith down payment in the amount of 10% of the total over-payment and continues to make regular monthly payments of 1/24th of the outstanding balance pending payment plan approval. The over-payment amount was recorded as a current acquisition expense.

Standby Letters of Credit

Letter of credit $ 63,000 $ 63,000

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Property and Equipment
9 Months Ended

Sep. 30, 2019

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, 2019, and December 31, 2018:

September 30,

2019

December 31,

2018

Leasehold Improvements $ 46,950 $ 46,950

Furniture and Fixtures 102,946 101,638

Billing Software 217,163 217,163

Office Equipment 86,887 86,887

453,946 452,638

Less: Accumulated Depreciation and Amortization (342,264 ) (320,615 )

Property and equipment, net $ 111,682 $ 132,023

Depreciation and amortization expense amounted to $21,649 and $21,649 for the nine-month periods ended September 30, 2019 and 2018 and $7,217 and $7,216 for the three-month periods ended September 30, 2019, and 2018, respectively. Depreciation and amortization expense are included as a component of operating expenses in the accompanying statements of operations.

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Leases
9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases
NOTE 8 – LEASES

The Company has right-to-use assets through leases of property under three non-cancelable leases with terms in excess of one year. The current lease liabilities expire April 30, 2020, September 1, 2020, and December 1, 2021. Future lease liability payments under the terms of these leases are as follows:

2019 $ 18,110

2020 $ 31,373

2021 $ 10,175

Total $ 59,658

Less Current Maturities $ 42,150

Long Term Maturities $ 17,508

The Company also leases two office spaces on a month-to-month basis. Total lease expense for the nine-month periods ended September 30, 2019, and 2018 amounted to $52,592 and $110,023 and $15,392 and $33,677 for the three-month periods ended September 30, 2019, and 2018, respectively.

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Stockholders' Equity
9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Stockholders' Equity
NOTE 12 – STOCKHOLDERS’ EQUITY

Common Stock

On March 8, 2018, the Company 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 13, 2018, the Company issued 1,000,000 shares in a private placement to “accredited investors” at $0.20 per share for an aggregate amount of $200,000, $100,000 of which was in cash and $100,000 of which was in settlement of an advance in that amount from this subscriber.

Stock Compensation

The Company offers stock option equity awards to directors and key employees. Options vested in tranches and expire in five (5) years. During the nine-months ended September 30, 2019, and 2018, the Company recorded vested options expense of $141,804 and $454,434, respectively. The option expense not taken as of September 30, 2019, is $743,967, with a weighted average term of 3.1 years.

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Number of

Shares

Weighted Average

Exercise Price

Weighted Average

Remaining Life

Aggregate

Intrinsic Value

Options Outstanding – December 31, 2018 4,325,000 $ 0.20 3.1 $ —

Granted 500,000 $ 0.20 2.3

Exercised

Forfeited 1,550,000

Options Outstanding – September 30, 2019 3,275,000 $ 0.19 3.2 $ —

Exercisable and Vested, September 30, 2019 2,925,250 $ 0.19 3.1 $ —

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Intangible Assets - Schedule of Intangible Assets Future Amortization Expense (Details)

Sep. 30, 2019

USD ($)

Goodwill and Intangible Assets Disclosure [Abstract]

2019 $ 208,976

2020 802,334

2021 $ 802,333

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Property and Equipment (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

Depreciation and amortization expense $ 7,217 $ 7,216 $ 21,649 $ 21,649

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- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.
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Intangible Assets (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
Intangible Assets (Details Narrative) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 225,761	$ 20,903	$ 677,280	$ 151,059
License			$ 624,255

Right-To-Use Assets - Schedule of Right-To-Use Assets (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Right-to-Use Assets	$ 113,035
Less: Accumulated Depreciation	(54,421)
Right to Use Assets, Net	$ 58,614

Transactions (Details Narrative) - USD ($)	12 Months Ended
Transactions (Details Narrative) - USD ($)	Jan. 31, 2019	Dec. 31, 2018
Apeiron Systems
Acquisition purchase price		$ 2,450,000
Equity interest issued, acquisition		7,000,000
Price per share		$ 0.35
Infiniti Mobile Acquisition
Acquisition purchase price	$ 752,366
Cash payments for acquisition	100
Advances for acqusition	465,056
USAC over-payment settlement	168,677
Accounts receivable	$ 152,764

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
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	40,692,286	40,692,286
Common stock, shares outstanding	40,692,286	40,692,286

Leases - Schedule of Future Minimum Lease Payments (Details)	Sep. 30, 2019 USD ($)
Leases [Abstract]
Future minimum lease payments, 2019	$ 18,110
Future minimum lease payments, 2020	31,373
Future minimum lease payments, 2021	10,175
Total	59,658
Less Current Maturities	42,271
Long Term Maturities	$ 17,508

Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Customer Lists	$ 1,135,961	$ 1,135,961
Software	2,407,001	2,407,001
License	694,447
Less: Accumulated Amortization	(1,729,320)	(1,052,040)
Intangible assets, net	$ 2,508,089	$ 2,490,922

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 453,946	$ 452,638
Less: Accumulated Depreciation and Amortization	(342,264)	(320,615)
Property, plant and equipment, net	111,682	132,023
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	102,946	101,638
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	$ 86,887

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2019	Nov. 18, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019
Current Fiscal Year End Date	--12-31
Entity File Number	001-10171
Entity Registrant Name	KonaTel, Inc.
Entity Central Index Key	0000845819
Entity Incorporation, State or Country Code	DE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,692,286

Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance at Dec. 31, 2017	$ 27,192	$ 2,703,033	$ (3,190,873)	$ (460,648)
Beginning Balance, shares at Dec. 31, 2017	27,192,286
Issuance of common stock, value	$ 5,750	1,144,250		1,150,000
Issuance of common stock, shares	5,750,000
Stock Based Compensation		454,434		454,434
Net loss			(1,255,609)	(1,255,609)
Ending Balance at Sep. 30, 2018	$ 32,942	4,301,717	(4,446,482)	(111,823)
Ending Balance, shares at Sep. 30, 2018	32,942,286
Beginning Balance at Jun. 30, 2018	$ 32,942	4,139,734	(4,492,799)	(320,123)
Beginning Balance, shares at Jun. 30, 2018	32,942,286
Stock Based Compensation		161,983		161,983
Net loss			46,317	46,317
Ending Balance at Sep. 30, 2018	$ 32,942	4,301,717	(4,446,482)	(111,823)
Ending Balance, shares at Sep. 30, 2018	32,942,286
Beginning Balance at Dec. 31, 2018	$ 40,692	7,041,696	(4,352,073)	2,730,315
Beginning Balance, shares at Dec. 31, 2018	40,692,286
Stock Based Compensation		259,962		259,962
Net loss			(1,077,822)	(1,077,822)
Ending Balance at Sep. 30, 2019	$ 40,692	7,301,658	(5,429,895)	1,912,455
Ending Balance, shares at Sep. 30, 2019	40,692,286
Beginning Balance at Jun. 30, 2019	$ 40,692	7,414,595	(5,254,089)	2,201,198
Beginning Balance, shares at Jun. 30, 2019	40,692,286
Cancellation of Stock Options		(98,482)		(98,482)
Stock Based Compensation		(14,455)		(14,455)
Net loss			(175,806)	(175,806)
Ending Balance at Sep. 30, 2019	$ 40,692	$ 7,301,658	$ (5,429,895)	$ 1,912,455
Ending Balance, shares at Sep. 30, 2019	40,692,286

Stockholders' Equity - Schedule of Share-Based Compensation , Stock Options, Activity (Details)	9 Months Ended
	Sep. 30, 2019 USD ($) $ / shares shares
Share-Based Compensation Arrangement By Share-Based Payment Award Options Outstanding
Options outstanding, beginning of period	4,325,000
Granted	500,000
Forfeited	1,550,000
Options outstanding, end of period	3,275,000
Options exercisable and vested, end of period	2,925,250
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
Weighted average exercise price outstanding, beginning of period \| $ / shares	$ 0.20
Weighted average exercise price, granted \| $ / shares	0.20
Weighted average exercise price outstanding, end of period \| $ / shares	0.19
Weighted average exercise price, exercisable and vested, end of period \| $ / shares	$ 0.19
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures
Weighted average remaining contractual life outstanding, beginning of period	3 years 1 month
Weighted average remaining contractual life, granted	2 years 5 months
Weighted average remaining contractual life outstanding, end of period	3 years 2 months
Weighted average remaining contractual life, exercisable and vested, end of period	3 years 1 month
Average intrinsic value outstanding, beginning of period \| $
Average intrinsic value outstanding, end of period \| $
Average intrinsic value, exercisable and vested, end of period \| $

Amount Due to Stockholder (Details Narrative) - USD ($)	9 Months Ended		12 Months Ended
Amount Due to Stockholder (Details Narrative) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Proceeds from related parties	$ 200,000	$ 100,000
Amount Due to related party	$ 204,344		$ 91,152
D. Sean McEwen
Interest rate	10.00%		10.00%
Maturity date	Nov. 30, 2019		Nov. 30, 2019
Amount Due to related party	$ 4,344		$ 91,152
Joshua Ploude, Ceo of Apeiron
Proceeds from related parties	$ 200,000
Interest rate	12.00%
Maturity date	Jul. 10, 2019

Contingencies and Commitments (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Stock options cancelled	1,550,000
Former Owner of Infiniti Mobile
Settlement agreement, description	The Company entered into a Settlement Agreement with the former owner of Infiniti Mobile regarding the over-payment of Universal Service Fund reimbursements, effective September 4, 2019, which was the date of delivery of the fully executed Settlement Agreement that was dated August 22, 2019, and filed with the SEC on September 4, 2019. Under the Settlement Agreement, and as part of the previous owner's obligations to indemnify and hold the Company harmless from any liability arising from the breach of any representations and warranties in the initial Purchase and Sale Agreement dated February 5, 2019 (the "PSMI"), and filed with the SEC on February 6, 2019, which included this liability, the vested $0.20 per share 500,000 share incentive stock option grant that was awarded to the previous owner at the closing of the PSMI was cancelled and deemed null and void, and the previous owner was released from any liability for the $168,677 over-payment. All of the other terms and conditions of the PSMI remain in full force and effect, including the continuing indemnification provisions regarding all other representations and warranties.
Stock options cancelled	500,000
Stock options cancelled, exercise price	$ 0.20
Positive Outcome of Litigation
Contingencies, description	On August 28, 2018, we filed a claim in AAA Arbitration against a former employee, Saul Glosser. In August 2019 the company won an arbitration award (ratified by the court) from Mr. Glosser in the amount of $362,871 ($357,914 plus arbitrator compensation of $4,957). The award has been deemed final as Mr. Glosser has not preserved any outstanding issues for review. At this time collectability is yet to be determined therefore the award is not currently reflected in the Balance Sheet.
Litigation settlement, amount awarded from other party	$ 362,871
Name of plaintiff	Saul Glosser
Dispute resolution type, description	Arbitration
United States Administrative Company
Over-payment of fund reimbursements, description	Infiniti Mobile was notified by the United States Administrative Company ("USAC") of an over-payment of Universal Service Fund reimbursements in the amount of $168,677. On July 25, 2019, the Company entered into a Letter of Acknowledgement with the FCC and requested a 24-month payment plan regarding the repayment of the over-payment amounts. The FCC decision regarding the payment plan request is pending and is expected before December 31, 2019. As required by the Letter of Acknowledgement requirements, Infiniti Mobile has made a good faith down payment in the amount of 10% of the total over-payment and continues to make regular monthly payments of 1/24th of the outstanding balance pending payment plan approval. The over-payment amount was recorded as a current acquisition expense.
Standby Letters of Credit
Letter of credit	$ 63,000	$ 63,000

Intangible Assets - Schedule of Intangible Assets Future Amortization Expense (Details)	Sep. 30, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2019	$ 208,976
2020	802,334
2021	$ 802,333

Property and Equipment (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
Property and Equipment (Details Narrative) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 7,217	$ 7,216	$ 21,649	$ 21,649