<SEC-DOCUMENT>0001493152-19-013545.txt : 20191025
<SEC-HEADER>0001493152-19-013545.hdr.sgml : 20191025
<ACCEPTANCE-DATETIME>20190830135834
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001493152-19-013545
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20190830

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMMO, INC.
		CENTRAL INDEX KEY:			0001015383
		STANDARD INDUSTRIAL CLASSIFICATION:	ORDNANCE & ACCESSORIES, (NO VEHICLES/GUIDED MISSILES) [3480]
		IRS NUMBER:				300957912
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6401 E. THOMAS ROAD, #106
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85251
		BUSINESS PHONE:		480-947-0001

	MAIL ADDRESS:	
		STREET 1:		6401 E. THOMAS ROAD, #106
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85251

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RETROSPETTIVA INC
		DATE OF NAME CHANGE:	19970602
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="logo_001.jpg" ALT="" STYLE="height: 98px; width: 415px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
30, 2019</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>United
States Securities and Exchange Commission</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Division
of Corporate Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
of Manufacturing and Construction</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RE:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMMO,
    Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendment
    No. 3 to Registration Statement on Form S-1</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Filed
    July 18, 2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>File
    No. 333-226087</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Sir or Madam,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
accept this in response to your letter dated August 14, 2019, referencing the File Number as listed above. As required by your
letter, we have made the necessary changes to our registration statement as filed on Form S-1/A and have included below a summary
of our action items, and revisions to noted disclosures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Form
S-1/A filed July 18, 2019</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>General, page 1</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>1.</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Please
    provide updated financial statements and related disclosures for your most recent interim period in your next amendment. Refer
    to Rule 8-08 of Regulation S-X for guidance.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE:
</B>We have included the financial statements and related disclosures for the period ended June 30, 2019 in our amendment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>2.</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Please
    provide an updated auditors&rsquo; consent in your next amendment.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE:
</B>An updated auditors&rsquo; consent has been included in the amendment as Exhibit 23.2 - Consent of KWCO, PC, independent registered
public accounting firm.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>We
    note your response to prior comment 1 of our letter dated February 4, 2019, including the filing of historical and pro forma
    financial statements related to your acquisitions of SWK and Jagemann Stamping Company on Forms 8-K and 8-K/A to comply with
    Rules 8-04 and 8-05 of Regulation S-X under the Exchange Act. In order for your current registration statement on Form S-1
    to comply with Rules 8-04 and 8-05 of Regulation S-X under the Securities Act, please address the following:</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Revise
    your Form S-1 to specifically incorporate by reference each Form 8-K and/or 8-K/A that includes the previously filed historical
    financial statements of SWK and Jagemann Stamping Company as required by Rule 8-04 of Regulation S-X and Item 12 of Form S-1.
    Due to your inclusion of audit reports for SWK and Jagemann Stamping Company in your filing, revise your Form S-1 to also
    include additional auditors&rsquo; consents as exhibits.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.2pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><IMG SRC="corresp_001.jpg" ALT="">&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.2pt; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;<IMG SRC="logo_001.jpg" ALT=""></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Revise
    your Form S-1 to provide an updated pro forma statement of operations for the year ended March 31, 2019 as required by Rule
    8-05 of Regulation S-X. The pro forma statement of operations should reflect both significant acquisitions as if they occurred
    on April 1, 2018. At a minimum, the pro forma statement of operations should include pro adjustments to reflect: additional
    amortization expense for acquired intangible assets; additional depreciation expense for equipment acquired at fair value;
    and additional interest expense related to the note payable used to fund the Jagemann acquisition. Be advised since both acquisitions
    are reflected in your most recent historical balance sheet, an updated pro forma balance sheet is not required.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.8pt; text-indent: -35.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE:
</B>We have revised our Form S-1 to incorporate by reference the previously filed audited historical financial statements of SW
Kenetics, Inc. attached as exhibit to our Current Report on Form 8-K/A filed with the Commission on February 25, 2019 and included
in the amendment as Exhibit 99.1. Additionally, we also incorporated by reference the previously filed audited historical financial
statements of Jagemann Sporting Group&rsquo;s Wisconsin Casing Division attached as an exhibit to our Current Report on Form 8-K/A
filed with the Commission on June 24, 2019 and included in the amendment as Exhibit 99.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
pages 63 to 65, we revised the document to include a Pro Forma Combined Condensed Statement of Operations for our recent significant
acquisitions of SW Kenetics, Inc. and Jagemann Sporting Group&rsquo;s Wisconsin Casing Division.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>4.</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>To
    the extent applicable, please address our comments on your current registration statement on Form S-1 in your exchange act
    filings.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.8pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE:
</B>We will address your comments in our future exchange act filings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.8pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>We
    note that your forum selection provision identifies the Court of Chancery of the State of Delaware as the exclusive forum
    for certain litigation, including any &ldquo;derivative action.&rdquo; Please disclose whether this provision applies to actions
    arising under the Securities Act or Exchange Act. In that regard, we note that Section 27 of the Exchange Act creates exclusive
    federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and
    regulations thereunder, and Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts
    over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder.
    If this provision does not apply to actions arising under the Securities Act or Exchange Act, please also ensure that the
    exclusive forum provision in the governing documents states this clearly, or tell us how you will inform investors in future
    filings that the provision does not apply to any actions arising under the Securities Act or Exchange Act</I>.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.8pt; text-indent: -35.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE:
</B>The forum selection provision in our Certificate of Incorporation is not intended to apply to any claim as to which the Delaware
Court of Chancery does not have subject matter jurisdiction, and the language of our Certificate of Incorporation already so states.
The Company acknowledges your reference to the jurisdiction provisions of Section 27 of the Exchange Act and Section 22 of the
Securities Act. Our forum selection provision would not apply to claims covered by those statutes because of the jurisdiction
provisions referenced.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="corresp_001.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="logo_001.jpg" ALT="" STYLE="height: 98px; width: 415px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Business</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U></U></FONT><U>Intellectual Property, page 40</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>6.</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Please
    revise to include disclosure regarding the duration of the intellectual property that you hold. Please refer to Item 101(h)(vii)
    of Regulation S-K.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE:
</B>We revised page 42 of the document to include the duration of the intellectual property held. The following paragraphs have
been revised:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Included
in an acquisition for 600,000 shares of our Common Stock and $200,000 paid in cash to the former license holder, we acquired the
exclusive license to produce ammunition using the patented &ldquo;hybrid luminescence technology&rdquo; owned by the University
of Louisiana at Lafayette <FONT STYLE="background-color: white">through October 29, 2028</FONT>. We use that technology in connection
with our STREAK VISUAL AMMUNITION&trade;.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Through
our acquisition of SW Kenectics, Inc., we acquired the rights to a patent for modular projectiles. This technology is used in
connection with our TAC-P line of ammunition. The Company acquired SW Kenectics, Inc. for a total of up to $1,500,000 in cash
and issued 1,700,002 restricted shares of the Company&rsquo;s common stock. The agreement specifies that $1,250,000 of the cash
is deferred pending completion of specific milestones and the 1,700,002 shares of common stock are subject to claw back provisions
to ensure agreed upon objective are met. The patent will be amortized over 15 years.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Included
in the acquisition of Jagemann Stamping Company&rsquo;s casing division for $7,000,000 in cash, $10,400,000 delivered in the form
of a Promissory Note, and 4,750,000 shares of our Common Stock, we acquired customer relationships, intellectual property, and
the use of a tradename, which will be amortized over 3 years, 3 years and 5 years, respectively. These intangible assets are used
in the operation and production of our ammunition casing business through our wholly owned subsidiary, Jagemann Munition Components&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Consolidated
Financial Statements</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Note 10 - Acquisitions, page 79</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>7.</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>We
    note your disclosures related to the purchase price allocation for SWK. Based on prior disclosures in your 12/31/18 Form 10-Q
    and Form 8-K/A, it appears your initial accounting for this acquisition was provisional and has been subsequently and appropriately
    revised. Please revise note 10 to provide the disclosures required by ASC 805-10-50-4A, including the nature and amount of
    the measurement period adjustment you recognized during the reporting period.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="corresp_001.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="logo_001.jpg" ALT="" STYLE="height: 98px; width: 415px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE:
</B>We have updated our disclosure in Note 10 on page 84 to include the following information:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;The
preliminary fair value of the patent at the date of acquisition was $7,723,166 and resulted in the recognition of gain on bargain
purchase of $1,599,161. The estimated fair value was determined by a third-party valuation firm. The valuation firm relied on
estimates of future sales and profitability provided by the Company. Subsequently, the Company determined the existing facts and
circumstances did not support the original fair value due to delays in obtaining tooling and manufacturing equipment. As a result,
the Company adjusted the fair value of the patents from $7,723,166 to $6,124,005, with the difference reducing the previously
recognized gain on bargain purchase of $1,599,161.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>8.</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>We
    note your disclosures related to the purchase price allocation for Jagemann Stamping Company. Based on prior disclosures in
    your Form 8-K/A, please revise note 10 to address the following:</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.8pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Based
    on Jagemann Stamping Company&rsquo;s historical financial statements, it is not clear to us why your purchase price allocation
    does not include any of the other historical assets and liabilities of Jagemann, except equipment. More fully explain what
    you actually acquired and why all the historical assets and liabilities of Jagemann are not recorded at their fair values</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE:
</B>We have revised Note 10 on Page 84 and 85 to include the following language to disclose what was acquired from Jagemann Stamping
Company and why the historical assets are not recorded at their fair values:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Pursuant
to the terms of the Amended APA, the Company assumed no liabilities related to the Seller&rsquo;s business and acquired only the
assets set forth below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -21.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 93%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seller&rsquo;s
    equipment related to the manufacture of ammunition casings</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    name</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer
    Lists</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intellectual
    Property owned by and/or developed for specific and sole use in the Seller&rsquo;s business which is subject to the Amended
    APA. The items included are all trade secrets, designs, non-registered trademarks, websites and related content, manufacturing
    methods and processes including, engineering plans, drawings, designs, schematics, operations/systems manuals and handbooks.&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
review, the Company determined that it would not realize the expected cost savings to costs of goods sold due to the significant
increase in depreciation, amortization, and interest expenses. Therefore, the Company recognized a loss on purchase of $2,118,154
on the acquisition of Jagemann Casings.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I></I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>It
    is not clear to us what the loss on purchase represents or how you determined recording a loss on purchase complies with ASC
    805. More fully explain how you determined the fair values of the intangible assets you recorded and adjust your purchase
    price allocation to comply with ASC 805.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><IMG SRC="corresp_001.jpg" ALT=""></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><IMG SRC="logo_001.jpg" ALT="" STYLE="height: 98px; width: 415px"></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE:
</B>In 2018, the Company was interested in making an acquisition to vertically integrate our supply chain, secure casing components,
reduce material costs and thus allow us to offer more competitive pricing with the Commercial, Law Enforcement and Military markets.
The Company reviewed potential targets and originally agreed to partner with Jagemann Stamping Company (the Company&rsquo;s largest
casing supplier) with the Company holding the controlling interest. After extensive negotiations, the Company offered to purchase
the equipment and intangible assets of Jagemann Stamping&rsquo;s casing operations and continue the operations under its wholly
owned subsidiary Enlight Group II, LLC d/b/a Jagemann Munition Components. The Company assumed no debt and Jagemann Stamping Company
agreed to pay off all debt related to the equipment sold. Historical revenue for the casing division for the three year period
ended December 31, 2018 are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 40%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: center">2018</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 56%; text-align: right">15,417,735</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,603,762</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,284,540</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 58.2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the negotiation process, as part of a due diligence effort, the Company reviewed the operations of the casing division and why
it had been operating with a negative gross margin and net loss. Based on the Company&rsquo;s discussions with Jagemann Stamping
Company&rsquo;s senior management, we determined that a significant amount (approximately $2.0 million) of allocated manufacturing
support costs would not be incurred once we assumed ownership. Based on the Company&rsquo;s knowledge of the casing division,
our offer included, among other provisions, the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 93%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.45in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$7,000,000
    cash payment</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,400,000
    note payable, $2,000,000 due within the first two months of the acquisition and $8,400,000, payable April 1, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,750,000
    shares of AMMO, Inc. common stock (valued at $2.00 per share)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
    of all equipment related to the manufacturing casing operations, including those that are being lease purchased</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company would not assume any of Jagemann Stamping Company&rsquo;s liabilities including accounts payable, accrued liabilities,
    notes payable, and equipment lease liabilities.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 58.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total estimated purchase price was $26,900,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 58.2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company engaged a third party valuation firm to assist with the purchase price allocation. The engaged valuation firm valued the
acquisition as a whole and the intangible assets and also used a qualified equipment appraiser to value the equipment. The intangible
assets were valued using scenarios related to each type of intangible asset. The firm also used estimated sales and expected profitability
provided by the Company based on AMMO, Inc.&rsquo;s perception of the facts obtained during their due diligence of the casing
divisions operations, including the expected reduction in manufacturing support costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="corresp_001.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="logo_001.jpg" ALT="" STYLE="height: 98px; width: 415px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 58.2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company discussed the estimates with its auditors, who also provided audited services to Jagemann Stamping Company&rsquo;s casing
division for the financial statements for the years ended December 2018 and 2017, which were included in the Current Report on
Form 8-K/A filed June 24, 2019. As a part of their procedures, the auditors tested the casing division&rsquo;s costs system and
other costs included in costs of goods sold. After review, the auditors and the Company agreed that it did not appear that AMMO
would realize the expected cost savings to costs of goods sold due to the significant increase in depreciation, amortization,
and interest expenses. As a result, the Company revised its inputs to the third party valuation firm and the fair value estimates
were finalized. The fair value estimated are set forth below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 78%; padding-bottom: 2.5pt">Total Purchase Price</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 18%; border-bottom: Black 2.5pt double; text-align: right">26,900,000</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Allocation:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Intangible Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt">Intellectual Property</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,773,436</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Customer Relationships</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,666,774</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt">Trade Name</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,472,095</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt">Total Intangible Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,912,305</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 10pt">Equipment</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">18,869,541</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">Fair Value of Identified Assets</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">24,781,846</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Difference</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,118,154</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 58.2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
a normal valuation situation, the $2,118,154 excess in purchase price over the fair value would be recorded as goodwill.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recorded intangibles values were discussed in connection with the overall fair value determination. The discussions were as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intellectual
    Property includes designs, plans and copy rights. trade secrets, non-registered trademarks, websites and related content,
    manufacturing methods and processes including; engineering plans, drawings, designs, schematics, operations/systems manuals
    and handbooks. Intellectual Property was valued at $1,773,436. This valuation was approximately eighteen (18) to twenty-four
    (24) month of expenditures made by Jagemann. The fair value did not appear to be unreasonable.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer
    relationships were valued at $1,666,774. Upon review of Jagemann customer activity, it was determined one customer accounted
    for 35% to 40% of annual sales and three other customers were 25% of annual sales. The $1,666,774 did not appear to be an
    unreasonable estimate.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tradename
    was valued at $2,472,095. Jagemann Stamping Company&rsquo;s casing division had been in existence for 11 years and had developed
    a strong reputation in the munitions industry. Their customers included some of the largest and regarded manufacturers in
    the industry.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="corresp_001.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="logo_001.jpg" ALT="" STYLE="height: 98px; width: 415px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
auditors were in agreement with the allocation of the intangibles and recognizing a loss on purchase of $2,118,154. As such, we
recorded a loss on the purchase, rather than recording goodwill, for the difference between the purchase price and the fair value
of the acquired selected assets due to the expected cost savings being offset with significant increases in depreciation, amortization,
and interest expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.2pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>9.</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>We
    note numerous references to your reliance on third party valuation firms in connection with determining the fair values of
    assets you recorded. Please clarify/revise your disclosures or explain to us what consideration you have given to filing consents
    from the third party valuation firms as exhibits to your registration statement on Form S-1 as required by Section 7 of the
    Securities Act and Securities Act Rule 436.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESPONSE:
</B>We have included the consent of the independent appraisal firm in our amendment as Exhibit 23.5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMMO,
INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Fred W. Wagenhals</I></FONT></TD>
    <TD STYLE="width: 50%; padding-bottom: 1.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fred
Wagenhals</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
Executive Officer</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="corresp_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo_001.jpg
<TEXT>
begin 644 logo_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !B 9\# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W^BBB@ HH
MHH **B-S;J2#/&".""XI/M5O_P _$7_?8H FHJ'[5;_\_$7_ 'V*/M5O_P _
M$7_?8H FHJ'[5;_\_$7_ 'V*7[5;_P#/>+_OL4 2T4 @@$'(/>B@ HIKR)&
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M_80N/_1C5CUZ5XB^%7C2^\3:M=V^BL\$]Y-)&_GQC<K.2#RWH:S?^%0>.O\
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M>XFNIFFN)I)I6.6>1BS$^Y-1UW'_  J#QU_T G_\"(O_ (JC_A4'CK_H!/\
M^!$7_P 50!P]%=Q_PJ#QU_T G_\  B+_ .*H_P"%0>.O^@$__@1%_P#%4 </
M17<?\*@\=?\ 0"?_ ,"(O_BJ/^%0>.O^@$__ ($1?_%4 8?AKQ;K/A34$N]+
MO)(P#EX2Q,<@]&7H?Y^E?2]I9Z3\1M#L_$$3O;R7%NJ;HPOF0ND@; 8C.0R8
M^GUKP3_A4'CK_H!/_P"!$7_Q5>Y?"#0-8\-^#YK#6K9K>?[8\D:%U;Y"J^A(
MZ@T =EH^F1:+I%KIL#,T5M&(T+=2!ZU=HHH **** "BBB@ HHHH *"0 23@#
MO17+_$:]ET_X=Z[<0DB3[*R @X(W87/_ (]0!QOB7X\Z+I5W):Z192:H\9*F
M;S/+B)_V3@EOK@#TKE_^&B-4_P"@#9_]_6KQBB@#V?\ X:(U7_H V?\ W]:C
M_AHC5?\ H V?_?UJYGP/\*-0\;Z-+J<.HV]I"DQA42(6+$ $GCH.173_ /#.
M^I_]!^T_[\M_C0 G_#1&J_\ 0!L_^_K4?\-$:K_T ;/_ +^M2_\ #.^I_P#0
M?M/^_+?XUYKXP\,2^#_$<VC3W*7$D2(QD12 =R@]#]: /2?^&B-5_P"@#9_]
M_6H_X:(U7_H V?\ W]:O&*.M 'L__#1&J_\ 0!L_^_K4?\-$:K_T ;/_ +^M
M7C31N@RR,H]2,4V@#V?_ (:(U7_H V?_ ']:C_AHC5?^@#9_]_6KQBMO3_!W
MB35;=+BPT._N()!E)8X&*L/8XQ0!Z9_PT1JO_0!L_P#OZU'_  T1JO\ T ;/
M_OZU<$GPU\9R-M7PY?@_[4>W^=<S<02VMS+;SH4FB<HZGJK X(_.@#V/_AHC
M5?\ H V?_?UJ/^&B-5_Z -G_ -_6KQBM3P[X?OO$^M0Z3IPC-U,&*B1MH^4$
MGGZ"@#U/_AHC5?\ H V?_?UJ/^&B-5_Z -G_ -_6K&7X#^,6ZG3E^MP?Z+63
MXM^%NM^#-%CU34KFQ>)YA"$@=F8$@G/*@8^4T =?_P -$:K_ - &S_[^M1_P
MT1JO_0!L_P#OZU>,44 >S_\ #1&J_P#0!L_^_K4?\-$:K_T ;/\ [^M6-H7P
M@?6O B^)_P"VUA5H)9OL_P!FW'Y"PQNW=]OIWKS&@#V?_AHC5?\ H V?_?UJ
M/^&B-5_Z -G_ -_6KQBO0OA3X$TWQQ?ZC%J4]U$EK&CJ+=E!;)(YR#Z4 =+_
M ,-$:K_T ;/_ +^M1_PT1JO_ $ ;/_OZU=D/@+X/!R9=3/L;A?\ XFO*_BYX
M-TCP;JNFVVDK,$G@9W\V3<20V* .B_X:(U7_ * -G_W]:C_AHC5?^@#9_P#?
MUJ\8HH ]G_X:(U7_ * -G_W]:C_AHC5?^@#9_P#?UJ])T;X;^#IM$L)I/#]H
M\DEO&[,P)R2H)/6M)O 'A""VDV>&],X4\M;*QZ>I% 'DG_#1&J_] &S_ ._K
M4?\ #1&J_P#0!L_^_K5XR?O'ZTE 'L__  T/JO\ T ;/_OZU'_#0^J_] &S_
M ._K5!^S[%'-XCU82QHX%HI 90?XQ7+_ !?54^*&L*JA5!BP ,#_ %24 =?_
M ,-$:K_T ;/_ +^M3X/V@=:N9TA@\.6TLKG")&[LS'T  YKQ6NH^''_)1M _
MZ_$_G0!ZXGQ2\?2 %?A]<D'_ *8S?_$U9C^(?Q&E^[\/I1_O"1?YUZY10!Y!
M?_$KQ]I=A-?7W@=+>UA :25Y" HSC^9%<Y_PT1JO_0!L_P#OZU>H?%?_ ))A
MKG_7)/\ T8M?)% 'L_\ PT1JO_0!L_\ OZU=CX3\>>-/&6G27^EZ%I"V\<IB
M+3W;J=P /0 ]B*^9Z^DOV?\ _D1+S_L(/_Z E '3+=_$1C_R"?#J^[7DO]$J
M=9/'Q'-KX;!]/M$Y_P#9*ZJB@#GH_P#A,2O[W^PE;T7SF']*M0KXC_Y;2:4/
M]R.0_P S6O10!21=4R-\UF1WQ$W_ ,55Q=VT;B"W?%+10 4444 %<C\48WE^
M&>NJBEB+<-@>@92?T!KKJKWUG!J-A<65RF^"XB:*1?56&#_.@#X>HKM/&/PS
MU_PG?2C['-=Z=N)BNX4+*5[;@/NGZ_AFN,(()!!!'44 =+X=^('B7PI8R66C
MZAY%L\GF&-HD<;L $C<#CH/RK8_X7/XZ_P"@NG_@+%_\37 T4 =]_P +G\=?
M]!=/_ 6+_P")KD]=U[4?$FJR:GJDXFNY%56<(%R ,#@ #I6;10 5I^'/^1HT
MG_K]A_\ 0Q696GX<_P"1HTG_ *_(?_0Q0![M^T( /">EX'_+]_[(U?.U?17[
M0O\ R*>E_P#7]_[(U?.M !7UQ\*_^28Z'_UQ;_T-J^1Z^N/A5_R3'0_^N+?^
MAM0!V-?%/B3_ )&G5_\ K]F_]#-?:U?%7B3_ )&C5_\ K]F_]#- &77?_!?_
M )*CIG^Y-_Z*:N KO_@OQ\4=,_W)O_134 ?55>5_'[_D0;;_ +"$?_H#UZI7
ME?Q^_P"1"M?^PA'_ .@/0!\U4444 ?3_ ($_Y(-'_P!>%W_Z%)7S!WKZ?\"$
M?\*%C.?^7"[_ /0I*^8.] !7M7[.W_(5UW_KA%_Z$U>*U[5^SM_R%M=_ZX1?
M^A-0![_7SW^T/_R,.C?]>K?^AU]"5\]_M#_\C#H__7HW_H= 'C5'>BCO0!]L
MZ#_R+VF?]>D7_H JY<?\>TO^X?Y53T'_ )%W3/\ KTB_] %7+C_CVE_W#_*@
M#X;;[Q^M)2G[Q^M)0!['^SS_ ,C)J_\ UYK_ .ABN7^,:LOQ2U?((SY1'N/*
M2NH_9Y_Y&35_^O,?^ABND^-7P]N];$7B+2(&GNH(_+N8$&6=!R&4=R,D$=<8
M]* /GBI[*]N-.OH+VTE:&Y@<212+U5@<@U"R,C%64JRG!!&"#24 =]_PN?QU
M_P!!=/\ P%B_^)H_X7/XZ_Z"Z?\ @+%_\37 T4 =;K?Q,\6>(M*ETS4M4\RT
ME(,D:0HF[!R 2H!QD"N2HHH *^E/@"C+X"NF((#:@^/?Y$KY_P!!\/:IXEU.
M.PTJT>>9R 2!\J#U8] />OKKPCX<A\*>&++1X6W^0G[R3&-[DY9OS/Y8H VZ
M*** "BBB@ HHHH **** "BBB@ JK<:9I]W_Q\V-M-W_>1*W\Q5JB@#-_X1[1
M/^@/I_\ X#)_A1_PCNB?] ?3_P#P&3_"M*N5\:W5Q:R^&A;SR1";6X(I-C$;
MT*OE3ZC@<4 ;'_".Z)_T!]/_ / 9/\*/^$=T3_H#Z?\ ^ R?X5I5E^)II+?P
MKK$T3LDD=C,Z,IP5(0D$'L: '?\ ".Z)_P! ?3__  &3_"E30-&C=732;!74
MY5A;("#Z]*\\B\1:I'\--6T_4;J0:Q;:0+NVNU8JUQ R K(#UW*3M;W />O3
M;)BUA;LQ)8Q*23WXH +JQM+Y%2\M8+A%.0LT8< ^O-5/^$=T3_H#Z?\ ^ R?
MX5I5P6@Z4WC/2/\ A(-1U/4HI;QY&M$M+MX5M8PQ5 %4X9L $E@>3Z4 =7_P
MCNB?] ?3_P#P&3_"KT$$-M"L,$211+PJ1J%4?0"DMHG@M889)WG=$"M*X 9R
M!]XX &3[5+0 5G/H&C2.SOI-@SL<LS6R$D^IXKE-"TMO&FF/KVHZGJ4;W,\H
MM(K2[>!;6-79%P%(#-\N26!Y/3 K:\&:E>:AHLT6H2B:\L+N:QFG"[?-,;E0
M^.Q(P3[YH T/^$=T3_H#Z?\ ^ R?X5+;Z/I=I,)K;3;.&5>CQP*K#\0*NUYK
MK.HZ/'X^UB'Q!K%]:6T5K;-;I%=31(,^9O/[LX[+UH ]*J"ZL[6^B$5W;0W$
M8.X)*@<9]<&N:\"W%U<6VHMY]W<Z0+G_ (EEQ>;O-DBV*2<L 67=NVD\D?A7
M64 9O_".Z)_T!]/_ / 9/\*/^$=T3_H#Z?\ ^ R?X5QWBN_TZ'XAVEMK>LS:
M?IITIY%"WKVZM+YH Y4C)VYK1\$W;7&HZS'97]SJ&@QM%]BN;AS)ER#YB+(W
M+J/DYR<$D9H ZR*UMX;;[-%;Q1V^"/*5 %P>HQTJG_PCNB?] ?3_ /P&3_"M
M*N3UHW&M>,+;PZ+NXM;".R-[=&VD,<DV7V)'N'*KPQ..3P* -K_A'=$_Z ^G
M_P#@,G^%6+33;"P9FL[*VMRPPQAB5,_7 KF+&.;PSXSL]&BO+JXTO4K:62&*
MYF:5K>6(KG:[$MM97Z$G!'O78T %5;O3+"_=6O+&VN&484S1*Y ]LBN8^)%V
M;/0;!VNY[6!]3MH[B2"1D;RB^'&5YZ9Z5E:7?6,GBO3(O"FJZG?1[W&IQ332
MS0QQ;"0S&3[K[MN #DC/&* .T_X1W1/^@/I__@,G^%'_  CNB?\ 0'T__P !
MD_PK2J.XGBM;:6XG<)%$A=V/15 R3^5 #U540(BA548  P *4@$8/(KSWP;J
M>K)KD3ZO/,T/B*V>_M(I6R+=E8_NE]/W31G'JK5Z%0!F_P#"/:)_T!]/_P#
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M&VL[6RC\NUMH8$SG;$@4?D*FHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
+!1110 4444 ?_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>corresp_001.jpg
<TEXT>
begin 644 corresp_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  V G # 2(  A$! Q$!_\0
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MW/KB2GQ&YCT[Q/8SW4]U';JWE/-@OAH Q&0!D9)QZ9Q7-;M0T_[%+>/!;/\
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M7/\ \71_PA.C_P#/34__  :7/_Q==%4-T\L=G.]N@>98V,:'^)L<#\Z ,/\
MX0G1_P#GIJ?_ (-+G_XNF/X.T2,H))]10NVU=VJW W'T'[SDUF>'=3:ZN$27
M6[FX@:.WDEDDVJ4NF8[H?NC .!E.H]LT[Q.;]O%>BR2:;<26EO>Q"WDCD3:7
M9'WL06!R!@#CIN]10!;'AKPT5N&&H7>VV.)S_;,^(C_M?O/E_&GGPIX?%I]K
M-Y?"VV;_ #O[7N-FWUW>9C'O7&:<L<31R221RV\?DO>QK"5^Q*+C<8Y3_&06
MR2><(3C!S71M%$_@N6?S(HK-=2:YM_-0F%HQ<;EW #B,]<XP 0>@H T5\)Z
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MQ2V$21NK-"BQR*#]QMH.#^!'YU=H YW_ (0G1_\ GIJ?_@TN?_BZ/^$)T?\
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MK5KB+71-3_MZQ6>.[5(+A;RXD\R,V\DGDE&90!OW,Q^Z>!@GN*[>@!"0H))
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MA9!E+>0"-B#GLD<9XIC^&=7O-$MEN866[OII+;4-KC*6[!4W YY^6&/I_>-
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M **** "BBB@ IBQ1I(\BQJ)'QO8#EL=,GO110 ^BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
8* "BBB@ HHHH **** "BBB@ HHHH __9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
