<SEC-DOCUMENT>0001493152-21-015542.txt : 20210629
<SEC-HEADER>0001493152-21-015542.hdr.sgml : 20210629
<ACCEPTANCE-DATETIME>20210629161012
ACCESSION NUMBER:		0001493152-21-015542
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210629
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210629
DATE AS OF CHANGE:		20210629

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13101
		FILM NUMBER:		211058223

	BUSINESS ADDRESS:	
		STREET 1:		7681 E. GRAY RD
		STREET 2:		SCOTTSDALE
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85260
		BUSINESS PHONE:		480-947-0001

	MAIL ADDRESS:	
		STREET 1:		7681 E. GRAY RD
		STREET 2:		SCOTTSDALE
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85260

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RETROSPETTIVA INC
		DATE OF NAME CHANGE:	19970602
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8-k.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<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: 18pt"><B>UNITED
STATES</B></FONT></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: 18pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></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: 12pt"><B>Washington,
DC 20549</B></FONT></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">&nbsp;</FONT></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: 18pt"><B>FORM
8-K</B></FONT></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">&nbsp;</FONT></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"><B>CURRENT
REPORT</B></FONT></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">&nbsp;</FONT></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">Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></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">&nbsp;</FONT></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">Date
of Report (Date of earliest event reported): <B><U>June 29, 2021</U></B></FONT></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">&nbsp;</FONT></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: 18pt"><B><U>AMMO,
INC.</U></B></FONT></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">(Exact
name of registrant as specified in its charter)</FONT></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">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-13101</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>83-1950534</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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">(State
    or other jurisdiction of</FONT></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">incorporation
    or organization)</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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">(Commission</FONT></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">File
    Number)</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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">(IRS
    Employer</FONT></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">Identification
    No.)</FONT></P></TD></TR>
  </TABLE>
<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">&nbsp;</FONT></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"><B>7681
E. Gray Rd.</B></FONT></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"><B><U>Scottsdale,
Arizona 85260</U></B></FONT></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">(Address
of principal executive offices)</FONT></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">&nbsp;</FONT></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"><B><U>(480)
947-0001</U></B></FONT></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">(Registrant&rsquo;s
telephone number, including area code)</FONT></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">&nbsp;</FONT></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">(Former
name or former address, if changed since last report)</FONT></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">&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">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:</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="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&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">Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&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">Soliciting
    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&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">Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&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">Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></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">&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">Securities
registered pursuant to Section 12(b) of the Act:</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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title
    of each class</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 20%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading
    Symbol(s)</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of each exchange on which registered</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    Stock, $0.001 par value</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POWW</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Nasdaq Stock Market LLC (Nasdaq Capital Market)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.75%
    Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POWWP</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Nasdaq Stock Market LLC (Nasdaq Capital Market)</FONT></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">&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">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</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">Emerging
growth company [&nbsp;&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">&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">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. [&nbsp;&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">&nbsp;</FONT></P>

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

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<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>Item
2.02 Results of Operations and Financial Condition.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 29, 2021, Ammo, Inc. (the &ldquo;Company&rdquo;) reported its financial results for the quarterly period and fiscal year ended March
31, 2021. A copy of the press release issued by the Company in this connection is furnished herewith as Exhibit 99.1.</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">The
information in this Item in this Current Report on Form 8-K and Exhibit 99.1 attached hereto are being furnished and shall not be deemed
&ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) or otherwise subject
to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or
the Exchange Act, regardless of any general incorporation language in such filing.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
9.01 Financial Statements and Exhibits.</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">&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">(d)
Exhibits</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">&nbsp;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
    99.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release dated June 29, 2021.</FONT></A></TD></TR>
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<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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURES</B></FONT></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">&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">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.</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>

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    <TD COLSPAN="2" 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="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 COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
    June 29, 2021</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Robert D. Wiley</I></FONT></TD></TR>
  <TR STYLE="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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert
    D. Wiley</FONT></TD></TR>
  <TR STYLE="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">Chief
    Financial Officer</FONT></TD></TR>
  </TABLE>
<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">&nbsp;</FONT></P>


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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>EXHIBIT
99.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><FONT STYLE="color: #000000"><IMG SRC="ex99-1_1.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>AMMO,
Inc. Reports Financial Results for its Fiscal Fourth Quarter and Full Fiscal Year</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>- Annual Adjusted EBITDA
of $8.1 million and Adjusted EPS of $0.07 per share -</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>SCOTTSDALE,
Ariz., June 29, 2021</B> &mdash; AMMO, Inc. (Nasdaq: POWW, POWWP) (&ldquo;AMMO&rdquo; or the &ldquo;Company&rdquo;), a premier American
ammunition and munition components manufacturer and technology leader, is pleased to announce it has reported financial results for its
fiscal fourth quarter and year ending March 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Financial
Summary for Fiscal Fourth Quarter 2021 vs. Fiscal Fourth Quarter 2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&#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; color: #000000">Sales
                                            for the quarter were $24.2 million &ndash; an increase of 409<B>%</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&#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; color: #000000">Gross
                                            Profit Margins increased to approximately 23% - an increase of 179%</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&#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; color: #000000">Operating
                                            expenses as a percentage of sales decreased 58<B>%</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&#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; color: #000000">Adjusted
                                            EBITDA increased to $4.8 million &mdash; an increase of 296%</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&#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; color: #000000">Adjusted
                                            EPS increased to $0.04 &ndash; an increase of 167%</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Financial
Summary for Fiscal 2021 vs. Fiscal 2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&#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; color: #000000">Sales
                                            for the year increased to $62.5 million &ndash; an increase of 300%</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&#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; color: #000000">Gross
                                            Profit Margins increased to approximately 18% &mdash; an increase of 173%</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&#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; color: #000000">Operating
                                            expenses as a percentage of sales decreased 61<B>%</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&#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; color: #000000">Annual
                                            adjusted EBITDA increased to $8.1 million &ndash; an increase of 213%</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&#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; color: #000000">Adjusted
                                            EPS Increased to $0.07 &mdash; an increase of 150%</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">AMMO
is positioned for exceptional growth in Fiscal 2022 after establishing a new standard for the Company. Demand fundamentals in the US
domestic ammunition market are exceedingly strong and we are seeing no indication of slowing. The Company broke ground on its new state-of-the-art
plant, scheduled to be fully operational in approximately one year. And we have established the Company as a cutting-edge design firm,
announcing a contract for the design and manufacture of technologically advanced ballistic match ammunition for the US Department of
Defense. Our fiscal fourth quarter delivered the best quarterly performance in Company history, with even better quarters reasonably
expected to follow throughout Fiscal 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Additionally,
the Company experienced sales growth of 46<B>%</B> quarter-over-quarter, a $7.6 million increase.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">The
Company&rsquo;s margins have also increased to approximately 23% for our fourth fiscal quarter, an increase of 179% or $7.1 million year-over-year.
When depreciation and amortization are added back to the cost of goods sold, our gross profit margin increases to 27% for the quarter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Our
operating expenses as a percentage of sales was 25<B>%</B>, representing a 58<B>%</B> decrease from the prior year quarter. For the year,
our operating expense as a percentage of sales was 27%, a 61% decrease from the prior year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Net
Loss for the quarter was approximately $463,000, which includes approximately $3.4 million of non-cash expenses. Net Loss for the year
was approximately $7.8 million, which also included $10.1 million in non-cash expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Adjusted
EBITDA has grown to $4.8 million for the quarter - 296% increase from the prior year. For the year, our Adjusted EBITDA was $8.1 million
- 213% increase from the prior year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">The
continuing improvement in adjusted EBITDA and margin shows the impact of the scaling we are beginning to see in our operational costs.
We expect our first half fiscal 2022 EBITDA to be better than the second half of fiscal 2021 as a standalone.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">AMMO&rsquo;s
adjusted earnings per share (EPS) increased to $0.04 for our fiscal fourth quarter, representing a 167% year-over-year increase. Our
adjusted EPS increased to $0.07 for the year, representing a 150% increase from the prior year. Adjusted EPS is a metric the Company
values as we believe it is a better representation of the Company&rsquo;s true operating performance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">The
revenue guidance for the 1st quarter of our 2022 Fiscal Year is $41M and will include two months of operations from our newly acquired
Gunbroker.com assets. As previously announced, we expect to achieve profitability in this quarter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Non-GAAP
Financial Measures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 8.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">We
analyze operational and financial data to evaluate our business, allocate our resources, and assess our performance. In addition to total
net sales, net loss, and other results under generally accepted accounting principles (GAAP), the following information includes key
operating metrics and non-GAAP financial measures we use to evaluate our business. We believe these measures are useful for period-to-period
comparisons of the Company. We have included these non-GAAP financial measures in this Quarterly Report on Form 10-Q because they are
key measures we use to evaluate our operational performance, produce future strategies for our operations, and make strategic decisions,
including those relating to operating expenses and the allocation of our resources. Accordingly, we believe these measures provide useful
information to investors and others in understanding and evaluating our operating results in the same manner as our management and board
of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Adjusted
EBITDA</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: #000000">For the</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: #000000">For the</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: #000000">Year Ended</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: #000000">Year Ended</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="color: #000000">March
    31, 2021</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="color: #000000">March
    31, 2020</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">Reconciliation of GAAP net income to Adjusted EBITDA</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: left"><FONT STYLE="color: #000000">Net (Loss)</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="width: 14%; text-align: right"><FONT STYLE="color: #000000">(7,812,294</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="width: 14%; text-align: right"><FONT STYLE="color: #000000">(14,556,680</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">Depreciation and amortization</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">4,876,756</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">4,455,962</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">Interest expense, net</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">3,009,094</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">719,187</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">Excise taxes</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">4,286,258</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">643,735</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">Employee stock awards</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">1,450,359</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">901,526</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">Stock grants</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">278,585</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">534,929</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">Stock for services</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">1,707,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">352,300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">Contingent consideration fair value</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">(119,731</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">(190,377</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">Other income</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">(576,785</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="color: #000000">Loss on purchase</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: #000000">1,000,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: #000000">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: #000000">Adjusted EBITDA</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: #000000">8,099,742</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: #000000">(7,139,418</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: #000000">)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="color: #000000">For
    the<BR> Year<BR>
    Ended<BR> March 31,<BR>
    2021</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="color: #000000">For
    the<BR> Year <BR>
    Ended<BR> March 31,<BR>
    2020</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="color: #000000">For
    the<BR> Three<BR>
    Months<BR>
    Ended<BR>
    March 31,<BR>
    2021</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="color: #000000">For
    the<BR> Three<BR>
    Months<BR>
    Ended<BR>
    March 31,<BR>
    2020</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Reconciliation
    of GAAP net income to Fully Dilutive Adjusted EPS<SUP>(1)(2)</SUP></B></FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 28%; text-align: left"><FONT STYLE="color: #000000">Net (Loss)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="color: #000000">(7,812,294</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="color: #000000">(0.13</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="color: #000000">(14,556,680</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="color: #000000">(0.27</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;(463,443</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="color: #000000">(0.01</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="color: #000000">(4,406,598</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="color: #000000">(0.10</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">Depreciation and amortization</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">4,876,756</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.08</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">4,455,962</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.08</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">1,287,790</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.02</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">1,498,625</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.03</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">Interest expense, net</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">3,009,094</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.05</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">719,187</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.01</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">304,779</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">111,477</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">Employee stock awards</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">1,450,359</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.02</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">901,526</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.02</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">733,770</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.01</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">212,776</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">Stock grants</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">278,585</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">534,929</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.01</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">65,455</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">(13,129</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">(0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">Stock for services</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">1,707,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.03</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">352,300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.01</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">1,620,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.02</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">80,300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">Contingent consideration fair value</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">(119,731</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">(0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">(190,377</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">(0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">(31,625</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">(0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">(190,377</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">(0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">Other income</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">(576,785</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">(0.01</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">(302,385</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">(0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="color: #000000">Loss on purchase</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: #000000">1,000,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: #000000">0.02</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: #000000">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: #000000">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: #000000">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: #000000">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: #000000">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: #000000">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: #000000">3,813,484</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: #000000">0.07</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: #000000">(7,783,153</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: #000000">(0.14</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: #000000">3,214,341</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: #000000">0.04</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: #000000">(2,706,926</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: #000000">(0.06</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: #000000">)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">(1)
Fully Dilutive Weighted Shares Outstanding were 58,549,449 and 54,112,309, respectively for the years ended March 31, 2021 and 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">(2)
Fully Dilutive Weighted Shares Outstanding were 72,598,171 and 45,970,236, respectively, for the three months ended March 31, 2021 and
2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Adjusted
EBITDA is a non-GAAP financial measures that displays our net loss, adjusted to eliminate the effect of certain items as described below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">We
have excluded the following non-cash expenses from our non-GAAP financial measures: depreciation and amortization, loss on purchase,
share-based compensation expenses, and changes to the contingent consideration fair value. We believe it is useful to exclude these non-cash
expenses because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business
operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Adjusted
EBITDA as a non-GAAP financial measure also excludes other cash interest income and expense, as these items are not components of our
core operations. We have not included adjustment for any provision or benefit for income taxes as we currently record a valuation allowance
and have included adjustment for excise taxes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Non-GAAP
financial measures have limitations, should be considered as supplemental in nature, and are not meant as a substitute for the related
financial information prepared in accordance with GAAP. These limitations include the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&#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; color: #000000">Employee
                                            stock awards and stock grants expense has been, and will continue to be for the foreseeable
                                            future, a significant recurring expense in the Company and an important part of our compensation
                                            strategy;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&#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; color: #000000">The
                                            assets being depreciated or amortized may have to be replaced in the future, and the non-GAAP
                                            financial measures do not reflect cash capital expenditure requirements for such replacements
                                            or for new capital expenditures or other capital commitments;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&#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; color: #000000">Non-GAAP
                                            measures do not reflect changes in, or cash requirements for our working capital needs; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&#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; color: #000000">Other
                                            companies, including companies in our industry, may calculate the non-GAAP financial measures
                                            differently or not at all, which reduces their usefulness as comparative measures.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Because
of these limitations, you should consider the non-GAAP financial measures alongside other financial performance measures, including our
net loss and other financial results presented in accordance with GAAP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>About
AMMO, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">With
its corporate offices headquartered in Scottsdale, Arizona. AMMO designs and manufactures products for a variety of aptitudes, including
law enforcement, military, sport shooting and self-defense. The Company was founded in 2016 with a vision to change, innovate and invigorate
the complacent munitions industry. AMMO promotes branded munitions as well as its patented STREAK<SUP>&trade;</SUP> Visual Ammunition,
/stelTH/<SUP>&trade; </SUP>subsonic munitions, and armor piercing rounds for military and law enforcement use. For more information,
please visit:</FONT> <U>www.ammo-inc.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>About
GunBroker.com</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">As
an AMMO subsidiary, GunBroker.com is the largest online marketplace dedicated to firearms, hunting, shooting and related products. Aside
from merchandise bearing its logo, GunBroker.com currently sells none of the items listed on its website. Third-party sellers list items
on the site and Federal and state laws govern the sale of firearms and other restricted items. Ownership policies and regulations are
followed using licensed firearms dealers as transfer agents. Launched in 1999, GunBroker.com is an informative, secure and safe way to
buy and sell firearms, ammunition, air guns, archery equipment, knives and swords, firearms accessories and hunting/shooting gear online.
GunBroker.com promotes responsible ownership of guns and firearms. For more information, please visit: <U>www.gunbroker.com</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Forward
Looking Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">This
document contains certain &ldquo;forward-looking statements&rdquo;. All statements other than statements of historical fact are &ldquo;forward-looking
statements&rdquo; for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue
or other financial items; any statements of the plans, strategies, goals and objectives of management for future operations; any statements
concerning proposed new products and services or developments thereof; any statements regarding future economic conditions or performance;
any statements or belief; and any statements of assumptions underlying any of the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Forward
looking statements may include the words &ldquo;may,&rdquo; &ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;continue,&rdquo;
&ldquo;believe,&rdquo; &ldquo;expect&rdquo; or &ldquo;anticipate&rdquo; or other similar words, or the negative thereof. These forward-looking
statements present our estimates and assumptions only as of the date of this report. Accordingly, readers are cautioned not to place
undue reliance on forward-looking statements, which speak only as of the dates on which they are made. We do not undertake to update
forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made. You should, however,
consult further disclosures and risk factors we include in Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Reports filed
on Form 8-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Reminder
&ndash; Earnings Call</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">AMMO&rsquo;s
Fiscal 2021 Earnings Call is scheduled for Tuesday, June 29, 2021 (5:00 pm Eastern Time). To participate in the conference call, please
join by dialing 1-877-407-0789 (domestic), 1-201-689-8562 (international), or via webcast (http://public.viavid.com/index.php?id=145369)
at least 5-10 minutes prior to the scheduled start and follow the operator&rsquo;s instructions. When requested, please ask for the &ldquo;AMMO,
Inc. Fiscal 2021 Earnings Call.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Investor
Contact:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Rob
Wiley, CFO</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">AMMO,
Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Phone:
(480) 947-0001</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><U>IR@ammo-inc.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>


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