<SEC-DOCUMENT>0001393905-20-000169.txt : 20200520
<SEC-HEADER>0001393905-20-000169.hdr.sgml : 20200520
<ACCEPTANCE-DATETIME>20200520134502
ACCESSION NUMBER:		0001393905-20-000169
CONFORMED SUBMISSION TYPE:	1-U
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200331
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Other Events (quarterly financials)
FILED AS OF DATE:		20200520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NeoVolta Inc.
		CENTRAL INDEX KEY:			0001748137
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				825299263
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		1-U
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	24R-00203
		FILM NUMBER:		20897330

	BUSINESS ADDRESS:	
		STREET 1:		13370 KIRKHAM WAY
		CITY:			POWAY
		STATE:			CA
		ZIP:			92064
		BUSINESS PHONE:		858-265-9347

	MAIL ADDRESS:	
		STREET 1:		13370 KIRKHAM WAY
		CITY:			POWAY
		STATE:			CA
		ZIP:			92064
</SEC-HEADER>
<DOCUMENT>
<TYPE>1-U
<SEQUENCE>1
<FILENAME>neov_1u.htm
<DESCRIPTION>CURRENT REPORT PURSUANT TO REGULATION A
<TEXT>
<HTML>
<head><title>1U</title> </head> <body> <div style="WIDTH:468pt; MARGIN-LEFT:72pt"> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <table bordercolor=transparent style="WIDTH:99%; BORDER-COLLAPSE:collapse; BORDER-BOTTOM:#000000 9px double" align=center> <tr> <td style="WIDTH:478.8pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>&nbsp;&nbsp;</font></p></td></tr></table> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</b></font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt>Washington, D.C. 20549</font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt>____________________</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p> <p style="FONT:14pt Times New Roman; MARGIN:0px" align=center><b>FORM 1-U</b></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>CURRENT REPORT PURSUANT TO REGULATION A</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>DATE OF REPORT:</b></font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt>March 31, 2020</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt>____________________</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p> <p style="FONT:16pt Times New Roman; MARGIN:0px" align=center><b>NEOVOLTA INC.</b></p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt>(Exact Name of Registrant as specified in its charter)</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p> <table bordercolor=transparent style="WIDTH:90%; BORDER-COLLAPSE:collapse" align=center> <tr> <td style="WIDTH:230.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>Nevada</b></font></p></td> <td style="WIDTH:22.5pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td style="WIDTH:225.9pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>82-5299263</b></font></p></td></tr> <tr> <td style="WIDTH:230.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt>(State or other jurisdiction</font></p></td> <td style="WIDTH:22.5pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td style="WIDTH:225.9pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt>(IRS Employer Identification</font></p></td></tr> <tr> <td style="WIDTH:230.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt>of incorporation)</font></p></td> <td style="WIDTH:22.5pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td style="WIDTH:225.9pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt>Number)</font></p></td></tr> <tr> <td style="WIDTH:230.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td style="WIDTH:22.5pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td style="WIDTH:225.9pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td></tr> <tr> <td style="WIDTH:230.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>13370 Kirkham Way</b></font></p></td> <td style="WIDTH:22.5pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td style="WIDTH:225.9pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td></tr> <tr> <td style="WIDTH:230.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>Poway, CA</b></font></p></td> <td style="WIDTH:22.5pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td style="WIDTH:225.9pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>92064</b></font></p></td></tr> <tr> <td style="WIDTH:230.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt>(Address of principal</font></p></td> <td style="WIDTH:22.5pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td style="WIDTH:225.9pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt>(zip code)</font></p></td></tr> <tr> <td style="WIDTH:230.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt>executive offices)</font></p></td> <td style="WIDTH:22.5pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td style="WIDTH:225.9pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td></tr></table> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>(858) 265-9347</b></font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt>(Registrant&#146;s telephone number, including area code)</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt>Title of each class of securities issued pursuant to Regulation A:</font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>Common Stock, $0.001 par value</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <table bordercolor=transparent style="WIDTH:99%; BORDER-COLLAPSE:collapse; BORDER-BOTTOM:#000000 9px double" align=center> <tr> <td style="WIDTH:478.8pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>&nbsp;&nbsp;</font></p></td></tr></table> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p> <hr style="BORDER-TOP:0px; HEIGHT:0px; BORDER-RIGHT:0px; WIDTH:0px; BORDER-BOTTOM:0px; MARGIN:14pt 0px 0px; BORDER-LEFT:0px"> <hr style="BORDER-TOP:0px; HEIGHT:3pt; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PAGE-BREAK-AFTER:always; MARGIN:8pt 0px; BORDER-LEFT:0px; BACKGROUND-COLOR:#909090"> <p style="MARGIN:0px; LINE-HEIGHT:0" /> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=justify><font style=FONT-SIZE:10pt><b>Item 9. Other Events</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>NeoVolta Inc. (&#147;we&#148;, &#147;our&#148; or the "Company"), is filing this current report, pursuant to Regulation A. The purpose of this Form 1-U is to report the following recent event: Release of the Company&#146;s quarterly unaudited financial statements for the period ended March 31, 2020.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><b>Quarterly Financial Statements</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>The purpose of this section of the Form 1-U is to report the Company&#146;s unaudited financial statements as of March 31, 2020 and for the nine-month period then ended. This report consists of two sub-sections, which are headed as follows: (i) Management's Discussion and Analysis of Financial Condition and Results of Operations, beginning on this page; and (ii) Index to Unaudited Financial Statements, beginning on page 5. You should read the following discussion and analysis of our financial condition and results of our operations together with our financial statements and the notes thereto appearing elsewhere in this Current Report.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>This report contains forward-looking statements, which reflect our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this report and are subject to a number of risks, uncertainties and assumptions described under the section entitled &#147;Risk Factors&#148; in our annual report on Form 1-K filed October 15, 2019, which can be found at:</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>https://www.sec.gov/Archives/edgar/data/1748137/000139390519000286/neov_1k.htm</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>Forward-looking statements are identified by terms such as &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;expect,&#148; &#147;plan,&#148; &#147;anticipate,&#148; &#147;could,&#148; &#147;intend,&#148; &#147;target,&#148; &#147;project,&#148; &#147;contemplates,&#148; &#147;believes,&#148; &#147;estimates,&#148; &#147;predicts,&#148; &#147;potential&#148; or &#147;continue&#148; or the negative of these terms or other similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on the information available to management at this time and which speak only as of this date. Examples of our forward-looking statements include:</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 45pt"><kbd style="POSITION:absolute; FONT:10pt Symbol; MARGIN-LEFT:-27pt"><font style="FONT:10pt Symbol">&#183;</font></kbd><font style=FONT-SIZE:10pt>the duration and severity of the COVID-19 pandemic, and our ability to mitigate the negative economic impacts of COVID-19;</font>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 45pt"><kbd style="POSITION:absolute; FONT:10pt Symbol; MARGIN-LEFT:-27pt"><font style="FONT:10pt Symbol">&#183;</font></kbd><font style=FONT-SIZE:10pt>our ability to obtain additional funding to develop and market our products;</font>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 45pt"><kbd style="POSITION:absolute; FONT:10pt Symbol; MARGIN-LEFT:-27pt"><font style="FONT:10pt Symbol">&#183;</font></kbd><font style=FONT-SIZE:10pt>the need to obtain regulatory approval of our products;</font>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 45pt"><kbd style="POSITION:absolute; FONT:10pt Symbol; MARGIN-LEFT:-27pt"><font style="FONT:10pt Symbol">&#183;</font></kbd><font style=FONT-SIZE:10pt>our ability to market our products;</font>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 45pt"><kbd style="POSITION:absolute; FONT:10pt Symbol; MARGIN-LEFT:-27pt"><font style="FONT:10pt Symbol">&#183;</font></kbd><font style=FONT-SIZE:10pt>market acceptance of our product;</font>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 45pt"><kbd style="POSITION:absolute; FONT:10pt Symbol; MARGIN-LEFT:-27pt"><font style="FONT:10pt Symbol">&#183;</font></kbd><font style=FONT-SIZE:10pt>competition from existing products or new products that may emerge;</font>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 45pt"><kbd style="POSITION:absolute; FONT:10pt Symbol; MARGIN-LEFT:-27pt"><font style="FONT:10pt Symbol">&#183;</font></kbd><font style=FONT-SIZE:10pt>potential product liability claims;</font>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 45pt"><kbd style="POSITION:absolute; FONT:10pt Symbol; MARGIN-LEFT:-27pt"><font style="FONT:10pt Symbol">&#183;</font></kbd><font style=FONT-SIZE:10pt>our dependency on third-party manufacturers to supply or manufacture our products, including manufacturers located in Asia;</font>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 45pt"><kbd style="POSITION:absolute; FONT:10pt Symbol; MARGIN-LEFT:-27pt"><font style="FONT:10pt Symbol">&#183;</font></kbd><font style=FONT-SIZE:10pt>the impact of tariffs on the costs of the materials we use to make our products;</font>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 45pt"><kbd style="POSITION:absolute; FONT:10pt Symbol; MARGIN-LEFT:-27pt"><font style="FONT:10pt Symbol">&#183;</font></kbd><font style=FONT-SIZE:10pt>our ability to establish or maintain collaborations, licensing or other arrangements;</font>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 45pt"><kbd style="POSITION:absolute; FONT:10pt Symbol; MARGIN-LEFT:-27pt"><font style="FONT:10pt Symbol">&#183;</font></kbd><font style=FONT-SIZE:10pt>our ability and third parties&#146; abilities to protect intellectual property rights;</font>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 45pt"><kbd style="POSITION:absolute; FONT:10pt Symbol; MARGIN-LEFT:-27pt"><font style="FONT:10pt Symbol">&#183;</font></kbd><font style=FONT-SIZE:10pt>our ability to adequately support future growth; and</font>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 45pt"><kbd style="POSITION:absolute; FONT:10pt Symbol; MARGIN-LEFT:-27pt"><font style="FONT:10pt Symbol">&#183;</font></kbd><font style=FONT-SIZE:10pt>our ability to attract and retain key personnel to manage our business effectively.</font>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment.</font></p> <hr style="BORDER-TOP:0px; HEIGHT:0px; BORDER-RIGHT:0px; WIDTH:0px; BORDER-BOTTOM:0px; MARGIN:14pt 0px 0px; BORDER-LEFT:0px"> <p style="FONT:8pt Times New Roman; MARGIN:0px" align=center>1</p> <hr style="BORDER-TOP:0px; HEIGHT:3pt; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PAGE-BREAK-AFTER:always; MARGIN:8pt 0px; BORDER-LEFT:0px; BACKGROUND-COLOR:#909090"> <p style="MARGIN:0px; LINE-HEIGHT:0" /> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>Management's Discussion and Analysis of Financial Condition</b></font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>and Results of Operations</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt><b>Overview</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>We are a designer, manufacturer, and seller of high-end Energy Storage Systems (or ESS), which can store and use energy via batteries and an inverter at a residential site. Our market place is the solar industry, installers, new construction homebuilders, home remodelers, homeowners, and emergency services. Our NV14 ESS provides hybrid (120V / 240V) inverter and battery power, efficiency, and operating options, using Lithium Iron Phosphate (LiFe(PO4)) batteries that have high Depth of Discharge (DoD) cycles (4,000 cycles at 80% DoD) and a high thermal range (heat and cold tolerances), all contained in one integrated indoor/outdoor rated NEMA Type 3R cabinet.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>With respect to the supply of materials used in our ESS, we source a significant amount of materials directly from Asia, and the recent coronavirus outbreak may have an impact on the availability of certain components for our ESS. We believe our near-term supply needs will not be materially disrupted given our current inventory of materials already on hand. If, however, the impact of the coronavirus on the availability of materials sourced from Asia is prolonged or re-emerges, then this could have an adverse longer-term impact on our ability to produce our products.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>Effective March 22, 2020, California adopted new Common Smart Inverter Profile (CSIP) regulations. Although the NV14 is capable of meeting these regulations, it does not currently meet the regulatory certification. However, we believe that because the NV14 connects to other solar devices that do meet the regulations, regulators in California may allow for an exemption and we are actively in discussions regarding a potential exemption. Notwithstanding these efforts, we have begun working on modifications to the NV14s communications capability to meet the new regulations, and we expect such work to be completed in the middle of this year. To the extent our NV14 is not exempted from the new CSIP regulations, we will not be able to perform installations in California until such time as we meet the new regulations. During such period of time, we will only be able to sell our products in other States. &nbsp;Although we have begun to increase our sales efforts outside of California, our sales to date have predominantly been in California. As of this report, California Public Utilities Commission (CPUC) granted an extension to the CSIP deadline to June 22, 2020. There are further discussions of additional extensions do to ongoing virus impacts. However, NeoVolta expects to meet regulatory approval prior to the revised June 22, 2020 deadline.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt><b>Plan of Operations</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>In May 2019, we completed our Initial Public Offering (IPO) of 3,500,000 shares of our common stock at an offering price of $1.00 per share. Our plan of operations is primarily focused on using the proceeds of the IPO to ramp up production, marketing, and sales of our NV14 product line. In that regard, we have used the proceeds from the offering to fund the marketing, production and distribution of our products, which recently commenced through a group of wholesale customers in California, as well as to provide additional working capital for other corporate purposes.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt><b>Results of Operations</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>The following discussion pertains to our revenues and expenses for the comparative nine month periods ended March 31, 2020 and 2019, as reported in our financial statements and notes thereto as shown in the Index to Financial Statements on page 5.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Revenues</i> - Revenues from contracts with customers for the nine months ended March 31, 2020 were $1,315,554 compared to zero for the nine months ended March 31, 2019. &nbsp;Such revenues in the fiscal 2020 period represented the Company&#146;s initial sales since July 2019 of assembled energy storage systems that were made through a group of wholesale dealers and installers, primarily in California.</font></p> <hr style="BORDER-TOP:0px; HEIGHT:0px; BORDER-RIGHT:0px; WIDTH:0px; BORDER-BOTTOM:0px; MARGIN:14pt 0px 0px; BORDER-LEFT:0px"> <p style="FONT:8pt Times New Roman; MARGIN:0px" align=center>2</p> <hr style="BORDER-TOP:0px; HEIGHT:3pt; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PAGE-BREAK-AFTER:always; MARGIN:8pt 0px; BORDER-LEFT:0px; BACKGROUND-COLOR:#909090"> <p style="MARGIN:0px; LINE-HEIGHT:0" /> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Cost of Goods Sold</i> - Cost of goods sold for the nine months ended March 31, 2020 were $1,100,842 compared to zero for the nine months ended March 31, 2019. The cost of goods sold in the fiscal 2020 period reflected the cost of procuring and assembling the component parts of the energy storage systems that were sold in this period and resulted in a gross profit on such sales of approximately 16%.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>General and Administrative Expense</i> - General and administrative expenses for the nine months ended March 31, 2020 were $1,375,406 compared to $432,072 for the nine months ended March 31, 2019. Such increase reflected the additional costs of product advertising and marketing associated with the commencement of the Company&#146;s product sales as well as the incremental professional fees and related costs that were incurred as a result of the responsibilities of becoming a public reporting company beginning in May 2019. Additionally, the Company incurred a significant increase in non-cash stock compensation expenses as such amounts rose to $591,667 in the nine months ended March 31, 2020, compared to $87,675 in the nine months ended March 31, 2019.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Research and Development Expense</i> - Research and development expenses for the nine months ended March 31, 2020 were $107,635 compared to $175,168 for the nine months ended March 31, 2019. Such decrease was due to the completion of the Company&#146;s initial product development efforts in conjunction with the recent commencement of product sales.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Interest Expense</i> - Interest expense for the nine months ended March 31, 2020 was $18,346 compared to $10,911 for the nine months ended March 31, 2019. This increase was due to the amortization of a beneficial conversion feature arising from a debt modification in May 2019.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Net Loss</i> - Net loss for the nine months ended March 31, 2020 was $1,286,675 compared to $618,151 for the nine months ended March 31, 2019, representing the net amounts of the various revenue and expense categories indicated above. The Company has not recognized any income tax benefits for these initial losses due to the uncertainty of their ultimate realization.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt><b>Liquidity and Capital Resources</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Operating activities</i>. &nbsp;Net cash used in operating activities for the nine months ended March 31, 2020 was $1,368,745 compared to $1,021,789 for the nine months ended March 31, 2019. Such increase was largely due to the amount of cash applied toward general and administrative expenses. As previously noted, the increase in the cash component of general and administrative expenses was due to the additional costs of product advertising and marketing as well as the incremental costs that were incurred as a result of the responsibilities of becoming a public reporting company.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Financing activities</i>. &nbsp;Net cash provided by financing activities for the nine months ended March 31, 2020 was zero compared to $1,470,000 for the nine months ended March 31, 2019. This difference was due to the closing of the Company&#146;s initial two private equity offerings in July 2018 in the amount of $750,000 (of which $30,000 was received prior to June 30, 2018) and in December 2018 in the amount of an additional $750,000.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>As noted above, we completed the first private offering of our common stock in July 2018 that raised equity capital in the total amount of $750,000 and we completed a second private placement offering in December 2018 that raised an additional $750,000 of equity capital for our near-term funding needs. On May 9, 2019, we closed a public equity offering, pursuant to Regulation A, resulting in gross proceeds to the Company of $3,500,000. We believe our cash and cash equivalents will be sufficient to meet our cash, operational and liquidity requirements for at least 12 months. We recently began selling and installing our proprietary Energy Storage System units through wholesale customers in Southern California, however, we are not currently generating a positive level of operating cash flow.</font></p> <hr style="BORDER-TOP:0px; HEIGHT:0px; BORDER-RIGHT:0px; WIDTH:0px; BORDER-BOTTOM:0px; MARGIN:14pt 0px 0px; BORDER-LEFT:0px"> <p style="FONT:8pt Times New Roman; MARGIN:0px" align=center>3</p> <hr style="BORDER-TOP:0px; HEIGHT:3pt; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PAGE-BREAK-AFTER:always; MARGIN:8pt 0px; BORDER-LEFT:0px; BACKGROUND-COLOR:#909090"> <p style="MARGIN:0px; LINE-HEIGHT:0" /> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>Until such time that we are able to generate sufficient operating cash flow from operations, if ever, we expect to finance our operating activities through a combination of equity offerings and debt financings and we may seek to raise additional capital through strategic collaborations. However, we may be unable to raise additional funds or enter into such arrangements when needed on favorable terms, or at all, which would have a negative impact on our financial condition and could force us to delay, limit, reduce or terminate our operations. Failure to receive additional funding could cause us to cease operations, in part or in full. Furthermore, even if we believe we have sufficient funds for our current or future operating plans, we may seek additional capital due to favorable market conditions or strategic considerations, which may cause dilution to our existing and future stockholders.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt><b>Recent Developments</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>As a result of the continued spread of the COVID-19 coronavirus since early 2020, economic uncertainties have arisen which could impact business operations, supply chains, energy demand, and commodity prices that are beyond our control. Overall, we have not experienced a material adverse impact to our economic performance or ability to continue our business operations as a result of COVID-19. &nbsp;We continue to monitor COVID-19, but do not believe it will have a material unfavorable impact to our future financial performance at this time.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>Index to Unaudited Financial Statements</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <table bordercolor=transparent style="WIDTH:95%; BORDER-COLLAPSE:collapse" align=center> <tr> <td style="WIDTH:416.45pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p></td> <td style="WIDTH:38.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt><b>Page</b></font></p></td></tr> <tr> <td style="WIDTH:416.45pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p></td> <td style="WIDTH:38.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style="WIDTH:416.45pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify><a href=#bs style=TEXT-DECORATION:none><font style="FONT-SIZE:10pt; BORDER-BOTTOM:#0000ff 1px solid; COLOR:#0000ff">Balance Sheets</font></a><font style=FONT-SIZE:10pt> as of March 31, 2020 and June 30, 2019</font></p></td> <td style="WIDTH:38.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>5</font></p></td></tr> <tr> <td style="WIDTH:416.45pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p></td> <td style="WIDTH:38.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style="WIDTH:416.45pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify><a href=#sop style=TEXT-DECORATION:none><font style="FONT-SIZE:10pt; BORDER-BOTTOM:#0000ff 1px solid; COLOR:#0000ff">Statement of Operations</font></a><font style=FONT-SIZE:10pt> for the nine months ended March 31, 2020 and 2019</font></p></td> <td style="WIDTH:38.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>6</font></p></td></tr> <tr> <td style="WIDTH:416.45pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p></td> <td style="WIDTH:38.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style="WIDTH:416.45pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify><a href=#sse style=TEXT-DECORATION:none><font style="FONT-SIZE:10pt; BORDER-BOTTOM:#0000ff 1px solid; COLOR:#0000ff">Statement of Stockholders&#146; Equity</font></a><font style=FONT-SIZE:10pt> for the nine months ended March 31, 2020 and 2019</font></p></td> <td style="WIDTH:38.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>7</font></p></td></tr> <tr> <td style="WIDTH:416.45pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p></td> <td style="WIDTH:38.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style="WIDTH:416.45pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify><a href=#cfs style=TEXT-DECORATION:none><font style="FONT-SIZE:10pt; BORDER-BOTTOM:#0000ff 1px solid; COLOR:#0000ff">Statement of Cash Flows</font></a><font style=FONT-SIZE:10pt> for the nine months ended March 31, 2020 and 2019</font></p></td> <td style="WIDTH:38.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>8</font></p></td></tr> <tr> <td style="WIDTH:416.45pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p></td> <td style="WIDTH:38.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style="WIDTH:416.45pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify><a href=#notes style=TEXT-DECORATION:none><font style="FONT-SIZE:10pt; BORDER-BOTTOM:#0000ff 1px solid; COLOR:#0000ff">Notes to Financial Statements</font></a></p></td> <td style="WIDTH:38.4pt; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>9</font></p></td></tr></table> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <hr style="BORDER-TOP:0px; HEIGHT:0px; BORDER-RIGHT:0px; WIDTH:0px; BORDER-BOTTOM:0px; MARGIN:14pt 0px 0px; BORDER-LEFT:0px"> <p style="FONT:8pt Times New Roman; MARGIN:0px" align=center>4</p> <hr style="BORDER-TOP:0px; HEIGHT:3pt; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PAGE-BREAK-AFTER:always; MARGIN:8pt 0px; BORDER-LEFT:0px; BACKGROUND-COLOR:#909090"> <p style="MARGIN:0px; LINE-HEIGHT:0" /> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>NEOVOLTA INC.</b></font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><a name=bs><font style=FONT-SIZE:10pt><b>Balance Sheets</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <table bordercolor=transparent style="WIDTH:99%; BORDER-COLLAPSE:collapse" align=center> <tr> <td colspan=3 style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>March 31,</b></font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>June 30,</b></font></p></td></tr> <tr> <td colspan=3 style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>2020</b></font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>2019</b></font></p></td></tr> <tr> <td colspan=3 style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="BORDER-TOP:#000000 0.5pt solid; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>(Unaudited)</b></font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="BORDER-TOP:#000000 0.5pt solid; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td></tr> <tr> <td colspan=3 style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td colspan=2 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td colspan=3 style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>Assets</b></font></p></td> <td colspan=2 bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td colspan=2 bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td colspan=3 style=WHITE-SPACE:nowrap valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Current assets:</font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td colspan=2 style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Cash and cash equivalents</font></p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>1,769,152</font></p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>3,137,897</font></p></td></tr> <tr> <td style=WHITE-SPACE:nowrap valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style=WHITE-SPACE:nowrap valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Accounts receivable</font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>258,021</font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>-</font></p></td></tr> <tr> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Inventory</font></p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>1,723,069</font></p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>993,913</font></p></td></tr> <tr> <td style=WHITE-SPACE:nowrap valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style=WHITE-SPACE:nowrap valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Prepaid insurance</font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>8,676</font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>71,137</font></p></td></tr> <tr> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Total current assets</font></p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>3,758,918</font></p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>4,202,947</font></p></td></tr> <tr> <td colspan=3 style=WHITE-SPACE:nowrap valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Total assets</font></p></td> <td style="WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style="BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom><p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>3,758,918</font></p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style="BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom><p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>4,202,947</font></p></td></tr> <tr> <td colspan=3 style=WHITE-SPACE:nowrap valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td colspan=3 style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>Liabilities and Stockholders' Equity</b></font></p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td colspan=3 style=WHITE-SPACE:nowrap valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Current liabilities:</font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Accounts payable - others</font></p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>177,941</font></p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>32,059</font></p></td></tr> <tr> <td style=WHITE-SPACE:nowrap valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style=WHITE-SPACE:nowrap valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Accrued interest payable</font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>12,891</font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>10,880</font></p></td></tr> <tr> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Other accrued liabilities</font></p></td> <td style="WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>86,914</font></p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>163</font></p></td></tr> <tr> <td style=WHITE-SPACE:nowrap valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Total current liabilities</font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>277,746</font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>43,102</font></p></td></tr> <tr> <td colspan=3 style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td colspan=3 style=WHITE-SPACE:nowrap valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Convertible notes payable (net of unamortized discount of</font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>&nbsp;$68,275 &amp; $84,610 as of March 31, 2020 and June 30,</font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>&nbsp;2019, respectively)</font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>12,856</font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>2,506</font></p></td></tr> <tr> <td colspan=3 style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>290,602</font></p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>45,608</font></p></td></tr> <tr> <td colspan=3 style=WHITE-SPACE:nowrap valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td colspan=3 style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Commitments and contingencies (Note 5)</font></p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td colspan=3 style=WHITE-SPACE:nowrap valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td colspan=3 style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Stockholders' equity:</font></p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style=WHITE-SPACE:nowrap valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style=WHITE-SPACE:nowrap valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Common stock, $0.001 par value, 100,000,000 shares</font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>&nbsp;authorized, 12,671,528 and 11,521,528 shares issued</font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>&nbsp;and outstanding</font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>12,672</font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>11,522</font></p></td></tr> <tr> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Additional paid-in capital</font></p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>5,680,207</font></p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>5,083,705</font></p></td></tr> <tr> <td style=WHITE-SPACE:nowrap valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Accumulated deficit</font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>(2,224,563)</font></p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>(937,888)</font></p></td></tr> <tr> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Total stockholders' equity</font></p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>3,468,316</font></p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>4,157,339</font></p></td></tr> <tr> <td colspan=3 style=WHITE-SPACE:nowrap valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WHITE-SPACE:nowrap valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Total liabilities and stockholders' equity</font></p></td> <td style="WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style="BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom><p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>3,758,918</font></p></td> <td style=WHITE-SPACE:nowrap bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style="BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom><p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>4,202,947</font></p></td></tr></table> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt>See Accompanying Notes to Financial Statements.</font></p> <hr style="BORDER-TOP:0px; HEIGHT:0px; BORDER-RIGHT:0px; WIDTH:0px; BORDER-BOTTOM:0px; MARGIN:14pt 0px 0px; BORDER-LEFT:0px"> <p style="FONT:8pt Times New Roman; MARGIN:0px" align=center>5</p> <hr style="BORDER-TOP:0px; HEIGHT:3pt; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PAGE-BREAK-AFTER:always; MARGIN:8pt 0px; BORDER-LEFT:0px; BACKGROUND-COLOR:#909090"> <p style="MARGIN:0px; LINE-HEIGHT:0" /> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>NEOVOLTA INC.</b></font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><a name=sop><font style=FONT-SIZE:10pt><b>Statement of Operations</b></font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>(Unaudited)</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <table bordercolor=transparent style="WIDTH:99%; BORDER-COLLAPSE:collapse" align=center> <tr> <td colspan=3 style="WIDTH:268.1pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px"><a name=_MON_1388470288>&nbsp;</p></a></td> <td colspan=5 style="WIDTH:176.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>Nine Months Ended</b></font></p></td></tr> <tr> <td colspan=3 style="WIDTH:268.1pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=5 style="WIDTH:176.7pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>March 31,</b></font></p></td></tr> <tr> <td colspan=3 style="WIDTH:268.1pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="BORDER-TOP:#000000 0.5pt solid; WIDTH:83.75pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>2020</b></font></p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="BORDER-TOP:#000000 0.5pt solid; WIDTH:77.25pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>2019</b></font></p></td></tr> <tr> <td colspan=3 style="WIDTH:268.1pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="BORDER-TOP:#000000 0.5pt solid; WIDTH:83.75pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="BORDER-TOP:#000000 0.5pt solid; WIDTH:77.25pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td></tr> <tr> <td colspan=3 style="WIDTH:268.1pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Revenues from contracts with customers</font></p></td> <td style="WIDTH:18.75pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style="WIDTH:65pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>1,315,554</font></p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:20.25pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style="WIDTH:57pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>-</font></p></td></tr> <tr> <td colspan=3 style="WIDTH:268.1pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Cost of goods sold</font></p></td> <td style="WIDTH:18.75pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:65pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>1,100,842</font></p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:20.25pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:57pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>-</font></p></td></tr> <tr> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="WIDTH:252.4pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Gross profit</font></p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:18.75pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:65pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>214,712</font></p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:20.25pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:57pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>-</font></p></td></tr> <tr> <td colspan=3 style="WIDTH:268.1pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:18.75pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:65pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:20.25pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:57pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td colspan=3 style="WIDTH:268.1pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Operating expenses:</font></p></td> <td style="WIDTH:18.75pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:65pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:20.25pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:57pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="WIDTH:252.4pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>General and administrative</font></p></td> <td style="WIDTH:18.75pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:65pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>1,375,406</font></p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:20.25pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:57pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>432,072</font></p></td></tr> <tr> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="WIDTH:252.4pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Research and development</font></p></td> <td style="WIDTH:18.75pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:65pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>107,635</font></p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:20.25pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:57pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>175,168</font></p></td></tr> <tr> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:15pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:237.4pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Total operating expenses</font></p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:18.75pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:65pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>1,483,041</font></p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:20.25pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:57pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>607,240</font></p></td></tr> <tr> <td colspan=3 style="WIDTH:268.1pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:18.75pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:65pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:20.25pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:57pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td colspan=3 style="WIDTH:268.1pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Income from operations</font></p></td> <td style="WIDTH:18.75pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:65pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>(1,268,329)</font></p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:20.25pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:57pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>(607,240)</font></p></td></tr> <tr> <td colspan=3 style="WIDTH:268.1pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:18.75pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:65pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:20.25pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:57pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td colspan=3 style="WIDTH:268.1pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Other income (expense):</font></p></td> <td style="WIDTH:18.75pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:65pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:20.25pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:57pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="WIDTH:252.4pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Interest expense</font></p></td> <td style="WIDTH:18.75pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:65pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>(18,346)</font></p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:20.25pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:57pt; BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>(10,911)</font></p></td></tr> <tr> <td colspan=3 style="WIDTH:268.1pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:18.75pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:65pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:20.25pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:57pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:15pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:237.4pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Net loss</font></p></td> <td style="WIDTH:18.75pt; BORDER-BOTTOM:#000000 3px double; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style="WIDTH:65pt; BORDER-BOTTOM:#000000 3px double; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>(1,286,675)</font></p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:20.25pt; BORDER-BOTTOM:#000000 3px double; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style="WIDTH:57pt; BORDER-BOTTOM:#000000 3px double; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>(618,151)</font></p></td></tr> <tr> <td colspan=3 style="WIDTH:268.1pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:18.75pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:65pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:20.25pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:57pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td colspan=3 style="WIDTH:268.1pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Weighted average shares outstanding - basic and diluted</font></p></td> <td style="WIDTH:18.75pt; BORDER-BOTTOM:#000000 3px double; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:65pt; BORDER-BOTTOM:#000000 3px double; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>11,817,813</font></p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:20.25pt; BORDER-BOTTOM:#000000 3px double; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:57pt; BORDER-BOTTOM:#000000 3px double; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>2,682,775</font></p></td></tr> <tr> <td colspan=3 style="WIDTH:268.1pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="BORDER-TOP:#000000 3px double; WIDTH:18.75pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 3px double; WIDTH:65pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 3px double; WIDTH:20.25pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 3px double; WIDTH:57pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:15pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:237.4pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Net loss per share</font></p></td> <td style="WIDTH:18.75pt; BORDER-BOTTOM:#000000 3px double; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style="WIDTH:65pt; BORDER-BOTTOM:#000000 3px double; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>(0.11)</font></p></td> <td style="WIDTH:15.7pt; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:20.25pt; BORDER-BOTTOM:#000000 3px double; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style="WIDTH:57pt; BORDER-BOTTOM:#000000 3px double; PADDING-LEFT:1.5pt; PADDING-RIGHT:1.5pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>(0.23)</font></p></td></tr></table> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt>See Accompanying Notes to Financial Statements.</font></p> <hr style="BORDER-TOP:0px; HEIGHT:0px; BORDER-RIGHT:0px; WIDTH:0px; BORDER-BOTTOM:0px; MARGIN:14pt 0px 0px; BORDER-LEFT:0px"> <p style="FONT:8pt Times New Roman; MARGIN:0px" align=center>6</p> <hr style="BORDER-TOP:0px; HEIGHT:3pt; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PAGE-BREAK-AFTER:always; MARGIN:8pt 0px; BORDER-LEFT:0px; BACKGROUND-COLOR:#909090"> <p style="MARGIN:0px; LINE-HEIGHT:0" /> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>NEOVOLTA INC.</b></font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><a name=sse><font style=FONT-SIZE:10pt><b>Statement of Stockholders' Equity</b></font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>Nine Months Ended March 31, 2020 and 2019</b></font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>(Unaudited)</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <table bordercolor=transparent style="WIDTH:111.78%; BORDER-COLLAPSE:collapse" align=center> <tr> <td style="WIDTH:13.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:131.35pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:59.15pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:61pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td style="WIDTH:14.75pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:73.05pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Additional</b></p></td> <td style="WIDTH:11.95pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:79.55pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td style="WIDTH:11.8pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:79.55pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Total</b></p></td></tr> <tr> <td style="WIDTH:13.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:131.35pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=3 style="WIDTH:120.15pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Common Stock</b></p></td> <td style="WIDTH:14.75pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:73.05pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Paid-in</b></p></td> <td style="WIDTH:11.95pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:79.55pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Accumulated</b></p></td> <td style="WIDTH:11.8pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:79.55pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Stockholders'</b></p></td></tr> <tr> <td style="WIDTH:13.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:131.35pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:59.15pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Shares</b></p></td> <td colspan=2 style="WIDTH:61pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Amount</b></p></td> <td style="WIDTH:14.75pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:73.05pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Capital</b></p></td> <td style="WIDTH:11.95pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:79.55pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Deficit</b></p></td> <td style="WIDTH:11.8pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:79.55pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Equity</b></p></td></tr> <tr> <td style="WIDTH:13.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:131.35pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:59.15pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="WIDTH:61pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:14.75pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="WIDTH:73.05pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:11.95pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="WIDTH:79.55pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:11.8pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:18.75pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td></tr> <tr> <td colspan=2 style=WIDTH:144.45pt bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">Balance at June 30, 2019</p></td> <td style=WIDTH:59.15pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>11,521,528</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>$</p></td> <td style=WIDTH:42.25pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>11,522</p></td> <td style=WIDTH:14.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>$</p></td> <td style=WIDTH:54.3pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>5,083,705</p></td> <td style=WIDTH:11.95pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>$</p></td> <td style=WIDTH:60.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>(937,888)</p></td> <td style=WIDTH:11.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>$</p></td> <td style=WIDTH:60.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>4,157,339</p></td></tr> <tr> <td style=WIDTH:13.1pt valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:131.35pt valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:59.15pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:42.25pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:14.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:54.3pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:11.95pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:11.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style=WIDTH:13.1pt bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:131.35pt bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">Issuance of common stock</p> <p style="FONT:10pt Times New Roman; MARGIN:0px">for convertible debt</p></td> <td style=WIDTH:59.15pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>200,000</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:42.25pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>200</p></td> <td style=WIDTH:14.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:54.3pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>1,060</p></td> <td style=WIDTH:11.95pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>-</p></td> <td style=WIDTH:11.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>1,260</p></td></tr> <tr> <td style=WIDTH:13.1pt valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:131.35pt valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:59.15pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:42.25pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:14.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:54.3pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:11.95pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:11.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style=WIDTH:13.1pt bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:131.35pt bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">Exchange of convertible</p> <p style="FONT:10pt Times New Roman; MARGIN:0px">debt into common stock</p></td> <td style=WIDTH:59.15pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>750,000</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:42.25pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>750</p></td> <td style=WIDTH:14.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:54.3pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>3,975</p></td> <td style=WIDTH:11.95pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>-</p></td> <td style=WIDTH:11.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>4,725</p></td></tr> <tr> <td style=WIDTH:13.1pt valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:131.35pt valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:59.15pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:42.25pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:14.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:54.3pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:11.95pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:11.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style=WIDTH:13.1pt bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:131.35pt bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">Stock compensation expense</p></td> <td style=WIDTH:59.15pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>200,000</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:42.25pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>200</p></td> <td style=WIDTH:14.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:54.3pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>591,467</p></td> <td style=WIDTH:11.95pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>-</p></td> <td style=WIDTH:11.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>591,667</p></td></tr> <tr> <td style=WIDTH:13.1pt valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:131.35pt valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:59.15pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:42.25pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:14.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:54.3pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:11.95pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:11.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style=WIDTH:13.1pt bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:131.35pt bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">Net loss</p></td> <td style="WIDTH:59.15pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>-</p></td> <td style="WIDTH:18.75pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:42.25pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>-</p></td> <td style=WIDTH:14.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:18.75pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:54.3pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>-</p></td> <td style=WIDTH:11.95pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:18.75pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:60.8pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>(1,286,675)</p></td> <td style=WIDTH:11.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:18.75pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:60.8pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>(1,286,675)</p></td></tr> <tr> <td style=WIDTH:13.1pt valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:131.35pt valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:59.15pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:42.25pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:14.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:54.3pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:11.95pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:11.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:18.75pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td colspan=2 style=WIDTH:144.45pt bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">Balance at March 31, 2020</p></td> <td style="WIDTH:59.15pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>12,671,528</p></td> <td style="WIDTH:18.75pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>$</p></td> <td style="WIDTH:42.25pt; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>12,672</p></td> <td style="WIDTH:14.75pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:18.75pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>$</p></td> <td style="WIDTH:54.3pt; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>5,680,207</p></td> <td style="WIDTH:11.95pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:18.75pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>$</p></td> <td style="WIDTH:60.8pt; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>(2,224,563)</p></td> <td style="WIDTH:11.8pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:18.75pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>$</p></td> <td style="WIDTH:60.8pt; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>3,468,316</p></td></tr> <tr> <td colspan=14 style="WIDTH:535.25pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td></tr> <tr> <td colspan=14 style="WIDTH:535.25pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td></tr> <tr> <td style="WIDTH:13.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:131.35pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:59.15pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:61pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td style="WIDTH:14.75pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:73.05pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Additional</b></p></td> <td style="WIDTH:11.95pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:79.55pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td style="WIDTH:11.8pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:79.55pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Total</b></p></td></tr> <tr> <td style="WIDTH:13.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:131.35pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=3 style="WIDTH:120.15pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Common Stock</b></p></td> <td style="WIDTH:14.75pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:73.05pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Paid-in</b></p></td> <td style="WIDTH:11.95pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:79.55pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Accumulated</b></p></td> <td style="WIDTH:11.8pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:79.55pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Stockholders'</b></p></td></tr> <tr> <td style="WIDTH:13.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:131.35pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:59.15pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Shares</b></p></td> <td colspan=2 style="WIDTH:61pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Amount</b></p></td> <td style="WIDTH:14.75pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:73.05pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Capital</b></p></td> <td style="WIDTH:11.95pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:79.55pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Deficit</b></p></td> <td style="WIDTH:11.8pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="WIDTH:79.55pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><b>Equity</b></p></td></tr> <tr> <td style="WIDTH:13.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:131.35pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:59.15pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="BORDER-TOP:#000000 0.5pt solid; WIDTH:61pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:14.75pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="BORDER-TOP:#000000 0.5pt solid; WIDTH:73.05pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:11.95pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="BORDER-TOP:#000000 0.5pt solid; WIDTH:79.55pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:11.8pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:18.75pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:60.8pt" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td></tr> <tr> <td colspan=2 style=WIDTH:144.45pt bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">Balance at June 30, 2018</p></td> <td style=WIDTH:59.15pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>260,000</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>$</p></td> <td style=WIDTH:42.25pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>260</p></td> <td style=WIDTH:14.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>$</p></td> <td style=WIDTH:54.3pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>31,395</p></td> <td style=WIDTH:11.95pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>$</p></td> <td style=WIDTH:60.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>(101,791)</p></td> <td style=WIDTH:11.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>$</p></td> <td style=WIDTH:60.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>(70,136)</p></td></tr> <tr> <td style=WIDTH:13.1pt valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:131.35pt valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:59.15pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:42.25pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:14.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:54.3pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:11.95pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:11.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style=WIDTH:13.1pt bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:131.35pt bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">Issuance of common stock</p></td> <td style=WIDTH:59.15pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>2,440,003</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:42.25pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>2,440</p></td> <td style=WIDTH:14.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:54.3pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>1,467,560</p></td> <td style=WIDTH:11.95pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>-</p></td> <td style=WIDTH:11.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>1,470,000</p></td></tr> <tr> <td style=WIDTH:13.1pt valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:131.35pt valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:59.15pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:42.25pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:14.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:54.3pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:11.95pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:11.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style=WIDTH:13.1pt bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:131.35pt bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">Stock compensation expense</p></td> <td style=WIDTH:59.15pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>2,200,000</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:42.25pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>2,200</p></td> <td style=WIDTH:14.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:54.3pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>85,475</p></td> <td style=WIDTH:11.95pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>-</p></td> <td style=WIDTH:11.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>87,675</p></td></tr> <tr> <td style=WIDTH:13.1pt valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:131.35pt valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:59.15pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:42.25pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:14.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:54.3pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:11.95pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:11.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td style=WIDTH:13.1pt bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:131.35pt bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">Net loss</p></td> <td style="WIDTH:59.15pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>-</p></td> <td style="WIDTH:18.75pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:42.25pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>-</p></td> <td style=WIDTH:14.75pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:18.75pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:54.3pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>-</p></td> <td style=WIDTH:11.95pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:18.75pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:60.8pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>(618,151)</p></td> <td style=WIDTH:11.8pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:18.75pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:60.8pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>(618,151)</p></td></tr> <tr> <td style=WIDTH:13.1pt valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:131.35pt valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style=WIDTH:59.15pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:42.25pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:14.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:54.3pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:11.95pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:18.75pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:11.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:18.75pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:60.8pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr> <td colspan=2 style=WIDTH:144.45pt bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px">Balance at March 31, 2019</p></td> <td style="WIDTH:59.15pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>4,900,003</p></td> <td style="WIDTH:18.75pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:42.25pt; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>4,900</p></td> <td style="WIDTH:14.75pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:18.75pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>$</p></td> <td style="WIDTH:54.3pt; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>1,584,430</p></td> <td style="WIDTH:11.95pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:18.75pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>$</p></td> <td style="WIDTH:60.8pt; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>(719,942)</p></td> <td style="WIDTH:11.8pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:18.75pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>$</p></td> <td style="WIDTH:60.8pt; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right>869,388</p></td></tr></table> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt>See Accompanying Notes to Financial Statements.</font></p> <hr style="BORDER-TOP:0px; HEIGHT:0px; BORDER-RIGHT:0px; WIDTH:0px; BORDER-BOTTOM:0px; MARGIN:14pt 0px 0px; BORDER-LEFT:0px"> <p style="FONT:8pt Times New Roman; MARGIN:0px" align=center>7</p> <hr style="BORDER-TOP:0px; HEIGHT:3pt; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PAGE-BREAK-AFTER:always; MARGIN:8pt 0px; BORDER-LEFT:0px; BACKGROUND-COLOR:#909090"> <p style="MARGIN:0px; LINE-HEIGHT:0" /> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>NEOVOLTA INC.</b></font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><a name=cfs><font style=FONT-SIZE:10pt><b>Statement of Cash Flows</b></font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>(Unaudited)</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <table bordercolor=transparent style="WIDTH:99%; BORDER-COLLAPSE:collapse" align=center> <tr style=HEIGHT:12.75pt> <td colspan=5 style="WIDTH:286pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=5 style="WIDTH:196.15pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>Nine Months Ended</b></font></p></td></tr> <tr style=HEIGHT:12.75pt> <td colspan=5 style="WIDTH:286pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=5 style="WIDTH:196.15pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>March 31,</b></font></p></td></tr> <tr style=HEIGHT:12.75pt> <td colspan=5 style="WIDTH:286pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="BORDER-TOP:#000000 0.5pt solid; WIDTH:89.9pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>2020</b></font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="BORDER-TOP:#000000 0.5pt solid; WIDTH:95.15pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>2019</b></font></p></td></tr> <tr style=HEIGHT:12.75pt> <td colspan=5 style="WIDTH:286pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="BORDER-TOP:#000000 0.5pt solid; WIDTH:89.9pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td> <td colspan=2 style="BORDER-TOP:#000000 0.5pt solid; WIDTH:95.15pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p></td></tr> <tr style=HEIGHT:12.75pt> <td colspan=5 style="WIDTH:286pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt><b>Cash flows from operating activities:</b></font></p></td> <td colspan=2 style="WIDTH:89.9pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="WIDTH:95.15pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td></tr> <tr style=HEIGHT:12.75pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=4 style="WIDTH:261pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Net loss</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style=WIDTH:65.9pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>(1,286,675)</font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style=WIDTH:63.65pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>(618,151)</font></p></td></tr> <tr style=HEIGHT:12.75pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=4 style="WIDTH:261pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Adjustments to reconcile net loss to net</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr style=HEIGHT:12.75pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=4 style="WIDTH:261pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>cash provided by (used in) operations:</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr style=HEIGHT:12.75pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:20pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=3 style="WIDTH:241pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Stock compensation expense</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>591,667</font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>87,675</font></p></td></tr> <tr style=HEIGHT:12.75pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:20pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=3 style="WIDTH:241pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Changes in current assets and liabilities</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr style=HEIGHT:12.75pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:20pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:15pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="WIDTH:226pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Accounts receivable</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>(258,021)</font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>-</font></p></td></tr> <tr style=HEIGHT:12.75pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:20pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:15pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="WIDTH:226pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Inventory</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>(729,156)</font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>(651,286)</font></p></td></tr> <tr style=HEIGHT:12.75pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:20pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:15pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="WIDTH:226pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Prepaid insurance and other</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>62,461</font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>-</font></p></td></tr> <tr style=HEIGHT:12.75pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:20pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:15pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="WIDTH:226pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Accounts payable</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>147,893</font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>146,112</font></p></td></tr> <tr style=HEIGHT:12.75pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:20pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:15pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="WIDTH:226pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Accrued expenses</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>86,751</font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>13,861</font></p></td></tr> <tr style=HEIGHT:12.75pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:20pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:15pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=2 style="WIDTH:226pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Amortization of debt discount</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:65.9pt; BORDER-BOTTOM:#000000 0.5pt solid" valign=bottom><p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>16,335</font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>-</font></p></td></tr> <tr style=HEIGHT:12.75pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:20pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:15pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:14pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:212pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Net cash flows used in operating activities</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:65.9pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>(1,368,745)</font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:31.5pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:63.65pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>(1,021,789)</font></p></td></tr> <tr style=HEIGHT:12.75pt> <td colspan=5 style="WIDTH:286pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr style=HEIGHT:12.75pt> <td colspan=5 style="WIDTH:286pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt><b>Cash flows from financing activities:</b></font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr style=HEIGHT:12.75pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=4 style="WIDTH:261pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Issuance of common stock</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>-</font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>1,470,000</font></p></td></tr> <tr style=HEIGHT:12.75pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:20pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:15pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:14pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:212pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Net cash flows from financing activities</font></p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:24pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:65.9pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>-</font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:31.5pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; WIDTH:63.65pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>1,470,000</font></p></td></tr> <tr style=HEIGHT:12.75pt> <td colspan=5 style="WIDTH:286pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr style=HEIGHT:12.75pt> <td colspan=5 style="WIDTH:286pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Net increase in cash and cash equivalents</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>(1,368,745)</font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>448,211</font></p></td></tr> <tr style=HEIGHT:12.75pt> <td colspan=5 style="WIDTH:286pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr style=HEIGHT:12.75pt> <td colspan=5 style="WIDTH:286pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Cash and cash equivalents at beginning of period</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:65.9pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>3,137,897</font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:63.65pt; BORDER-BOTTOM:#000000 0.5pt solid" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>55,070</font></p></td></tr> <tr style=HEIGHT:12.75pt> <td colspan=5 style="WIDTH:286pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr style=HEIGHT:13.5pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=4 style="WIDTH:261pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Cash and cash equivalents at end of period</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style="WIDTH:65.9pt; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>1,769,152</font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style="WIDTH:63.65pt; BORDER-BOTTOM:#000000 3px double" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>503,281</font></p></td></tr> <tr style=HEIGHT:13.5pt> <td colspan=5 style="WIDTH:286pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr style=HEIGHT:12.75pt> <td colspan=5 style="WIDTH:286pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Supplemental disclosures of cash flow information</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr style=HEIGHT:12.75pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=4 style="WIDTH:261pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Cash paid for interest</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style=WIDTH:65.9pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>-</font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style=WIDTH:63.65pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>-</font></p></td></tr> <tr style=HEIGHT:12.75pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=4 style="WIDTH:261pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Cash paid for income taxes</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>-</font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>-</font></p></td></tr> <tr style=HEIGHT:13.15pt> <td colspan=5 style="WIDTH:286pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr style=HEIGHT:12.75pt> <td colspan=5 style="WIDTH:286pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Supplemental non-cash financing activities</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td></tr> <tr style=HEIGHT:12.75pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=4 style="WIDTH:261pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Conversion of common stock for debt</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style=WIDTH:65.9pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>1,260</font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style=WIDTH:63.65pt valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>-</font></p></td></tr> <tr style=HEIGHT:12.75pt> <td style="WIDTH:25pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p></td> <td colspan=4 style="WIDTH:261pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px"><font style=FONT-SIZE:10pt>Exchange of common stock for debt</font></p></td> <td style="WIDTH:24pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom><p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:65.9pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>4,725</font></p></td> <td style="WIDTH:11.1pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="WIDTH:31.5pt; WHITE-SPACE:nowrap" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style=WIDTH:63.65pt bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>-</font></p></td></tr></table> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt>See Accompanying Notes to Financial Statements.</font></p> <hr style="BORDER-TOP:0px; HEIGHT:0px; BORDER-RIGHT:0px; WIDTH:0px; BORDER-BOTTOM:0px; MARGIN:14pt 0px 0px; BORDER-LEFT:0px"> <p style="FONT:8pt Times New Roman; MARGIN:0px" align=center>8</p> <hr style="BORDER-TOP:0px; HEIGHT:3pt; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PAGE-BREAK-AFTER:always; MARGIN:8pt 0px; BORDER-LEFT:0px; BACKGROUND-COLOR:#909090"> <p style="MARGIN:0px; LINE-HEIGHT:0" /> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>NEOVOLTA INC.</b></font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><a name=notes><font style=FONT-SIZE:10pt><b>Notes to Unaudited Financial Statements</b></font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>March 31, 2020</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=justify><font style=FONT-SIZE:10pt><b>(1) Business and Summary of Significant Accounting Policies</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Description of Business</i> - NeoVolta Inc. (&#147;we&#148;, &#147;our&#148; or the "Company") is a Nevada corporation, which was formed on March 5, 2018. The Company is a designer, seller and manufacturer of Energy Storage Systems (ESS) which can store and use energy via batteries and an inverter at residential sites. &nbsp;The Company completed a public offering of shares of its common stock pursuant to Regulation A on May 9, 2019 (see Note 4), and recently began assembling and selling its proprietary ESS units through wholesale customers, primarily in California.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Basis of Presentation</i> - The accompanying financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (&#147;U.S. GAAP&#148;) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the &#147;SEC&#148;). The Company&#146;s fiscal year end is June 30. Accordingly, such interim financial statements do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete annual financial statements. The information furnished reflects all adjustments, consisting only of normal recurring items which are, in the opinion of management, necessary in order to make the financial statements not misleading. The balance sheet as of June 30, 2019 has been derived from the Company&#146;s June 30, 2019 financial statements that were audited by an independent registered public accounting firm but does not include all of the information and footnotes required for complete annual financial statements. The unaudited financial statements included in this report should be read in conjunction with the financial statements and the notes thereto included in the Form 1-K annual report for the year ended June 30, 2019, filed by the Company with the SEC on October 15, 2019.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Cash and Cash Equivalents</i> - The Company considers all highly liquid accounts with original maturities of three months or less at the date of acquisition to be cash equivalents. Periodically, the Company may carry cash balances at financial institutions in excess of the federally insured limit of $250,000. &nbsp;The amount in excess of the FDIC insurance at March 31, 2020 was $1,519,152.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Inventory</i> - Inventory as of March 31, 2020 consists of batteries and inverters purchased from Asian suppliers and delivered to a location near the Company&#146;s offices, for assembly into ESS units. &nbsp;Inventory is stated at the lower of weighted average cost or market. Inventory of raw materials and work in process amounted to $1,723,069 and $993,913, respectively, as of March 31, 2020 and June 30, 2019.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Revenue Recognition</i> - The Company recognizes revenue in accordance with Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606), which was adopted on July 1, 2019 using the modified retrospective method, with no impact to the Company&#146;s comparative financial statements. Revenues are recognized when control of the promised goods is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for transferring those goods or services. Revenue is recognized based on the following five step model:</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 45pt" align=justify><kbd style="POSITION:absolute; FONT:10pt Symbol; MARGIN-LEFT:-27pt"><font style="FONT:10pt Symbol">&#183;</font></kbd><font style=FONT-SIZE:10pt>Identification of the contact with a customer</font>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 45pt" align=justify><kbd style="POSITION:absolute; FONT:10pt Symbol; MARGIN-LEFT:-27pt"><font style="FONT:10pt Symbol">&#183;</font></kbd><font style=FONT-SIZE:10pt>Identification of the performance obligations in the contract</font>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 45pt" align=justify><kbd style="POSITION:absolute; FONT:10pt Symbol; MARGIN-LEFT:-27pt"><font style="FONT:10pt Symbol">&#183;</font></kbd><font style=FONT-SIZE:10pt>Determination of the transaction price</font>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 45pt" align=justify><kbd style="POSITION:absolute; FONT:10pt Symbol; MARGIN-LEFT:-27pt"><font style="FONT:10pt Symbol">&#183;</font></kbd><font style=FONT-SIZE:10pt>Allocation of the transaction price to the performance obligations in the contract</font>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 45pt" align=justify><kbd style="POSITION:absolute; FONT:10pt Symbol; MARGIN-LEFT:-27pt"><font style="FONT:10pt Symbol">&#183;</font></kbd><font style=FONT-SIZE:10pt>Recognition of revenue when, or as, the Company satisfies a performance obligation</font>&nbsp;</p> <hr style="BORDER-TOP:0px; HEIGHT:0px; BORDER-RIGHT:0px; WIDTH:0px; BORDER-BOTTOM:0px; MARGIN:14pt 0px 0px; BORDER-LEFT:0px"> <p style="FONT:8pt Times New Roman; MARGIN:0px" align=center>9</p> <hr style="BORDER-TOP:0px; HEIGHT:3pt; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PAGE-BREAK-AFTER:always; MARGIN:8pt 0px; BORDER-LEFT:0px; BACKGROUND-COLOR:#909090"> <p style="MARGIN:0px; LINE-HEIGHT:0" /> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>Under its present contracts with customers, the Company&#146;s sole performance obligation is the delivery of products to the customer. &nbsp;Since all of the Company&#146;s revenue is currently generated from the sales of similar products, no further disaggregation of revenue information is provided.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Income Taxes</i> - The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax basis of reported assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company must then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>The Company accounts for uncertain tax positions in accordance with the provisions of Accounting Standards Codification (&#147;ASC&#148;) 740-10 which prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, on its tax return. The Company evaluates and records any uncertain tax positions based on the amount that management deems is more likely than not to be sustained upon examination and ultimate settlement with the tax authorities in the tax jurisdictions in which it operates.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Beneficial Conversion Feature</i> - The Company has issued convertible notes that have conversion prices that create an embedded beneficial conversion feature on the issuance date. A beneficial conversion feature exists on the date a convertible note is issued when the fair value of the underlying common stock to which the note is convertible into is in excess of the remaining unallocated proceeds of the note after first considering the allocation of a portion of the note proceeds to the fair value of any attached equity instruments, if any related equity instruments were granted with the debt. The Company estimated the fair value of its common stock on the dates issued. The intrinsic value of the beneficial conversion feature, if any, is recorded as a debt discount and amortized to interest expense over the life of the note (see Note 3).</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Stock Compensation Expense</i> - Employee share-based payment compensation is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite service period. &nbsp;Share-based awards to non-employees are expensed over the period in which the related services are rendered at their fair value. Effective July 1, 2018, the Company adopted ASU No. 2018-07, Compensation - Stock Based Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (&#147;ASU 2018-7&#148;), which aligns accounting for share-based payments issued to nonemployees to that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based payments to nonemployees under Subtopic 505-50, Equity - Equity-Based Payments to Non-Employees. The adoption of ASU 2018-07 did not have a material impact on the Company&#146;s financial statements.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Loss Per Common Share</i> - Basic loss per common share is computed by dividing net loss available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted loss per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. As of March 31, 2020, the Company had outstanding common stock equivalents in the amount of approximately 13,800,000 shares.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Research and Development Costs</i> - Research and development costs are expensed as incurred.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Use of Estimates</i> - Management has made a number of estimates and assumptions in preparing these financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ from those estimates.</font></p> <hr style="BORDER-TOP:0px; HEIGHT:0px; BORDER-RIGHT:0px; WIDTH:0px; BORDER-BOTTOM:0px; MARGIN:14pt 0px 0px; BORDER-LEFT:0px"> <p style="FONT:8pt Times New Roman; MARGIN:0px" align=center>10</p> <hr style="BORDER-TOP:0px; HEIGHT:3pt; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PAGE-BREAK-AFTER:always; MARGIN:8pt 0px; BORDER-LEFT:0px; BACKGROUND-COLOR:#909090"> <p style="MARGIN:0px; LINE-HEIGHT:0" /> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Related Parties</i> - The Company accounts for related party transactions in accordance with ASC 850 (&#147;Related Party Disclosures&#148;). A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that it might be prevented from fully pursuing its own separate interests is also a related party.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Recent Accounting Pronouncements</i> - In May 2014, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606), which will replace numerous requirements in U.S. GAAP, including industry-specific requirements, and provide companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The Company initially began generating revenues from contracts with customers in the nine months ended March 31, 2020, however, such revenues have thus far been concentrated within a relatively small number of wholesale dealers and installers, primarily in California. One such dealer represented approximately 75% of the of the Company&#146;s revenues in the nine month period ended March 31, 2020, however, no other dealer accounted for more than 10% of the revenues in such period. The Company adopted ASC 606, effective July 1, 2019, using the modified retrospective method. The Company determined that the adoption of this standard did not have a significant impact on the Company&#146;s financial statements.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under ASU 2016-02, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company currently has no outstanding leases, however, it is evaluating the impact that this standard could have on its financial statements.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=justify><font style=FONT-SIZE:10pt><b>(2) Going Concern</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>These financial statements have been prepared on a going concern basis, which assumes the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the ability of the Company to obtain continued financial support from its stockholders, necessary equity financing to continue operations and the attainment of profitable operations. As of March 31, 2020, the Company has incurred an accumulated deficit of $2,224.563, and had generated only minimal revenue from operations. These circumstances raise substantial doubt about its ability to continue as a going concern.</font></p> <hr style="BORDER-TOP:0px; HEIGHT:0px; BORDER-RIGHT:0px; WIDTH:0px; BORDER-BOTTOM:0px; MARGIN:14pt 0px 0px; BORDER-LEFT:0px"> <p style="FONT:8pt Times New Roman; MARGIN:0px" align=center>11</p> <hr style="BORDER-TOP:0px; HEIGHT:3pt; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PAGE-BREAK-AFTER:always; MARGIN:8pt 0px; BORDER-LEFT:0px; BACKGROUND-COLOR:#909090"> <p style="MARGIN:0px; LINE-HEIGHT:0" /> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company may seek additional funding through a combination of equity offerings, debt financings, third-party funding, collaborations, strategic alliances and licensing arrangements or a combination thereof. Management cannot be certain that such events can be achieved.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=justify><font style=FONT-SIZE:10pt><b>(3) Convertible Notes Payable</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>On various dates beginning in May 2018, the Company entered into six unsecured convertible notes payable for aggregate proceeds of $104,688. &nbsp;Each note bears interest at 12% per annum and both principal and accrued interest are due at maturity five years from the date of issuance. These notes are convertible at any time, at the option of the holder, into shares of the Company&#146;s common stock at a conversion price of $0.0063 per share. The Company performed an analysis to determine whether there was a beneficial conversion feature and noted none.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>The notes are structured to be automatically converted into shares of the Company&#146;s common stock at the conversion price, upon a successful completion of an initial public offering (&#147;IPO&#148;) of the Company&#146;s securities, provided that no holder of these notes will be permitted to convert such notes to the extent that the holder or any of its affiliates would beneficially own in excess of 4.99% of the Company&#146;s common stock after such conversion. In conjunction with the closing of an IPO on May 9, 2019, holders of the convertible notes in the principal amount of $17,572, plus an additional accrued interest amount of $2,094, automatically converted their notes into 3,121,525 shares of common stock, taking into consideration the shareholder ownership limitations under the terms of the convertible notes payable (see Note 4). &nbsp;This conversion resulted in the full repayment of the notes payable owed to two such note holders and left the four remaining note holders with a total outstanding principal balance of $87,116.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>Effective May 19, 2019, the remaining holders of the convertible notes payable agreed to prospectively amend the terms of the outstanding balance of their notes to reduce the interest rate from 12% per annum to 3.99% per annum and to change the interest accrual method from a compound to a simple basis. Due to this amendment, the Company was required to perform an updated debt modification analysis under ASC 470 and determined that the amendment qualified as an extinguishment of debt and therefore a beneficial conversion feature was required to be evaluated as of the date of the modification. Since the fair value of the Company&#146;s common stock at the time of the amendment was sufficiently higher than the conversion price, it was determined that a beneficial conversion feature in the amount of $87,116 existed as of that date. Accordingly, the Company recorded a debt discount, offset by a credit to additional paid-in capital, in the amount of $87,116 as of May 19, 2019, and is amortizing the debt discount to interest expense over the remaining term of the notes. &nbsp;As of December 31, 2019, cumulative amortization of the debt discount had been recorded in the amount of $13,396.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>Effective November 6, 2019, one of the remaining holders reached an agreement to sell $1,260 of his convertible note payable to a consultant for the Company. Based upon the above-noted conversion price of $0.0063 per share, the consultant elected to convert such purchased convertible note payable into 200,000 shares of common stock.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>Effective November 27, 2019, two of the remaining holders reached an agreement to sell a total of $4,725 of their convertible notes payable to a third party investor. Based upon the above-noted conversion price of $0.0063 per share, such purchased amount of convertible notes payable was ultimately convertible into a total of 750,000 shares of common stock. In order to immediately extinguish the purchased convertible notes payable, the Company entered into an agreement with the investor to exchange such notes for the issuance of 750,000 shares of common stock, subject to a one year lock-up period and agreed upon trading volume limitations following expiration of the lock-up period.</font></p> <hr style="BORDER-TOP:0px; HEIGHT:0px; BORDER-RIGHT:0px; WIDTH:0px; BORDER-BOTTOM:0px; MARGIN:14pt 0px 0px; BORDER-LEFT:0px"> <p style="FONT:8pt Times New Roman; MARGIN:0px" align=center>12</p> <hr style="BORDER-TOP:0px; HEIGHT:3pt; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PAGE-BREAK-AFTER:always; MARGIN:8pt 0px; BORDER-LEFT:0px; BACKGROUND-COLOR:#909090"> <p style="MARGIN:0px; LINE-HEIGHT:0" /> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>As of March 31, 2020, the future maturities of convertible notes payable, after considering the above-noted partial sales but without taking into account the debt discount noted above, are as follows:</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <table bordercolor=transparent style="WIDTH:60%; BORDER-COLLAPSE:collapse" align=center> <tr> <td style="PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=justify><font style=FONT-SIZE:10pt>Year ending March 31, 2021</font></p></td> <td style="PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style="PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>-</font></p></td></tr> <tr> <td style="PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=justify><font style=FONT-SIZE:10pt>Year ending March 31, 2022</font></p></td> <td style="PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>-</font></p></td></tr> <tr> <td style="PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=justify><font style=FONT-SIZE:10pt>Year ending March 31, 2023</font></p></td> <td style="PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>-</font></p></td></tr> <tr> <td style="PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=top> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=justify><font style=FONT-SIZE:10pt>Year ending March 31, 2024</font></p></td> <td style="BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=bottom> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p></td> <td style="BORDER-BOTTOM:#000000 0.5pt solid; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>81,131</font></p></td></tr> <tr> <td style="PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=top> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p></td> <td style="BORDER-TOP:#000000 0.5pt solid; BORDER-BOTTOM:#000000 3px double; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>$</font></p></td> <td style="BORDER-TOP:#000000 0.5pt solid; BORDER-BOTTOM:#000000 3px double; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt" bgcolor=#dbe5f1 valign=bottom> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=right><font style=FONT-SIZE:10pt>81,131</font></p></td></tr></table> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=justify><font style=FONT-SIZE:10pt><b>(4) Equity</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Common Stock</i> - In March 2018, the Company issued 100,000 shares of its common stock to its chief executive officer in exchange for his founding capital contribution in the amount of $500, which equates to a price of $0.005 per share. &nbsp;In June 2018, the Company issued 100,000 shares of its common stock to a consultant in exchange for his agreement to provide certain marketing and information technology services to the Company. Such shares were valued at a price of $0.0063 per share for a total amount of $630 which was treated as non-cash stock compensation expense.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>In July 2018, the Company completed a private placement offering of shares of its common stock to a group of accredited investors. This offering was for a total of 1,500,000 shares at an offering price of $0.50 per share resulting in gross proceeds to the Company of $750,000. The subscription agreement includes, among other things, certain &#147;lockup&#148; provisions in the event of a successful IPO of the Company&#146;s securities. &nbsp;</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>In December 2018, the Company completed a second private placement offering of shares of common stock to a group of accredited investors. This offering was for a total of 1,000,003 shares at an offering price of $0.75 per share resulting in gross proceeds to the Company of $750,000. The subscription agreement includes, among other things, certain &#147;lockup&#148; provisions in the event of a successful IPO of the Company&#146;s securities.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>On May 9, 2019, the Company completed a public offering of shares of its common stock pursuant to Regulation A. This offering was for a total of 3,500,000 shares at an offering price of $1.00 per share resulting in gross proceeds to the Company of $3,500,000 (the net proceeds were $3,399,115). In conjunction with the closing of the public offering, holders of the Company&#146;s convertible notes payable in the principal amount of $17,572, plus an additional accrued interest amount of $2,094, automatically converted their notes into 3,121,525 shares of common stock, taking into consideration the shareholder ownership limitations under the terms of the convertible notes payable (see Note 3).</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Stock Compensation Expense</i> - In June 2018, the Company awarded a total of 2,100,000 shares of common stock to two executive officers and a consultant. The Company valued the stock awards at a total amount of $13,200, based on the $0.0063 per share conversion price of the convertible notes payable (see Note 3). Per the original vesting milestones, $525 of the value was initially amortized to stock compensation expense as of June 30, 2018. Effective December 31, 2018, the Company&#146;s Board of Directors determined that the originally intended milestones associated with the awarding of these shares had been fully satisfied. Accordingly, the Company issued those shares to the recipients as of December 31, 2018. In conjunction with that issuance, the Company recorded the remaining unamortized cost of such awards as stock compensation expense in the amount $12,675 as of December 31, 2018.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>In December 2018, the Company also issued 100,000 shares of common stock to an attorney for legal services. The Company recorded a charge to stock compensation expense for these shares in the amount $75,000, based on the same offering price of $0.75 per share, as was used in the second private placement offering, which was completed simultaneously with that issuance.</font></p> <hr style="BORDER-TOP:0px; HEIGHT:0px; BORDER-RIGHT:0px; WIDTH:0px; BORDER-BOTTOM:0px; MARGIN:14pt 0px 0px; BORDER-LEFT:0px"> <p style="FONT:8pt Times New Roman; MARGIN:0px" align=center>13</p> <hr style="BORDER-TOP:0px; HEIGHT:3pt; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PAGE-BREAK-AFTER:always; MARGIN:8pt 0px; BORDER-LEFT:0px; BACKGROUND-COLOR:#909090"> <p style="MARGIN:0px; LINE-HEIGHT:0" /> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>In December 2019, the Company awarded a total of 700,000 shares of common stock to an executive officer and a consultant. &nbsp;The Company valued the stock awards at a total amount of $700,000, based on the above-noted public offering price of $1.00 per share. &nbsp;For the 500,000 shares awarded to an officer, the Company immediately amortized $500,000 as a non-cash charge to expense as such shares were considered to have been earned by him under the Company&#146;s milestone incentive compensation program, as of December 31, 2019, notwithstanding that issuance of the shares was deferred until 2020. For the 200,000 shares awarded to a consultant, the Company is amortizing $200,000 as a non-cash charge to expense over his 24 month services agreement. These shares were issued in 2019 and the Company has recognized expense in the year ended December 31, 2019 in the amount of $66,667.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt><i>Other Matters</i> - In February 2019, the Company&#146;s Board of Directors approved the establishment of a new 2019 Stock Option Plan with an authorization for the issuance of up to 2,500,000 shares of common stock. The Plan is designed to provide for future discretionary grants of stock options, stock awards and stock unit awards to key employees and non-employee directors. The Company also increased the total number of shares of common stock authorized from 30,000,000 to 100,000,000.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=justify><font style=FONT-SIZE:10pt><b>(5) Commitments and Contingencies</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>The Company does not own or lease any property. In late 2019, the Company secured new corporate and executive office space in a production facility located in Poway, California, on a monthly basis with no long term commitment. We believe that our new office is sufficient to meet our current and future needs. </font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>As indicated in Note 1, the Company recently began selling its proprietary ESS units through wholesale dealers, primarily in California. &nbsp;In that regard, the Company has entered into agreements with several wholesale dealers under which the Company has incentivized the dealers to achieve quarterly sales above targeted levels by agreeing to grant them shares of the Company&#146;s common stock for exceeding such quarterly sales targets, subject to defined maximums. On October 7, 2019, the Company entered into an exclusive supply agreement for specified territories outside of California, once objectives and milestones have been achieved, with a distributor in Henderson, Nevada. There were no such incentive shares of the Company&#146;s common stock earned or issued in the nine months ended March 31, 2020.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>The Company is not involved in any legal proceedings at this time. From time to time in the ordinary course of our business, the Company may be involved in legal proceedings, the outcomes of which may not be determinable. The results of litigation are inherently unpredictable. Any claims against us, whether meritorious or not, could be time consuming, result in costly litigation, require significant amounts of management time and result in diversion of significant resources. We are not able to estimate an aggregate amount or range of reasonably possible losses for those legal matters for which losses are not probable and estimable. &nbsp;</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=justify><font style=FONT-SIZE:10pt><b>(6) Subsequent Events </b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style=FONT-SIZE:10pt>As a result of the continued spread of the COVID-19 coronavirus since early 2020, economic uncertainties have arisen which could impact business operations, supply chains, energy demand, and commodity prices that are beyond our control. Overall, we have not experienced a material adverse impact to our economic performance or ability to continue our business operations as a result of COVID-19. &nbsp;We continue to monitor COVID-19, but do not believe it will have a material unfavorable impact to our future financial performance at this time.</font></p> <hr style="BORDER-TOP:0px; HEIGHT:0px; BORDER-RIGHT:0px; WIDTH:0px; BORDER-BOTTOM:0px; MARGIN:14pt 0px 0px; BORDER-LEFT:0px"> <p style="FONT:8pt Times New Roman; MARGIN:0px" align=center>14</p> <hr style="BORDER-TOP:0px; HEIGHT:3pt; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PAGE-BREAK-AFTER:always; MARGIN:8pt 0px; BORDER-LEFT:0px; BACKGROUND-COLOR:#909090"> <p style="MARGIN:0px; LINE-HEIGHT:0" /> <p style="FONT:10pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=center><font style=FONT-SIZE:10pt><b>SIGNATURE</b></font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=justify><font style=FONT-SIZE:10pt>Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 252pt" align=justify><font style=FONT-SIZE:10pt>NEOVOLTA INC.</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px 0px 0px 252pt" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px 0px 0px 252pt" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 252pt" align=justify><font style="FONT-SIZE:10pt; BORDER-BOTTOM:#000000 1px solid"><i>/s/ Steve Bond</i></font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 252pt" align=justify><font style=FONT-SIZE:10pt>Steve Bond</font></p> <p style="FONT:10pt Times New Roman; MARGIN:0px 0px 0px 252pt" align=justify><font style=FONT-SIZE:10pt>Chief Financial Officer</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=justify><font style=FONT-SIZE:10pt>May 19, 2020</font></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:10pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <hr style="BORDER-TOP:0px; HEIGHT:0px; BORDER-RIGHT:0px; WIDTH:0px; BORDER-BOTTOM:0px; MARGIN:14pt 0px 0px; BORDER-LEFT:0px"> <p style="FONT:8pt Times New Roman; MARGIN:0px" align=center>15</p></div></a></body>
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