<SEC-DOCUMENT>0000721748-16-001615.txt : 20160823
<SEC-HEADER>0000721748-16-001615.hdr.sgml : 20160823
<ACCEPTANCE-DATETIME>20160823122009
ACCESSION NUMBER:		0000721748-16-001615
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20160823
DATE AS OF CHANGE:		20160823

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MassRoots, Inc.
		CENTRAL INDEX KEY:			0001589149
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		IRS NUMBER:				462612944
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-196735
		FILM NUMBER:		161846759

	BUSINESS ADDRESS:	
		STREET 1:		1624 MARKET STREET,
		STREET 2:		SUITE 201
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
		BUSINESS PHONE:		720-442-0052

	MAIL ADDRESS:	
		STREET 1:		1624 MARKET STREET,
		STREET 2:		SUITE 201
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>msrt082316msrt424b3.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font-size: 10pt">

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0; text-align: right">Filed Pursuant to Rule 424(b)(3)</P>

<P STYLE="margin: 0; text-align: right">Registration No. 333- 196735</P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><B>PROSPECTUS SUPPLEMENT NO. 1 </B></P>

<P STYLE="margin: 0; text-align: justify"><B>(to Prospectus dated June 7, 2016) </B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 11.25pt 0 0; text-align: center; color: Red"><IMG SRC="image_1.jpg" ALT="" STYLE="height: 80; width: 361"></P>

<P STYLE="font: 15pt Lato,sans-serif; margin: 0 0 6pt; text-align: center; text-indent: 0.5in; color: #08962A"><B><I>Technology
Platform for the Cannabis Industry</I></B>&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>MassRoots,
Inc.</B></FONT><B>&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>46,255,982 Shares of Common Stock</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 1.5pt; text-align: center">______________________________________________________________________________</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">This Prospectus
Supplement No.&nbsp;1 supplements and amends our Prospectus dated June 7, 2016 (the &ldquo;Prospectus&rdquo;). This Prospectus
Supplement No.&nbsp;1 includes our Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, as filed with the Securities
and Exchange Commission on August 17, 2016.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">The
Prospectus and this Prospectus Supplement No. 1 relate to the disposition from time to time by the selling security holders identified
in the Prospectus of up to 49,148,192 shares of our common stock. We are not selling any common stock under the Prospectus and
this Prospectus Supplement No. 1, and we will not receive any of the proceeds from the sale of the shares by the selling security
holders.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">This Prospectus
Supplement No.&nbsp;1 should be read in conjunction with the Prospectus and any prospectus supplements filed after the date hereof.
Any statement contained in the Prospectus and any prospectus supplements filed before the date hereof shall be deemed to be modified
or superseded to the extent that information in this Prospectus Supplement No.&nbsp;1 modifies or supersedes such statement. Any
statement that is modified or superseded shall not be deemed to constitute a part of the Prospectus except as modified or superseded
by this Prospectus Supplement No.&nbsp;1.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><B>Investing in
our common stock involves certain risks. You should review carefully the risks described under &ldquo;Risk Factors&rdquo; beginning
on page 8 of the Prospectus and under similar headings in any amendments or supplements to the Prospectus. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;___________________________________________________________________________</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><B>Neither the
Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if the Prospectus or this Prospectus Supplement No.&nbsp;1 is truthful or complete. Any representation to the contrary is a criminal
offense. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">_____________________________________________________________________________</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">The date of this Prospectus Supplement
No.&nbsp;1 is August 23, 2016</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>* * * * * </B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">

<P STYLE="margin: 0"></P>

<P STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: center"><B>FORM 10-Q</B></P>

<P STYLE="margin: 0; text-align: center">&nbsp;</P>

<P STYLE="margin: 0; text-align: center">&#9;<B>[x]&#9;QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES ACT OF 1934</B></P>

<P STYLE="margin: 0; text-align: center"><B>For the quarterly period ended June 30,
2016</B></P>

<P STYLE="margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: center"><B>OR</B></P>

<P STYLE="margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: center"><B>TRANSITION REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES ACT OF 1934</B></P>

<P STYLE="margin: 0; text-align: center"><B>For the transition period from ___________to
____________</B></P>

<P STYLE="margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: center"><B>Commission File Number 000-55431</B></P>

<P STYLE="margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><IMG SRC="image_001.gif" ALT="http:||www.sec.gov|Archives|edgar|data|1589149|000072174814000909|image_037.gif" STYLE="height: 42px; width: 223px"></P>

<P STYLE="margin: 0; text-align: center">&nbsp;</P>

<P STYLE="margin: 0; text-align: center"><B>MASSROOTS, INC.</B><BR>
<I> (Exact name of business as specified in its charter)</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>46-2612944</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(State
                                         or other jurisdiction of</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">incorporation
        or organization)</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(I.R.S.
                                         Employer Identification No.)</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="margin: 0; text-align: center">&nbsp;</P>

<P STYLE="margin: 0; text-align: center">1624 Market Street, Suite 201, Denver, CO 80202</P>

<P STYLE="margin: 0; text-align: center">(Address, including zip
code, of principal executive offices)</P>

<P STYLE="margin: 0; text-align: center">&nbsp;</P>

<P STYLE="margin: 0; text-align: center"><B>(720) 442-0052 </B></P>

<P STYLE="margin: 0; text-align: center">(Issuer&rsquo;s telephone
number)</P>

<P STYLE="margin: 0; text-align: center">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.</P>

<P STYLE="margin: 0; text-align: justify">Yes [X] No [ ]</P>

<P STYLE="margin: 0; text-align: center">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Indicate by check mark whether the registrant has submitted electronically
and posted on its corporate Web site, if any, every</P>

<P STYLE="margin: 0; text-align: justify">Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files).</P>

<P STYLE="margin: 0; text-align: justify">Yes [x] No [ ]</P>

<P STYLE="margin: 0; text-align: center">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

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

<P STYLE="margin: 0; text-align: justify">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated
filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="margin: 0; text-align: center">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Large accelerate filer [ ] Accelerated Filer [ ]</P>

<P STYLE="margin: 0; text-align: justify">Non-accelerated filer [ ] Smaller reporting company [x]</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).</P>

<P STYLE="margin: 0; text-align: justify">Yes [ ] No [X]</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Indicate the number of shares outstanding of each of the issuer&rsquo;s classes of
common stock, as of the latest practicable date: As of August 17, 2016, the issuer had 51,001,884 shares of common stock
issued and outstanding.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify"><B><A NAME="TableOfContents" TITLE="Table of Contents"></A>TABLE OF CONTENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">PART
    I. FINANCIAL INFORMATION</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
    1. Condensed Financial Statements</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 20pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance
    Sheets as of June 30, 2016 (Unaudited) and December 31, 2015</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 20pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Statement
    of Operations for the Three and Six Months Ended June 30, 2016 and 2015 (Unaudited)</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 20pt">Statement of Stockholders&rsquo;
    Equity (Deficit) for the Six Months Ended June 30, 2016 (Unaudited)</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 20pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Statements
    of Cash Flows for the Six Months Ended June 30, 2016 and 2015 (Unaudited)</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 20pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notes
    To Consolidated Financial Statements</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
    2. Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
    3. Quantitative &amp; Qualitative Disclosures about Market Risks</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
    4. Controls and Procedures</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">PART
    II OTHER INFORMATION</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
    1. Legal Proceedings</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
    1A. Risk Factors</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
    2. Unregistered Sales of Equity Securities and Use of Proceeds</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
    3. Defaults upon Senior Securities</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
    5. Other Information</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
    6. Exhibits</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>PART I. FINANCIAL INFORMATION</B></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt">Item
1. Condensed Financial Statements&nbsp;</FONT></P>

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

<P STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>MASSROOTS,
INC.</B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONDENSED
BALANCE SHEETS</B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AS
OF JUNE 30, 2016 AND DECEMBER 31, 2015 </B></FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>2016</U></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>2015</U></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><B>(<FONT STYLE="font-size: 10pt">Unaudited</FONT>)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></B></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSETS</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CURRENT
    ASSETS</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Cash</FONT></TD><TD STYLE="width: 8%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 12%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50,521</FONT></TD><TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 12%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">386,316</FONT></TD><TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Accounts
    receivables</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">76,752</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39,500</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Prepaid
    expense</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,938</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL
    CURRENT ASSETS</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">147,273</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">438,754</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Property
    and equipment - net</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">83,398</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">73,023</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">OTHER
    ASSETS</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Investment
    in Flowhub</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">175,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">175,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Deposits
    and other assets</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33,502</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33,502</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    Other Assets</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">208,502</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">208,502</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TOTAL
    ASSETS</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">439,173</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">720,279</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LIABILITIES
    AND STOCKHOLDERS' EQUITY (DEFICIT)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CURRENT
    LIABILITIES</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Accounts
    payable</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">393,434</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">109,997</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Accrued
    expenses</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99,263</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">84,355</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Convertible
    debt, net of $557,068 and&nbsp;&nbsp;$0 discount, respectively</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">992,499</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Derivative
    liabilities</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">195,108</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TOTAL
    CURRENT LIABILITIES</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,680,304</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">194,352</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LONG-TERM
    LIABILITY</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Convertible
    debentures, net of $0 and $0 discount, respectively</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">209,100</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">209,100</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL
    LIABILITIES</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,899,404</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">403,452</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">STOCKHOLDERS'
    (DEFICIT) EQUITY</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 10pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common
    stock, $0.001 par value, 200,000,000 shares authorized; 49,197,385 and 46,939,966 shares issued and outstanding</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">49,197</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">46,940</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 10pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common
    stock to be issued, 136,227 and 624,000 shares, respectively</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">136</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">624</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Additional
    paid in capital</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1<FONT STYLE="color: Black">5,135,437</FONT></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">12,101,784</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;&nbsp;&nbsp;Accumulated
    deficit</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(16,635,001</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(11,832,521</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL
    STOCKHOLDERS' (DEFICIT) EQUITY</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: red; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(1,450,231</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">316,827</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TOTAL
    LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">439,173</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">720,279</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


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

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The accompanying
notes are an integral part of these condensed financial statements. &nbsp; &nbsp; &nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 5; Options: NewSection -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<P STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>MASSROOTS,
INC.</B></FONT></P>

<P STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B>CONDENSED</B>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>STATEMENT OF OPERATIONS</B></FONT></P>

<P STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(UNAUDITED)</B></FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Three
    Months Ended</FONT></TD><TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Six
    Months Ended</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June
    30, 2016</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June
    30, 2015</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June
    30, 2016</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June
    30, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">REVENUES</FONT></TD><TD STYLE="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">492,233</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,126</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">585,618</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,066</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">OPERATING
    EXPENSES</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advertising</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">369,132</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">208,830</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">557,419</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">263,119</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost
    of revenues</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">285,228</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-<FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">293,780</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payroll
    and related expense</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">640,546</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">359,440</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,236,044</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">522,370</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common
    stock issued for services</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,373</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">254,388</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">293,956</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">368,100</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Options
    issued for services</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">660,217</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">266,562</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,330,984</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">313,571</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants
    issued for services</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22,579</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">68,369</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26,411</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    general and administrative expenses</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">337,097</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">381,332</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">920,608</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">565,312</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    General and Administrative expenses</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,322,953</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,493,131</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,701,160</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,058,883</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(LOSS)
    FROM OPERATIONS</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(1,830,360</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(1,491,005</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(4,115,542</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(2,055,817</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">OTHER
    INCOME (EXPENSE)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change
    in derivative liabilities</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">537,153</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">314,296</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">42,737</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest
    expense</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(2,091</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(8,635</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(4,381</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amortization
    of discount on notes payable</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(873,050</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(24,201</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(992,559</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(50,347</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 5.4pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    Other Income (Expense)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(335,897</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(26,292</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(686,938</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(11,991</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(LOSS)
    BEFORE INCOME TAXES</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(2,166,257</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(1,517,297</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(4,802,480</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(2,067,808</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">PROVISION
    FOR INCOME TAXES</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NET
    (LOSS)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,166,257</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,517,297</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,802,480</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,067,808</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Basic
    and fully diluted net income (loss) per common share:</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.05</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.03</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.10</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.05</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Weighted
    average common shares outstanding</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">48,509,071</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">43,535,697</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">47,920,007</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">41,972,190</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

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



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these condensed financial statements. &nbsp; &nbsp; </FONT></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT> &nbsp;</P>

<P STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>MASSROOTS
, IINC.</B></FONT></P>

<P STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONDENSED
STATEMENT OF STOCKHOLDERS' (DEFICIT) EQUITY</B></FONT></P>

<P STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FOR
THE SIX MONTHS ENDED JUNE 30, 2016</B></FONT></P>

<P STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(UNAUDITED)</B></FONT></P>



<P STYLE="margin: 0"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: center; vertical-align: middle"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Common Stock</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Common</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B> Stock to be Issued</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Additional
                                         Paid </B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Accumulated</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Total
                                         Stockholders' </B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B><U>&nbsp;Shares
                                         </U></B></FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B><U>&nbsp;Amount
                                         </U></B></FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B><U>&nbsp;Shares
                                         </U></B></FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B><U>&nbsp;Amount
                                         </U></B></FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>&nbsp;In
                                         <U>Capital </U></B></FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B><U>&nbsp;Deficit
                                         </U></B></FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>&nbsp;(Deficit)
                                         <U>Equity </U></B></FONT></TD><TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 37%; font: bold 11pt Calibri, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Balance
    as of December 31, 2015</FONT></TD><TD STYLE="width: 2%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">46,939,965</FONT></TD><TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">46,940</FONT></TD><TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"></TD><TD STYLE="width: 2%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">624,000</FONT></TD><TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">624</FONT></TD><TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">12,101,784</FONT></TD><TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(11,832,521</FONT></TD><TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="width: 2%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">316,827</FONT></TD><TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Common
    stock issued related to 2015 stock grants</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">624,000</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">624</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(624,000</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(624</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Common
    stock issued for services</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">341,250</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">341</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">25,000</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">25</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">293,600</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">293,966</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Common
    stock issued upon exercise of warrants for cash</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">812,734</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">813</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">106,000</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">106</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">370,588</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">371,507</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Common
    stock issued upon exercise of options for cash</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">210,000</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">210</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">24,790</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">25,000</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Stock
    based compensation</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,330,984</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,330,984</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Fair
    value of warrants issued for services</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">68,369</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">68,369</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Debt
    discount related to convertible notes</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"></FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">945,596</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">945,596</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Common
    shares issued upon cashless exercise of warrants</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">5,277</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">5</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">5,227</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">5</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(10</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;<FONT STYLE="font: 9pt Times New Roman, Times, Serif"></FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Common
    shares issued upon cashless exercise of options</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">264,158</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">264</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(264</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Net
    loss</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(4,802,480</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(4,802,480</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Balance
    as of June 30, 2016 (unaudited)</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">49,197,384</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">49,197</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">136,227</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">136</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">15,135,437</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font: 9pt Times New Roman, Times, Serif"></FONT></P></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(16,635,001</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1,450,231</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The accompanying
notes en integral part of these condensed financial statements.&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></P>


<P STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>MASSROOTS,
INC.</B></FONT></P>

<P STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONDENSED
STATEMENT OF CASHFLOWS</B></FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(UNAUDITED)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
    the  six months ended June 30, 2016</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
    the  six months ended June 30, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CASH
    FLOWS FROM OPERATING ACTIVITIES:</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Net
    (loss)</FONT></TD><TD STYLE="width: 8%; font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">($</FONT></TD><TD STYLE="width: 12%; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">4,802,480</FONT></TD><TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="width: 8%; font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">($</FONT></TD><TD STYLE="width: 12%; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">2,067,808</FONT></TD><TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Adjustments
    to reconcile net (loss ) to net cash (used in )</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">operating
    activities:</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Amortization
    of discounts on notes payable</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">992,599</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">50,347</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Depreciation</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">8,725</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">4,094</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Common
    stock issued for services</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">293,956</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">368,100</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Options
    issued for services</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">1,330,984</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">313,571</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Warrants
    issued for services</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">68,369</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">26,411</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Change
    in derivative liabilities</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(314,296</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(42,737</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Inputed
    Interest expense</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">4,381</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Changes
    in operating assets and liabilities</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accounts
    <FONT STYLE="color: Black">receivables</FONT></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(37,252</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">11,131</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Prepaid
    expense</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(7,062</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Deposit</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(32,802</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Accounts
    payable and other liabilities</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">333,255</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">15,911</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Accrued
    payroll tax</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(2,642</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Net
    Cash (Used in) Operating Activities</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(2,133,202</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(1,352,043</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">CASH
    FLOWS FROM INVESTING ACTIVITIES:</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Payments
    for equipment</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(19,100</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(38,158</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Investment
    in Flowhub</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(175,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Net
    Cash (Used in) Investing Activities</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(19,100</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(213,158</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">CASH
    FLOWS FROM FINANCING ACTIVITIES</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Issuance
    of common stock for cash</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">1,298,700</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Proceeds
    from exercise of warrants</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">371,507</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">295,936</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Proceeds
    from exercise of options</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">5,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Proceeds
    from issuance of convertible notes payable</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">1,420,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Net
    Cash Provided by Financing Activities</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">1,816,507</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">1,594,636</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">NET
    INCREASE (DECREASE) IN CASH</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: right"><FONT STYLE="color: Black">(<FONT STYLE="font: 10pt Times New Roman, Times, Serif">335,795</FONT></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: red; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">29,435</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">CASH
    AT BEGINNING OF PERIOD</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">386,316</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">141,928</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">CASH
    AT END OF PERIOD</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">50,521</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">171,36</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CASH PAID FOR:</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Interest</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: middle; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: middle; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 20pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Taxes</FONT></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NON-CASH
    FINANCING ACTIVITIES</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants/Common
    stock/Option issued for services</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Convertible
    note issued in payment of liabilities</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,000</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common
    stock, Warrants and Options as prepaid expense</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">849,128</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

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



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
report on the financial statements and accompanying notes are an integral part of these condensed financial
statements.</FONT> &nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>MassRoots, Inc.&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>Notes to the Condensed Financial Statements</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>June 30, 2016 (Unaudited)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">NOTE 1 &#9;<U>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</U></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">MassRoots, Inc. (&ldquo;MassRoots&rdquo;
or the &ldquo;Company&rdquo;) has created a technology platform for the cannabis industry focused on enabling users to share their
cannabis content, follow their favorite dispensaries, and stay connected with the legalization movement. The Company was incorporated
in the State of Delaware on April 26, 2013.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U>Basis of Presentation</U></P>

<P STYLE="margin: 0; text-align: justify">The unaudited condensed interim financial
statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States
(&ldquo;GAAP&rdquo;) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly,
they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">The condensed balance
sheet as of December 31, 2015 has been derived from audited financial statements.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Operating results for the six months
ended June 30, 2016 are not necessarily indicative of results that may be expected for the year ending December 31, 2016. These
condensed financial statements should be read in conjunction with the audited financial statements for the year ended December
31, 2015 filed with the Company&rsquo;s Form 10-K with the Securities and Exchange Commission on March 30, 2016.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U>Management&rsquo;s
Use of Estimates</U></P>

<P STYLE="margin: 0; text-align: justify">The preparation of financial statements
in conformity with accounting principles generally accepted in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting periods. Significant estimates include revenue recognition, fair value of
the Company&rsquo;s stock, stock-based compensation, fair values relating to warrant and other derivative liabilities and the
valuation allowance related to deferred tax assets. Actual results may differ from these estimates.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U>Deferred Taxes</U></P>

<P STYLE="margin: 0; text-align: justify">The Company accounts for income taxes
under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets and liabilities are determined
based upon differences between the financial reporting and tax bases of 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. Deferred tax assets are reduced by a valuation
allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates
is recognized in the statements of operations in the period that includes the enactment date.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U>Cash and Cash
Equivalents</U></P>

<P STYLE="margin: 0; text-align: justify">For purposes of the Statement of Cash
Flows, the Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U>Accounts Receivable and Allowance
for Doubtful Accounts</U></P>

<P STYLE="margin: 0; text-align: justify">The Company monitors outstanding receivables
based on factors surrounding the credit risk of specific customers, historical trends, and other information. The allowance for
doubtful accounts is estimated based on an assessment of the Company&rsquo;s ability to collect on customer accounts receivable.
There is judgment involved with estimating the allowance for doubtful accounts and if the financial condition of the Company&rsquo;s
customers were to deteriorate, resulting in their inability to make the required payments, the Company may be required to record
additional allowances or charges against revenues. The Company writes-off accounts receivable against the allowance when it determines
a balance is uncollectible and no longer actively pursues its collection. As of June 30, 2016 and December 31, 2015, based upon
the review of the outstanding accounts receivable, the Company has determined that an allowance for doubtful accounts is not required.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U></U></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>MassRoots, Inc.&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>Notes to the Condensed Financial Statements</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>June 30, 2016 (Unaudited)</B></P>



<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U>Property
and Equipment</U></P>

<P STYLE="margin: 0; text-align: justify">Property and equipment are stated at
cost and depreciated using the straight-line method over their estimated useful lives of 3 to 5 years. When retired or otherwise
disposed, the related carrying value and accumulated depreciation are removed from the respective accounts and the net difference
less any amount realized from disposition, is reflected in earnings.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U>Revenue Recognition</U></P>

<P STYLE="margin: 0; text-align: justify">The Company recognizes revenue when services
are realized or realizable and earned less estimated future doubtful accounts. The Company considers revenue realized or realizable
and earned when all of the following criteria are met:</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">persuasive
                                         evidence of an arrangement exists,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         services have been rendered and all required milestones achieved,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                         sales price is fixed or determinable, and</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Collectability
                                         is reasonably assured.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">MassRoots primarily generates revenue
by charging businesses to advertise on the network. MassRoots has the ability to target advertisements directly to a clients&rsquo;
target audience, based on their location, on their mobile devices. In cases where clients sign advertising contracts for an extended
period of time, MassRoots only realizes revenue for services provided during that quarter and defers all other revenue to future
quarters.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">MassRoots&rsquo; secondary source of
income is merchandise sales. The objective with the sales is not to generate large profit margins, but to help offset the cost
of marketing. Each t-shirt, sticker and jar MassRoots sells will likely lead to more downloads and active users.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U>Cost of Revenue</U></P>

<P STYLE="margin: 0; text-align: justify">The Company&rsquo;s main cost of revenue
originates from its merchandise store, where often times the Company realizes low profit margins and is not the main focus of
the Company.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U>Comprehensive
Income (Loss)</U></P>

<P STYLE="margin: 0; text-align: justify">The Company reports comprehensive income
and its components following guidance set forth by section 220-10 of the FASB Accounting Standards Codification which establishes
standards for the reporting and display of comprehensive income and its components in the financial statements. There were no
items of comprehensive income (loss) applicable to the Company during the periods covered in the financial statements.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U>Convertible
Debt</U></P>

<P STYLE="margin: 0; text-align: justify">If the conversion features of conventional
convertible debt provides for a rate of conversion that is below market value at issuance, this feature is characterized as a
beneficial conversion feature (&ldquo;BCF&rdquo;). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20
&ldquo;Debt with Conversion and Other Options.&rdquo; In those circumstances, the convertible debt is recorded net of the discount
related to the BCF, and the Company amortizes the discount to interest expense, over the life of the debt.</P>

<P STYLE="margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="margin: 0; text-align: justify"><U>Stock-Based Compensation</U></P>

<P STYLE="margin: 0; text-align: justify">The Company measures the cost of services
received in exchange for an award of equity instruments based on the fair value of the award. For employees and directors, the
fair value of the award is measured on the grant date and for non-employees, the fair value of the award is generally re-measured
on vesting dates and interim financial reporting dates until the service period is complete. The fair value amount is then recognized
over the period during which services are required to be provided in exchange for the award, usually the vesting period.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U></U></P>

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

<P STYLE="margin: 0; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>MassRoots, Inc.&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>Notes to the Condensed Financial Statements</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>June 30, 2016 (Unaudited)</B></P>
</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U></U></P>

<P STYLE="margin: 0; text-align: justify"><U>Fair Value of
Financial Instruments</U></P>

<P STYLE="margin: 0; text-align: justify">Accounting Standards Codification subtopic
825-10, Financial Instruments (&ldquo;ASC 825-10&rdquo;) requires disclosure of the fair value of certain financial instruments.
The carrying value of cash and cash equivalents, accounts payable and accrued liabilities as reflected in the balance sheets,
approximate fair value because of the short-term maturity of these instruments. All other significant financial assets, financial
liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with
other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where
practicable the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available
information pertinent to fair value has been disclosed.</P>

<P STYLE="margin: 0; text-align: justify"></P>



<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">The Company follows Accounting Standards
Codification subtopic 820-10, Fair Value Measurements and Disclosures (&ldquo;ASC 820-10&rdquo;) and Accounting Standards Codification
subtopic 825-10, Financial Instruments (&ldquo;ASC 825-10&rdquo;), which permits entities to choose to measure many financial
instruments and certain other items at fair value.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U>Derivative Financial
Instruments</U></P>

<P STYLE="margin: 0; text-align: justify">The Company does not use derivative instruments
to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of it financial instruments, including
stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives.
For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at
its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to
income.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">For option-based simple derivative financial
instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent
valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities
or as equity, is re-assessed at the end of each reporting period.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;As of June 30, 2016, the Company had outstanding convertible notes that
contained embedded derivatives. These embedded derivatives include certain conversion features and reset provisions.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U>Convertible Debentures</U></P>

<P STYLE="margin: 0; text-align: justify">If the conversion features of conventional
convertible debt provides for a rate of conversion that is below market value at issuance, this feature is characterized as a
beneficial conversion feature (&ldquo;BCF&rdquo;). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20
&ldquo;Debt with Conversion and Other Options.&rdquo; In those circumstances, the convertible debt is recorded net of the discount
related to the BCF, and the Company amortizes the discount to interest expense, over the life of the debt.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;<U>Stock-Based
Compensation</U></P>

<P STYLE="margin: 0; text-align: justify">The Company measures the cost of services
received in exchange for an award of equity instruments based on the fair value of the award. For employees and directors, the
fair value of the award is measured on the grant date and for non-employees, the fair value of the award is generally re-measured
on vesting dates and interim financial reporting dates until the service period is complete. The fair value amount is then recognized
over the period during which services are required to be provided in exchange for the award, usually the vesting period.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify"><U>Net Income (loss)
Per Common Share</U></P>

<P STYLE="margin: 0; text-align: justify">The Company computes earnings (loss)
per share under Accounting Standards Codification subtopic 260-10, Earnings Per Share (&ldquo;ASC 260-10&rdquo;). Net loss per
common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the
year.&nbsp;&nbsp;Diluted earnings per share, if presented, would include the dilution that would occur upon the exercise or conversion
of all potentially dilutive securities into common stock using the &ldquo;treasury stock&rdquo; and/or &ldquo;if converted&rdquo;
methods as applicable.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">The computation of basic and diluted loss per share as of June 30, 2016 and 2015
excludes potentially dilutive securities when their inclusion would be anti-dilutive, or if their exercise prices were
greater than the average market price of the common stock during the period.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>MassRoots, Inc.&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>Notes to the Condensed Financial Statements</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>June 30, 2016 (Unaudited)</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>



<P STYLE="margin: 0; text-align: justify">Potentially dilutive securities excluded
from the computation of basic and diluted net income (loss) per share are as follows:</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>June
    30, </B><BR>
    <B>2016</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 53%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common
    stock issuable upon conversion of convertible debt</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,252,333</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 22.1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Options
    to purchase common stock</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,584,880</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants
    to purchase common stock</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,742,044</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Totals</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19,579,257</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U>Reclassification</U></P>

<P STYLE="margin: 0; text-align: justify">Certain reclassifications have been made
to the prior years&rsquo; data to conform to the current year presentation. These reclassifications had no effect on reported
income (losses).</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U>Recently Issued Accounting Pronouncements</U></P>

<P STYLE="margin: 0; text-align: justify">In May 2014, the FASB issued ASU No.
2014-09, &ldquo;Revenue from Contracts with Customers&rdquo; (Topic 606). This ASU provides guidance for revenue recognition and
affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for
the transfer of nonfinancial assets and supersedes the revenue recognition requirements in Topic 605, &ldquo;Revenue Recognition,&rdquo;
and most industry specific guidance. The standard&rsquo;s core principle is the recognition of revenue when a company transfers
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. In doing so, companies will need to use more judgment and make more estimates than under
the current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable
consideration to include in the transaction price and allocating the transaction price to each separate performance obligation.
In August 2015, the FASB issued ASU 2015-14, &quot;Revenue from Contracts with Customers&quot; (Topic 606): Deferral of the Effective
Date, which deferred the effective date of ASU 2014-09 to fiscal years beginning after December 15, 2017, including interim reporting
periods within that reporting period. Early adoption is permitted for fiscal years beginning after December 15, 2016. The Company
is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Company&rsquo;s consolidated financial
statements and disclosures.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">In August 2014, FASB issued ASU 2014-15,
&ldquo;Presentation of Financial Statements Going Concern (Subtopic 205-40) &ndash; Disclosure of Uncertainties about an Entity&rsquo;s
Ability to Continue as a Going Concern&rdquo;. Currently, there is no guidance in U.S. GAAP about management&rsquo;s responsibility
to evaluate whether there is substantial doubt about an entity&rsquo;s ability to continue as a going concern or to provide related
footnote disclosures. The amendments in this ASU provide that guidance. In doing so, the amendments are intended to reduce diversity
in the timing and content of footnote disclosures. The amendments require management to assess an entity&rsquo;s ability to continue
as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically,
the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including
interim periods, (3) provide principles for considering the mitigating effect of management&rsquo;s plans, (4) require certain
disclosures when substantial doubt is alleviated as a result of consideration of management&rsquo;s plans, (5) require an express
statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year
after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective
for public and nonpublic entities for annual periods ending after December 15, 2016. Early adoption is permitted. The Company
is currently evaluating the impact of the adoption of ASU 2014-15 on the Company&rsquo;s financial statements.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">There were various other updates recently
issued, most of which represented technical corrections to the accounting literature or application to specific industries and
are not expected to a have a material impact on the Company&rsquo;s financial position, results of operations or cash flows.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">NOTE 2 &#9;<U>GOING CONCERN AND UNCERTAINTY</U></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">The Company has suffered losses from
operations since inception. In addition, the Company has yet to generate significant cash flow from its business operations. These
factors raise substantial doubt as to the ability of the Company to continue as a going concern for a reasonable period of time.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>MassRoots, Inc.&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>Notes to the Condensed Financial Statements</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>June 30, 2016 (Unaudited)</B></P>



<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Management&rsquo;s plans with regard
to these matters encompass the following actions: 1) obtain funding from new and potentially current investors to alleviate the
Company&rsquo;s working deficiency, and 2) implement a plan to generate sales. The Company&rsquo;s continued existence is dependent
upon its ability to translate its user base into sales. However, the outcome of management&rsquo;s plans cannot be ascertained
with any degree of certainty. The accompanying financial statements do not include any adjustments that might result should the
Company be unable to continue as a going concern.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">NOTE 3&nbsp;&#9;<U>NOTE RECEIVABLE</U></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">On March 24, 2016, the Company entered
into an agreement with Santino Walter Productions, LLC (&quot;SWP&quot;) in which the Company purchased a Senior Secured Promissory
Note (&quot;Note&rdquo;) with a principle amount of $156,000 for a purchase price of $130,000. The funds are solely to be used
by SWP for costs related to the Denver Annual 420 Rally (&quot;420 Rally&quot;). The Note matures in 60 days and is secured against
all assets of SWP. The Company also entered into License and Letter Agreements with SWP pursuant to which &nbsp;the Company will
earn a 50% licensing fee on all ticket sales and sponsorship sales, along with 15% of all booth sales, of the 420 Rally. The Company
is obligated to provide the ticketing system and cover all activation costs related to the tickets. The first $130,000 in revenue
received related to the 420 Rally will to be used to cover the remaining costs of talent for the event; the next $156,000 in revenue
will be used to repay the Note. All proceeds from ticket sales and sponsorships will be held by the Company initially; after payment
of the Note, and all fees earned by the Company under the agreement, the remaining proceeds will then be distributed to SWP. All
talent booked by SWP for the 420 Rally will be required to create a MassRoots profile, which can be waived at the Company's sole
discretion. The Company also retains the right to participate in a materially similar transaction related to the 420 Rally every
year through 2020. During the second quarter of 2016, this note was repaid with proceeds from ticket sales of the 420 Rally.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">NOTE 4 &#9;<U>PROPERTY AND EQUIPMENT</U></P>

<P STYLE="margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: justify">Fixed assets were
comprised of the following as of June 30, 2016 and December 31, 2015:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>June
                    30, </U></B></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>2016</U></B></FONT></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>December
                    31, </U></B></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>2015</U></B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 58%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Computers</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$ 69,116</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$ 58,121</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Office
    equipment</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,208</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,083</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">104,324</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">85,224</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less:
    Accumulated depreciation</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20,926</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,201</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Property
    and equipment, net</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$
    83,398</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$
    73,023</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Depreciation expense for the six months
ended June 30, 2016 and 2015 was $8,725 and $4,094, respectively.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">NOTE 5&nbsp;&#9;<U>CONVERTIBLE DEBT</U></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">On March 24, 2014, the Company issued
convertible debentures to certain accredited investors. The total principal amount of the debentures is $269,100 and originally
matured on March 24, 2016 with a zero percent interest rate. The debentures are convertible into shares of the Company&rsquo;s
common stock at $0.10 per share. In March 2016, the debentures were amended to extend the maturity date to March 24, 2018. As
of June 30, 2016 and December 31, 2015, the aggregate carrying value of the debentures was $209,100 net of debt discounts of $0.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">In February 2016, the Company issued
to a service provider a 12 month convertible debentures at 15% interest with a principal amount of $35,000 along with 35,000 3-year
warrants to purchase shares common stock at $1.00 per share The convertible debentures are payable at maturity, and convertible
at the investor&rsquo;s determination at a price equal to 90% of the price of a subsequent public underwritten offering if one
occurs over $5 million, or, if no subsequent offering occurs, at $0.75 per share. As of June 30, 2016 and December 31, 2015, the
aggregate carrying value of the debentures was $13,005 and $0, net of debt discounts of $21,995 and $0, respectively.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>MassRoots, Inc.&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>Notes to the Condensed Financial Statements</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>June 30, 2016 (Unaudited)</B></P>



<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">On March 17, 2016, the Company sold to investors six (6) month secured
convertible original issue discount notes with principal amount in the aggregate of $1,514,667, together with five year
warrants to purchase an amount of shares of the Company&rsquo;s common stock equal to the number of shares of common stock
issuable upon the conversion of the notes in full and having an exercise price of $1.00 per share. If the Company exercises
its right to prepay the note, the Company shall make payment to the investor of an amount in cash equal to the sum of the
then outstanding principal amount of the note that it desires to prepay, multiplied by (a) 1.2, during the first ninety (90)
days after the execution of this Note, or (b) 1.35, at any point thereafter. The notes are convertible into shares of the
Company&rsquo;s common stock at a price per share equal to the lower of (i) one dollar ($1.00), and (ii) a 25% discount to
the price at which the Company next conducts an offering after the issuance date of the note; provided, however, if any part
of the principal amount of the note remains unpaid at its maturity date September 17, 2016, the conversion price will be
equal to 65% of the average of the three trading days with the lowest daily weighted average prices of the Company&rsquo;s
common stock occurring during the fifteen days prior to the notes&rsquo; maturity date September 17, 2016. The notes require that
any net proceeds received subsequent offerings made by the Company first be used to repay the notes&rsquo; outstanding
principal amount. If the note is not repaid by the maturity date, the investors will receive, in aggregate, but calculated
pro rata to the principal amounts remaining outstanding at the time of maturity, up to five hundred thousand (500,000) shares
of the Company&rsquo;s common stock. Gross proceeds received by the Company for the notes and warrants in this Offering was
$1,420,000, while net proceeds were $1,271,600 (excluding any legal fees). As of June 30, 2016 and December 31, 2015, the
aggregate carrying value of the notes were $979,494,  net of debt discounts of $535,173 and $0, respectively.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">The Company&rsquo;s convertible debt
 is summarized as follows as of June 30, 2016 and December 31, 2015:</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Principal balance</FONT></TD><TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 10pt">1,758,767</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 10pt">209,100</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Less: debt discount</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">($</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">557,168</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;(-)</U></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Convertible debentures, net</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,201,599</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">209,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Less, current portion&#9;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">($992,499)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(-)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Long term portion</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; text-underline-style: double"><U>$
                                         209,100</U></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">$ 209,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">NOTE 6&nbsp;&#9;<U>DERIVATIVE LIABILITIES AND
FAIR VALUE MEASUREMENTS</U></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">The Company identified conversion features
embedded within convertible debt and warrants outstanding for the six months ended June 30, 2016 and the year ending December
31, 2015. The Company has determined that the features associated with the embedded conversion option and exercise prices, in
the form a ratchet provisions, should be accounted for at fair value, as a derivative liability, as the Company cannot determine
if a sufficient number of shares would be available to settle all potential future conversion transactions.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">During the third quarter of 2015, the
Company and the convertible debt note and warrant holders agreed to amend terms of the agreements to remove the ratchet provisions.
Accordingly, the Company reclassified the derivative liability to equity classification resulting in an increase to additional
paid in capital by $3,336,109.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">During the fourth quarter of 2015, the
Company and the holders of warrants previously issued as part of our offering from September 2014 to March 2015 with an exercise
price of $1.00 per share and all other warrants agreed to amend the warrants to remove the ratchet provision in exchange for a
warrant for an additional 20% of their original warrant shares at $1.06 per share. This reduced the Company&rsquo;s derivative
liability by $1,155,199 and increased additional paid in capital by $761,426.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">The Company adopted the provisions of
Accounting Standards Codification subtopic 825-10, Financial Instruments (&ldquo;ASC 825-10&rdquo;). ASC 825-10 defines fair value
as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted
to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers
assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions,
and risk of nonperformance. ASC 825-10 establishes a fair value hierarchy that requires an entity to maximize the use of observable
inputs and minimize the use of unobservable inputs when measuring fair value. ASC 825-10 establishes three levels of inputs that
may be used to measure fair value:</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>MassRoots, Inc.&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>Notes to the Condensed Financial Statements</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>June 30, 2016 (Unaudited)</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>



<P STYLE="margin: 0; text-align: justify">Level 1 &ndash;
Quoted prices in active markets for identical assets or liabilities.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Level 2 &ndash; Observable inputs other
than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume
or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or
can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">Level 3 &ndash; Unobservable inputs to
the valuation methodology that are significant to the measurement of fair value of assets or liabilities.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">All items required to be recorded or
measured on a recurring basis are based upon level 3 inputs.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">To the extent that valuation is based
on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases,
for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed and is determined
based on the lowest level input that is significant to the fair value measurement</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">The Company recognizes its derivative
liabilities as level 3 and values its derivatives using the methods discussed below. While the Company believes that its valuation
methods are appropriate and consistent with other market participants, it recognizes that the use of different methodologies or
assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at
the reporting date. The primary assumptions that would significantly affect the fair values using the methods discussed are that
of volatility and market price of the underlying common stock of the Company.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">As of June 30, 2016 and December 31,
2015, the Company did not have any derivative instruments that were designated as hedges.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Items recorded or measured at fair value on a recurring basis in the accompanying
consolidated financial statements consisted of the following items as of December 31, 2015:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level
    1</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level
    2</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level
    3</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Derivative liability</FONT></TD>
    <TD STYLE="width: 0%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; padding-top: 10pt; text-align: right; vertical-align: middle"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 0%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="width: 0%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; font-size: 10pt">-<FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; font-size: 10pt">-<FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: justify">Items recorded or measured at fair value on
a recurring basis in the accompanying consolidated financial statements consisted of the following items as of June 30, 2016:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level
    1</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level
    2</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level
    3</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Derivative liability</FONT></TD>
    <TD STYLE="width: 0%; padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0%; border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-top: 10pt; text-align: left; text-decoration: underline"><FONT STYLE="font-size: 10pt"><U>&nbsp;</U></FONT></TD>
    <TD STYLE="width: 0%; padding-top: 10pt; text-align: left; text-decoration: underline"><FONT STYLE="font-size: 10pt"><U>&nbsp;</U></FONT></TD>
    <TD STYLE="width: 0%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="width: 0%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0%; padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">195,108</FONT></TD>
    <TD STYLE="width: 0%; border-bottom: Black 1pt solid; padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">195,108</FONT></TD>
    <TD STYLE="width: 0%; padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">195,108</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">195,108</FONT></TD>
    <TD STYLE="padding-top: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">The
following table provides a summary of changes in fair value of the Company&rsquo;s Level 3 financial liabilities for the six months
ended June 30, 2016:</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 77%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Balance, December 31, 2015</FONT></TD>
    <TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 19%; text-align: right; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Transfers in of Level 3</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">509,404</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Mark-to-market &ndash;  gain on change in
    fair     value of derivative liability - 2016</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; text-decoration: underline"><FONT STYLE="font-size: 10pt"><U>(314,296)</U></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt; text-decoration: underline"><FONT STYLE="font-size: 10pt"><U>&nbsp;</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Balance, June 30, 2016</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 10pt; text-decoration: underline"><FONT STYLE="font-size: 10pt; text-underline-style: double"><U>195,108</U></FONT></TD>
    <TD STYLE="padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>MassRoots, Inc.&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>Notes to the Condensed Financial Statements</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>June 30, 2016 (Unaudited)</B></P>



<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Fluctuations in the Company&rsquo;s stock
price are a primary driver for the changes in the derivative valuations during each reporting period. As the stock price decreases
for each of the related derivative instruments, the value to the holder of the instrument generally decreases, therefore decreasing
the liability on the Company&rsquo;s consolidated balance sheet. Additionally, stock price volatility is one of the significant
unobservable inputs used in the fair value measurement of each of the Company&rsquo;s derivative instruments. The simulated fair
value of these liabilities is sensitive to changes in the Company&rsquo;s expected volatility. Increases in expected volatility
would generally result in higher fair value measurement. A 10% change in pricing inputs and changes in volatilities and correlation
factors would not result in a material change in our Level 3 fair value.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;&#9;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">During the six months ended June 30,
2016, the fair value of the derivative liabilities containing certain variable conversion features were determined using the Binomial
Option Pricing Model based on the following assumptions: (1) dividend yield of 0%, (2) expected volatility of 112.29%, (3) weighted
average risk-free interest rate of 0.39% to 0.47% (4) expected life of 6 months, and (5) estimated fair value of the Company's
common stock of $1.04 to $1.26 per share.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">NOTE 7&nbsp;&#9;<U>CAPITAL STOCK</U></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"></P>

<P STYLE="margin: 0; text-align: justify">The Company is currently authorized to
issue 200,000,000 shares of its common stock at $0.001 par value per share. As of December 31, 2015, there were 46,939,965 shares
of common stock issued and outstanding and 624,000 shares of common stock to be issued. As of June 30, 2016, there were 49,197,385
shares of common stock issued and outstanding and 136,227 shares of common stock to be issued.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="color: #222222">T</FONT>he
Company is currently authorized to issue 21 Series A preferred shares at $1.00 par value per share with 1:1 conversion and voting
rights. As of June 30, 2016, there were no shares of Series A preferred shares issued and outstanding.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">The following common
stock transactions were recorded during the six months ended June 30, 2016:</P>

<P STYLE="margin: 0; text-align: justify">&#9;</P>

<P STYLE="margin: 0; text-align: justify">The Company issued 624,000 shares of
common stock which was previously classified as shares to be issued as of December 31, 2015.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">The Company issued 341,250 shares of
common stock for services rendered at an average stock price of $0.87 per share, and recorded another 25,000 as to be issued for
services rendered at an average stock price of $0.85 per share.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">The Company issued 5,227 common shares
for the cashless exercise of a stock warrant.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">The Company issued 812,734 common shares
and is obligated to issue an additional 106,000 common shares as of June 30, 2016 for the cash exercise of stock warrants.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">The Company issued 264,158 common shares
for the cashless exercises of stock options.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">The Company issued 210,000 common shares
for the cash exercise of stock options.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">NOTE 8&nbsp;&#9;<U>STOCK WARRANTS</U></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">In January 2016, the Company issued warrants
to purchase 100,000 shares of common stock at $0.83 per share to certain service providers, valued at $68,369.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">In February 2016, the Company issued
warrants to purchase 35,000 shares of common stock at $1.00 per share to a service provider, valued at $24,301.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>MassRoots, Inc.&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>Notes to the Condensed Financial Statements</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>June 30, 2016 (Unaudited)</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>


<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">On March 24, 2016, in connection
to the issuance of convertible notes, the Company granted to the same investors five year warrants to purchase an aggregate
of 1,514,669 shares of the Company&rsquo;s common stock at $1.00 per share. The warrants may be exercised any time after the issuance
through and including the fifth (5<SUP>th</SUP>) anniversary of its original issuance. The warrants have a fair market value of
$910,596. The fair market value was calculated using the Binomial Option Pricing Model, assuming approximately 0% risk-free interest,
0% dividend yield, 112.3% volatility, and expected life of 5 years.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">Stock warrants outstanding and exercisable
on June 30, 2016 are as follows:</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="12" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Warrants
    Outstanding</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Warrants
    Exercisable</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Weighted</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Average</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exercisable</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exercise</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number
    of</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Remaining
    Life</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number
    of</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Price</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Warrants</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>In
    Years</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Warrants</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.001</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,963,659</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.0</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,963,659</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.40</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,400,275</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.6</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,400,275</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.50</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,489,041</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.6</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,489,041</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.60</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50,000</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.8</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50,000</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.83</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100,000</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.5</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100,000</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.90</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">175,000</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.0</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">175,000</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.00</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,310,669</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.5</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,310,669</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.06</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">146,200</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.4</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">146,200</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.00</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">407,475</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.3</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">407,475</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,742,044</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.2</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,742,044</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 58px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 17px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"></P>

<P STYLE="margin: 0; text-align: justify">A summary of the
warrant&nbsp;activity for the six months ended June 30, 2016:</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Weighted-Average</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Weighted-Average</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Shares</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Exercise Price</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Remaining Contractual Term</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 20%; text-align: right"><FONT STYLE="font-size: 10pt">Outstanding
                                         at December 31, 2015</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 19%; text-align: right"><FONT STYLE="font-size: 10pt">9,018,609</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 19%; text-align: right"><FONT STYLE="font-size: 10pt">0.42</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 19%; text-align: right"><FONT STYLE="font-size: 10pt">2.26</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">Grants</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,649,669</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.99</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4.95</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">Exercised</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(926,234</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.96</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">Canceled</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">Outstanding at June                                          30,
                                                                                 2016</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9,742,044</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.514</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1.68</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">Exercisable at June 30,
                                                                                 2016</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9,742,044</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.514</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1.68</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">The aggregate intrinsic value outstanding stock warrants was $1,406,058 the total
pretax intrinsic value, based on warrants with an exercise price less than the Company&rsquo;s stock price of $0.86 as of June
30, 2016, which would have been received by the warrant holders had those warrant holders exercised their warrants as of that
date.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">NOTE 9&nbsp;&#9;<U>EMPLOYEE EQUITY INCENTIVE
PLANS</U></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">During the six months ended June 30, 2016, the Company granted options to purchase
691,250 shares at an average of $0.96 per share to 12 employees and consultants of the Company under the Company&rsquo;s 2015
equity incentive plan, with most vesting monthly over the course of one year. The fair market value of the options
is $1,330,984<FONT STYLE="color: red">.</FONT></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Stock options outstanding
and exercisable on June 30, 2016 are as follows:</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>MassRoots, Inc.&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>Notes to the Condensed Financial Statements</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>June 30, 2016 (Unaudited)</B></P>



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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="14" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Options
    Outstanding</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Options
    Exercisable</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Weighted</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Average</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exercisable</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exercise</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number
    of</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Remaining
    Life</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number
    of</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Price</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Options</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>In
    Years</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Options</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.10</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,500,000</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.9</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">750,000</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.50</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">628,217</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.80</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">604,881</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.60</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">105,000</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.7</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">105,000</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.80</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">160,000</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.4</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">106,656</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.83</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100,000</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.7</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.90</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,860,413</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.5</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,465,341</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.00</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">850,000</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.4</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24,996</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.05</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">381,250</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.7</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">246,335</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,584,880</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.1</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,303,209</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="width: 10px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 92px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 44px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 9px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 82px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 44px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 9px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 174px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 44px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 9px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="margin: 0; text-align: justify">A summary of the
stock option&nbsp;activity for the six months ended June 30, 2016:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<B>Weighted-Average</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Weighted-Average</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Remaining</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Shares</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exercise
                                         Price</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Contractual
                                         Term</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 20%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Outstanding
                                         at December 31, 2015</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 19%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,625,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 19%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.59</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 19%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.3</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grants</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">691,250</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.97</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exercised</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(636,783</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Canceled</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(94,587</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.5</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.8</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Outstanding
                                                                                                                             at June 30, 2016</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,584,880</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.66</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exercisable
                                                                                                                             at June 30, 2016</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,303,209</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.64</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


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

<P STYLE="margin: 0; text-align: justify">The aggregate intrinsic value of outstanding
stock options was ($1,406,058), based on options with an exercise price less than the Company&rsquo;s stock price of $0.86 as
of June 30, 2016, which would have been received by the option holders had those option holders exercised their options as of
that date.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Option valuation models require the input
of highly subjective assumptions. The fair value of stock-based payment awards was estimated using the Black-Scholes option model
with a volatility figure derived from an index of historical stock prices of comparable entities until sufficient data exists
to estimate the volatility using the Company&rsquo;s own historical stock prices.&nbsp;Management determined this assumption to
be a more accurate indicator of value. The Company accounts for the expected life of options based on the contractual life of
options for non-employees.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="margin: 0; text-align: justify">The fair value of the granted options
for the six months ended June 30, 2016 was determined using the Black Scholes option pricing model with the following assumptions:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>MassRoots, Inc.&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>Notes to the Condensed Financial Statements</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>June 30, 2016 (Unaudited)</B></P>



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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividend yield:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Volatility</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">111.89%
    to 119.16</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Risk free rate:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.75%
    to 2.10&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expected
    life:</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10
    years</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-right: 76.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Estimated
    fair value of the Company&rsquo;s common stock</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.80&nbsp;to
    $1.05</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Estimated forfeiture
    rate</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="width: 68%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">NOTE 10&#9;<U>COMMITMENTS AND CONTINGENCIES</U></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U>Operating leases</U></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">On April 14, 2015, the Company completed
the relocation of its headquarters to 1624 Market Street, Suite 201, Denver, CO 80202 which we leased on March 20, 2015 pursuant
to a lease agreement with RVOF Market Center, LLC (&ldquo;201 Lease&rdquo;). Under the 201 Lease, we agreed to rent 3,552 square
feet of office space at that location for a term of 37 months, under which the Company will pay a base rate of $0 for the first
month, $8,288 for months two through 13, $8,584 for the months 14 through 25, and $8,880 for the months 26 through 37. We did
not incur a significant cost related to the move to this location.&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">The Company amended this lease in January
2016 to include Suite 203, also located at 1624 Market Street in Denver, CO 80202, which allows us to expand our headquarters
by an additional 1,508 square feet of office space. For this expansion (and in addition to the rent paid under the 201 Lease),
we will pay $0 until May 30, 2016, $3,644 for each month from June 1, 2016 to May 30, 2017, $3,770 for each month from June 1,
2017 to May 30, 2018, and $3,896 for each month from June 1, 2018 to November 30, 2018.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Rent expense charged to operations, which
differs from rent paid due to rent credits and to increasing amounts of base rent, is calculated by allocating total rental payments
on a straight-line basis over the term of the lease. During the six months ended June 30, 2016 and 2015, rent expense was $60,674
and $22,998, respectively.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">NOTE 11&nbsp;&#9;<U>SUBSEQUENT EVENTS</U></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: justify">From August 12 to August 17, 2016, the Company raised $1,636,500 in gross proceeds from
the sale of shares of the Company&rsquo;s common stock, together with warrants, with one Warrant entitling the holder to purchase
one share of Common Stock at a price equal to $0.90 per share in a registered &ldquo;best efforts&rdquo; offering to certain investors
pursuant to an effective registration statement (the &ldquo;Offering&rdquo;). The purchase price paid by the investors was $0.50
for one share of Common Stock and one half Warrant. The Warrants are immediately exercisable and expire three years from the date
of issuance. The shares of Common Stock and Warrants are immediately separable and will be issued separately. A total of 3,273,000
shares of Common Stock and 3,273,000 Warrants were sold in the Offering and will be issued pursuant to the prospectus, dated August
12, 2016 and filed with the Securities and Exchange Commission as of the same date. As of August 17, 2016, 1,247,000 of these
shares had been issued.</P>



<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Subsequent to close of the quarter, the Company issued 136,000 shares recorded as to be issued as of June
30, 2016, 349,000 additional shares for the cash exercise of $0.40 warrants, and 77,500 shares issued as severance compensation
to five former employees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

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

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify"><B>Item 2. Management&rsquo;s Discussion and Analysis of Financial Condition and Results
of Operations</B></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">You should read the following discussion and
analysis in conjunction with our unaudited financial statements and related notes contained in Part I, Item 1 of this Quarterly
Report. Please also refer to the Note About Forward Looking Statements for information on such statements contained in this Quarterly
Report immediately preceding Item 1.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><B><U>Overview</U></B></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">MassRoots, Inc. is a Delaware corporation formed
on April 24, 2013. Our principal place of business is located at 1624 Market Street, Suite 201, Denver, CO 80202, our telephone
number is (720) 442-0052 and our corporate website is www.MassRoots.com/Investors. The information on our website, mobile apps,
and blog is not a part of this Quarterly Report on Form 10-Q.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">As discussed in the Notes to the Financial Statements,
the Company has experienced recurring losses and negative cash flows from operations since inception. We have relied on equity
financing to fund operations. There can be no guarantee that we will ever become profitable, or that adequate additional financing
will be realized in the future or otherwise may not be available to us on acceptable terms, or at all. If we are unable to raise
capital when needed or on attractive terms, we would be forced to delay, reduce or eliminate our development efforts. We will
need to generate significant revenues to achieve profitability and we may never do so. These factors raise substantial doubt about
the Company&rsquo;s ability to continue as a going concern. We have been implementing our strategic plan, as set forth below,
on which we believe we will be able to continue operations and become profitable in the future.</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify"></P>



<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify"><I>Revamped MassRoots for Business Portal</I></P>

<P STYLE="margin: 0; text-align: justify">We originally introduced MassRoots for Business
in early 2015 as an online portal for businesses to schedule posts and view analytics; while useful for businesses, it did not
have the features or capacity to scale to millions of dollars in revenue. Simultaneously with our migration from Parse, MassRoots
began developing a new business portal directly on AWS that took into account the feedback and research we received from over
2,500 cannabis-related businesses over the past year.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">When fully developed, the revamped MassRoots
for Business portal will consolidate many online marketing functions for cannabis-related business in one central platform. We
expect businesses will be able to schedule posts on MassRoots, Facebook and Twitter; purchase advertising on both MassRoots owned-properties
as well as third party digital properties; and view actionable, real-time data from MassRoots and third party sources in easy-to-read
formats. We believe this will serve as a solid foundation for future business-related features as we prepare to integrate dispensary
point-of-sale data later this year.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">We believe that MassRoots can reach profitability from its current
userbase and web traffic. We are focused on including in our app and website features that they previously lacked - the ability
to connect users with the dispensaries and products for which they are looking. We believe that our dispensary finder is a solid
first step in fixing this deficiency and product pages with live menu pricing will mostly resolve the problem by the end of Q3
2016. MassRoots&rsquo; management believes it can get the Company to cash-flow positive on a monthly basis by the end of 2016.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><I></I></P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify"><I>Continued Focus on Search Engine Optimization</I></P>

<P STYLE="margin: 0; text-align: justify">There are currently tens of millions of Google
searches every month for cannabis-related terms and questions &ndash; consumers, voters, activists and government officials looking
for high-quality, reliable information on cannabis. Since launching MassRoots&rsquo; web platform in December 2015, we have been
able to generate over 2 million page views from hundreds of thousands of unique visitors by indexing the content on our network
and integrating our blog; however, this is only a fraction of the total searches that occurred during the same timeframe. In order
to expand our market share of search results and web traffic, we intend to expand the functionality and content of MassRoots&rsquo;
discover page to better connect consumers with the information for which they are looking.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><I>Expense Reductions</I></P>

<P STYLE="margin: 0; text-align: justify">During July 2016, the Company eliminated $54,000
in monthly expenses by terminating relationships with certain vendors, reducing headcount from 33 to 24 full-time employees, and
utilizing new technological tools to achieve better results with fewer resources. As many of these contracts and agreements had
30, 60 or 90-day termination clauses, we expect these expense reductions not to be fully reflected until the fourth quarter of
2016. Reductions in staff were concentrated on the content, account services, and sales teams, while the team focused on our core
product &ndash; development &ndash; remains fully intact. Even as MassRoots continues to scale its userbase and revenues, we do
not expect a significant increase in the size of our team as we plan to automate as many processes as possible in a self-service
platform for our clients. Like other leaders in the technology field, our plan is to scale through automation and technology,
not by increasing our staff and overhead. We believe these expense reductions could result significant savings for the Company,
currently estimated to be approximately $648,000 annually. MassRoots&rsquo; management will continue to review for unnecessary
expenses on a weekly basis and believe the Company can reach cash-flow positive on a monthly basis by the end of 2016.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><I>The Team</I></P>

<P STYLE="margin: 0; text-align: justify">MassRoots has 24 full-time employees working
out of headquarters in downtown Denver, Colorado. The majority of these employees are engineers and designers focused on developing
new features for the MassRoots platform. We believe that over the long run, a small, talented and close knit team will outperform
larger teams. We believe we have found talented individuals at every level &ndash; sales representatives who outperform expectations;
managers who make architectural decisions that will prevent costly and time-consuming blunders; and engineers developing new features
that have the potential to provide significant long term returns.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">One of MassRoots&rsquo; top priorities in 2016 has been recruiting
and retaining some of the top talent in the cannabis and technology industries. In June 2016, we hired Lance Galey as MassRoots&rsquo;
Chief Technology Officer. Previously, Mr. Galey served as Chief Software Architect of Cloud Services for Autodesk and Vice President
and Principle Architect at Salesforce, where he led the architecture and development of numerous core infrastructure and platform
services underlying a large&nbsp;portfolio&nbsp;of Salesforce SaaS applications. In 2013, he was selected as the executive MVP
for the technology division of Salesforce.com.</P>



<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify"><I>420 Rally</I></P>

<P STYLE="margin: 0; text-align: justify">In March 2016, we entered into agreements with
Santino Walter Productions and the Denver Annual 420 Rally to produce and promote the Denver Annual 420 Rally (&ldquo;420 Rally
Deal&rdquo;). Under the terms of the agreements, which are included in our 8-K filed on March 31, 2016, MassRoots purchased a
debt note with a principal amount of $156,000 from Santino Walter Productions for a purchase price of $130,000. These funds were
wired directly to Young Money Touring and WME Entertainment to book Lil Wayne and Wiz Khalifa to perform at the 420 Rally. Additionally,
MassRoots is to received 50% of all ticket and sponsorship sales, 15% of all booth sales and has the right to enter into a materially-similar
agreement every year through 2020. MassRoots primarily entered into the 420 Rally Deal to grow its user and clientele base in
the Denver metro area &ndash; an estimated 100,000 people primarily from the Denver metro area attended this year&rsquo;s event,
the target market for hundreds of dispensaries in Colorado.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">On April 16, 2016, the original date of the 420 Rally, a severe
snowstorm hit Denver and forced event organizers to postpone the festival until May 21, 2016. MassRoots generated roughly $230,000
in revenue from ticket sales from the 420 Rally but had to incur an additional $130,000 in expenses as a result of the reschedule.
Although the event ended up being a monetary loss of approximately $30,000, we believe the exposure, relationships and information
gained as a result of the event will be beneficial to the MassRoots brand. MassRoots&rsquo; management learned a valuable lesson
in risk-exposure and protecting against unforeseen events as a result of the snowstorm and reschedule.</P>



<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">We do not expect MassRoots to be major sponsors
or producers of events going forward &ndash; we believe we have an incredible core business in digital advertising and that is
where our team&rsquo;s focus needs to remain.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><I>State and National Brand Business Model </I></P>

<P STYLE="margin: 0; text-align: justify">While MassRoots&rsquo; consumer-facing network
launched in July 2013, we did not start generating advertising revenue until we crossed a half million users in mid-August 2015.
Our clients have primarily been ancillary businesses marketing their products to cannabis consumers through endorsed posts on
MassRoots, sponsored content on our blog, and mentions in our email newsletter. It is not necessary for a user to join MassRoots
in order for us to generate revenue from them &ndash; we are finding that many people will visit our website, join our email newsletter,
or view a dispensary&rsquo;s profile without registering for our MassRoots network.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">During the second quarter of 2016, we signed
advertising contracts with a total value of $259,450 with 32 of the leading cannabis brands in the industry. As many of these
contracts were for 3, 6 or 12-month campaigns, only a portion of the value was realized during the second quarter of 2016, and
the rest will be realized over the coming quarters, building a solid foundation on which we can expand.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">While the vast majority of MassRoots&rsquo; advertising
revenue to date has come from brands within the cannabis industry, we have started to see significant interest from mainstream
brands and advertising agencies looking to market to cannabis consumers. Uber and Fusion, a division of Univision, became the
first mainstream brands to advertise with MassRoots and have opened the doors for other major brands to evaluate the space. We
believe that as the regulated cannabis market continues to expand, mainstream brands and advertising agencies will begin to allocate
portions of multi-million advertising budgets towards outreach to the millions of cannabis consumers in the United States &ndash;
especially food, lighter and agricultural brands. We are positioning MassRoots to be one of the first companies to receive these
budget allocations.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><I>Local Store Business Model</I></P>

<P STYLE="margin: 0; text-align: justify">We launched a beta version of MassRoots&rsquo;
dispensary finder on August 8, 2016 and currently have over 175 dispensary locations paying for a basic listing. With the core
functionality now in place, we aim to rapidly iterate and expand on its functionality to include menus with live pricing, product
pages with reviews, and top search result placement for paid advertisers. We believe that each of these features will create new
revenue streams for our business &ndash; other businesses have generated tens of millions in revenue off of such features.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify"><I>On Competitive Advantage and Network Effects</I></P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">We believe network effects serve as the most powerful form of competitive advantage
for consumer-facing consumer networks, including MassRoots. Once a person and their friends join a consumer or social network,
it is unlikely they switch their active usage to another network in the same category. In 2011, Google+ launched to much fanfare
as the, &ldquo;Facebook Killer,&rdquo; with the resources of Google at its disposal: billions of dollars in launch and advertising
costs, immediate integration with the largest search engine in the world, and the use of the Google brand. However, it failed
to gain traction because Facebook already dominated the market. Similarly, Facebook launched Poke in 2013 to compete with Snapchat.
However, even with arguably more advanced features and Facebook&rsquo;s backing, Poke failed to make a dent in Snapchat&rsquo;s
market share and was shuttered shortly after.&nbsp;</P>



<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><I>Market Share</I></P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">As of early August 2016, MassRoots had approximately 950,000 users
of an estimated 10 million Americans who consume cannabis on a monthly basis according to ArcView Market Research, a market that
we believe will continue to grow as additional states pass laws to regulate and control the sale of cannabis. We have approximately
2,500 of the estimated 15,000 cannabis-related businesses in America actively posting on our network according to ArcView Market
Research, a market that we believe will continue to grow as additional states pass laws to regulate and control the sale of cannabis.</P>



<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><I>2016 Elections </I></P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">MassRoots believes the 2016 elections have the potential to significantly
increase the size and scope of the regulated cannabis industry. According to the Marijuana Policy Project, campaigns in Maine,
Nevada, Arizona, California, Michigan, Florida, and Massachusetts are expected to succeed in placing initiatives on their states&rsquo;
ballots for this year&rsquo;s election.</P>



<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Historically-speaking, the demographic make-up
of the electorate during presidential election years tends to be younger and more diverse than in off-year elections, groups that
are generally more supportive of the legalization of cannabis. We believe a number of the state initiatives on this year&rsquo;s
ballot stand a significant chance of becoming law. A 2016 ArcView Market Research Report projects the regulated cannabis industry
could grow to $10 billion by 2018 as a result of this year&rsquo;s elections.</P>

<P STYLE="margin: 0; text-align: justify"><BR>
Our business model is designed to benefit from this trend. When a new state passes a medical or recreational cannabis law, we
are able to start registering users and businesses in that state with minimal marginal cost. Because MassRoots is not involved
in the production or sale of cannabis, we do not have to build outgrow operations, open retail stores, or have a significant physical
presence in the state in order to generate revenue. At the same time, MassRoots&rsquo; financial model is not tied to the success
of a particular location or brand &ndash; we believe we will have a significant percentage of all dispensaries and brands on our
platform, making MassRoots a play on the industry as a whole.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">MassRoots is also in a unique position to help
these legalization initiatives become law. With close to 950,000 registered users on our network, half a million followers on
other social channels, a 600,000+ person opt-in email list, and relationships with 2,500 businesses, MassRoots has the reach and
scale to raise awareness of these initiatives, push voter registration, and drive grassroots donations to these campaigns. To
be clear, MassRoots does not intend to allocate material shareholder resources to these campaigns, but to use our social reach
and influence to help legalization initiatives pass. Not only will this help expand regulated cannabis markets and our potential
revenue, but it will raise awareness and improve favorability of the MassRoots brand amongst cannabis consumers.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Sitting at the intersection of healthcare on
the medical cannabis side and a vice industry on the recreational cannabis side, we believe the cannabis industry can continue
to grow in any economic climate.</P>

<P STYLE="margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="margin: 0; text-align: justify"><I>Competition</I></P>

<P STYLE="margin: 0; text-align: justify">We do not believe we face any significant competition
as a social platform for the cannabis community; there are no other companies with more than 100,000 users or significant capital.
However, as more of our localized advertising features come online through the rest of 2016, we have begun to actively compete
with dispensary locators and strain guides, such as WeedMaps and Leafly, for dispensaries' advertising budgets.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;<BR>
</P>

<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify"><B><U>Results of Operations</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><BR>
                                       <BR></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
    the three-months ended</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June
                    30, 2016</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Unaudited)</FONT></P></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June
                    30, 2015</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Unaudited)</FONT></P></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$ Change</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 63.75pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%
    Change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gross
    revenue</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">492,233</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,126</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">490,107</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">230</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General
    and administrative expenses</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,322,953</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,493,131</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">829,822</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">57</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss
    from Operations</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,830,360</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,491,005</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(339,355)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    Income /(Expense)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(335,897)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(26,292</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(309,605)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,178</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    Loss</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,166,257</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,517,297</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">648,960</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">44</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    loss per share - basic and diluted</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.05</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($0.03)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($0.02)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">57%</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><BR>
                                       <BR></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
    the six-months ended</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June
                    30, 2016</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Unaudited)</FONT></P></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June
                    30, 2015</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Unaudited)</FONT></P></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$ Change</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 63.75pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%
    Change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gross
    revenue</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">585,618</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,066</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">582,552</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,900</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General
    and administrative expenses</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,701,160</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,058,883</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,642,327</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">129</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss
    from Operations</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,155,542</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,055,817</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,059,725)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">101</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    Income /(Expense)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(686,938)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(11,991</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(674,947)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,629</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    Loss</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,802,480</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,067,808</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; vertical-align: middle"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,734,672</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">133</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    loss per share - basic and diluted</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.10</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($0.05)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($0.05)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 13px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 108px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 13px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 76px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 26px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 39px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 36px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 19px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 117px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify"><U>Revenues</U></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">While MassRoots&rsquo; consumer-facing network launched in July
2013, we did not start generating advertising revenue until we crossed a half million users in mid-August 2015. Our clients have
primarily been ancillary businesses marketing their products to cannabis consumers through endorsed posts on MassRoots, sponsored
content on our blog, and mentions in our email newsletter.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">For the three months ended June 30, 2016 and 2015, we generated
revenues of $492,233 and $2,126, respectively, an increase of $490,107. For the six months ended June 30, 2016 and 2015, we generated
revenues of $585,618 and $3,066, respectively, an increase of $582,552. Of this $585,618 generated in the six months ended June
30, 2016, $325,618 was made up of advertising revenue related to the MassRoots network, $240,000 was related to the 420 Rally,
while the remaining revenue of $20,000 was made up of sales on our online merchandise store. The increase in revenues for both
the three and six months ended June 30, 2016 was primarily caused by more digital advertising sales and 420 Rally ticket sales.</P>



<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify"><U>Cost of Goods Sold</U></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">For the three months ended June 30, 2016 and 2015, cost of goods
sold was $285,228 and $0, respectively. For the six months ended June 30, 2016 and 2015, cost of goods sold was $293,780 and $0,
respectively. This is an increase of $285,228 and $293,780 for the three and six months ended June 30, 2016, respectively, is primarily
due to $240,000 in costs associated with the 420 Rally as well as the cost of items sold from our online merchandise store, MassRoots.com/Shop.
Our primary purpose of both the 420 Rally and the merchandise store was to raise awareness of the MassRoots brand and drive user
downloads and web traffic, not to generate profits. MassRoots&rsquo; main business model will remain generating digital advertising
sales.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U>Operating Expenses</U></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">For the three months ended June 30, 2016 and 2015, our operating expenses were
$2,322,952 and $1,493,131, respectively, an increase of $876,423. For the three months ended June 30, 2016, these increases
were mainly attributed to an $257,959 increase in payroll-related expenditures and a $393,655 increase in options issued for
services. For the six months ended June 30, 2016 and 2015, our operating expenses were $4,701,160 and $2,058,883,
respectively. This $2,642,327 increase for the six months ended June 30, 2016 is attributed mainly to an increase of $690,527
in payroll-related expenditures, an increase of $1,017,413 in options issuances for services to employees and service
providers, and a $432,629 increase in other general and administrative expenditures, including rent, travel, and legal
expenses. Approximately $200,000 of these expenditures were related to commissions, legal, and closing fees of the
convertible debt financing closed in March 2016. </P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><U>Other Income (Expense)</U></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">For the three months ended June 30, 2016 and 2015, the Company recorded interest
expense of $0 and $2,091, respectively. For the three months ended June 30, 2016 and 2015, the Company realized gains related
to the fair value mark to market adjustments of its derivative liabilities of $537,153 and $0, respectively. The
derivative liabilities are caused by certain price protections found in the warrants issued as part of the Company&rsquo;s
March 2016 convertible debt offering. For the  three months ended June 30, 2016 and 2015, the Company recorded amortization
of discount on notes payable of $873,052 and $24,201, respectively.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="margin: 0; text-align: justify">For the six months ended June 30, 2016 and 2015, the Company recorded
interest expense of $8,635 and $4,381, respectively, with the increase primarily caused by interest on the Company&rsquo;s March
2016 convertible debt offering. For the six months ended June 30, 2016 and 2015, the Company realized gains related to the fair
value mark to market adjustments of its derivative liabilities of $314,296 and $42,737, respectively. The derivative liabilities
are caused by certain price protections found in the warrants issued as part of the Company&rsquo;s March 2016 convertible debt
offering. For the six months ended June 30, 2016 and 2015, the Company recorded amortization of discount on notes payable of $992,601
and $50,347, respectively.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">For the three months ended June 30, 2016 and 2015, we had net losses
of $2,166,257 and $1,517,297, respectively, an increase of $648,960, for the reasons discussed above.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">For the six months ended June 30, 2016 and 2015, we had net losses
of $4,802,480 and $2,067,808, respectively, an increase of $2,734,672, for the reasons discussed above.</P>



<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: justify"><B><U></U></B></P>

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify"><B><U>Liquidity and Capital Resources</U></B></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">Net cash used in operations for the six months ended June 30, 2016
and 2015 was $2,133,202 and $1,352,043, respectively.&nbsp;This increase was primarily caused by a widening net loss in the Company&rsquo;s
operations, an increase in the value of options issued to employees, and the interest charged on the Company&rsquo;s March 2016
convertible debt offering. The root cause of these expenses is an increase of the size of MassRoots&rsquo; team from 7 employees
in early 2015 to 33 in early 2016.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net cash
used in investing activities for the six months ended June 30, 2016 and 2015 was $19,100 and $213,158, respectively. These investing
activities were related to </FONT>the purchase of equipment, primarily computers for the six months ended June 30, 2016 and 2015
of $19,100 and $38,158, respectively. During the six months ended June 30, 2015, MassRoots made a one-time investment in Flowhub
of $175,000; as we did not make any such investment in 2016, the net cash used in investing activities decreased.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Net cash provided by financing activities&nbsp;for the six months
ended June 30, 2016 and 2015 was $1,816,507 and $1,594,636, respectively.&nbsp;During the six months ended June 30, 2016, these
funds came mainly from warrant exercises and the Company&rsquo;s March 2016 convertible debt offering, while during the six months
ended June 30, 2015, they came primarily from equity issuances.</P>



<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><B><I>Capital Resources</I></B></P>

<P STYLE="margin: 0; text-align: justify">As of June 30, 2016, we had cash on hand of $50,521
and receivables of $76,752, primarily from clients for advertising services. We believe this is sufficient to fund the Company&rsquo;s
operations through the end of July 2016; however, as of June 30, 2016, there are warrants outstanding to purchase up to 2,489,041
shares with an exercise price of $0.40 per share, which, if all were exercised, would supply $995,616 in cash to the Company.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">We currently have no external sources of liquidity
such as arrangements with credit institutions or off-balance sheet arrangements that will have or are reasonably likely to have
a current or future effect on our financial condition or immediate access to capital.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">We are dependent on the sale of our securities
to fund our operations, and will remain so until we generate sufficient revenues to pay for our operating costs. Our officers
and directors have made no written commitments with respect to providing a source of liquidity in the form of cash advances, loans
and/or financial guarantees.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify"><I>Fundraising</I></P>

<P STYLE="margin: 0; text-align: justify">On March 17, 2016, the Company sold to investors
six (6) month secured convertible original issue discount notes in the principal amount in the aggregate of $1,514,667, together
with five year warrants to purchase up to an amount of shares of the Company&rsquo;s common stock equal to the number of shares
of common stock issuable upon the conversion of the notes in full and having an exercise price of $1.00 per share. If the Company
exercises its right to prepay the note, the Company shall make payment to the investor of an amount in cash equal to the sum of
the then outstanding principal amount of the note that it desires to prepay, multiplied by (a) 1.2, during the first ninety (90)
days after the execution of this Note, or (b) 1.35, at any point thereafter. The notes are convertible into shares of the Company&rsquo;s
common stock at a price per share equal to the lower of (i) one dollar ($1.00), and (ii) a 25% discount to the price at which
the Company next conducts an offering after the issuance date of the note; provided, however, if any part of the principal amount
of the note remains unpaid at its maturity date, the conversion price will be equal to 65% of the average of the three trading
days with the lowest daily weighted average prices of the Company&rsquo;s common stock occurring during the fifteen days prior
to the notes&rsquo; maturity date. The notes require that any net proceeds received from subsequent offerings made by the Company
first be used to repay the notes&rsquo; outstanding principal amount. If the note is not repaid by the maturity date, the investors
will receive, in aggregate, but calculated pro rata to the principal amounts remaining outstanding at the time of maturity, up
to five hundred thousand (500,000) shares of the Company&rsquo;s common stock. Gross proceeds received by the Company for the
notes and warrants in this Offering was $1,420,000, while net proceeds were $1,271,600 (excluding legal fees).</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">From August 12 to August 17, 2016, the Company raised $1,636,500
in gross proceeds from the sale of shares of the Company&rsquo;s common stock, together with warrants, with one Warrant entitling
the holder to purchase one share of Common Stock at a price equal to $0.90 per share in a registered &ldquo;best efforts&rdquo;
offering to certain investors pursuant to an effective registration statement (the &ldquo;Offering&rdquo;). The purchase price
paid by the investors was $0.50 for one share of Common Stock and one half Warrant. The Warrants are immediately exercisable and
expire three years from the date of issuance. The shares of Common Stock and Warrants are immediately separable and will be issued
separately. A total of 3,273,000 shares of Common Stock and 3,273,000 Warrants were sold in the Offering and will be issued pursuant
to the prospectus, dated August 12, 2016 and filed with the Securities and Exchange Commission as of the same date.</P>



<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><I>Required Capital Over the Next Fiscal Year</I></P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">We believe MassRoots will need to raise an additional $2.5 million over the next
fiscal year to sustain operations; however, we expect to be able to raise some of these funds through warrant exercises and
through a registered offering of our securities. As of June 30, 2016, there  were warrants outstanding to purchase up to
2,489,041 shares with an exercise price of $0.40 per share, which, if all were exercised, would supply $995,616 in cash to
the Company.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">If we are unable to raise the funds we will seek alternative financing
through means such as sales of our securities or borrowings from institutions or private individuals. There can be no assurance
that we will be able to raise the capital we need for our operations from the sale of our securities. We have not located any sources
for these funds and may not be able to do so in the future. We expect that we will seek additional financing in the future. However,
we may not be able to obtain additional capital or generate sufficient revenues to fund our operations. If we are unsuccessful
at raising sufficient funds, for whatever reason, to fund our operations, we may be forced to cease operations. If we fail to raise
funds we expect that we will be required to seek protection from creditors under applicable bankruptcy laws.</P>



<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Our independent registered public accounting
firm has expressed doubt about our ability to continue as a going concern and believes that our ability is dependent on our ability
to implement our business plan, raise capital and generate revenues. See Note 2 of our financial statements.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><B>Off-Balance Sheet Arrangements</B></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">We do not have any off-balance sheet arrangements.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><B>Critical Accounting Policies and Estimates</B></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">For a discussion of our accounting policies and
related items, please see the Notes to the Financial Statements, included in Item&nbsp;1.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">Item
3. Quantitative &amp; Qualitative Disclosures about Market Risks</FONT></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">As a &ldquo;smaller reporting company&rdquo;,
we are not required to provide the information required by this Item.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">Item
4. Controls and Procedures</FONT></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><B>Evaluation of Disclosure Controls and Procedures</B></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">As required under Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act
of 1934, as amended, we carried out an evaluation under the supervision and with the participation of our
management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and
operation of our disclosure controls and procedures as of June 30, 2016. Based upon that evaluation, the Chief Executive
Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of June 30, 2016 were not
effective, for the same reasons as previously disclosed under Item 9A. &ldquo;Controls and Procedures&rdquo; in our Annual
Report on Form 10-K for our fiscal year ended December 31, 2015.&nbsp;</P>



<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><B>Changes in Internal Controls over Financial
Reporting</B></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">There have been no changes in our internal controls
over financial reporting (as defined in Rule 13a-15(f) and 15d-(f) of the Exchange Act) that occurred during the our last fiscal
quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"></FONT></P>

<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="text-transform: none"><B>PART II OTHER INFORMATION</B></FONT></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left">Item 1. Legal
Proceedings</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">We are not a party to any current or pending
legal proceedings.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left">Item 1A. Risk
Factors</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">As a &ldquo;smaller reporting company&rdquo;,
we are not required to provide the information required by this Item.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left">Item 2. Unregistered
Sales of Equity Securities and Use of Proceeds</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">None.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left">Item 3. Defaults
upon Senior Securities</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">None</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left">Item 5. Other
Information</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">None.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left">Item 6. Exhibits</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31.2</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)&#9;
Certification of Principal Executive Officer as required by Rule 13a-14 or 15d-14 of the Exchange Act, as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31.2</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)
                                         &#9;Certification of Principal Accounting Officer as required by Rule 13a-14 or 15d-14 of the Exchange Act, as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32.1(2)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Certification of Principal Executive Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</FONT></TD>
</TR></TABLE>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32.2</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)
                                         &#9;Certification of Principal Accounting Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</FONT></TD>
</TR></TABLE>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">101.INS</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">XBRL Instance Document</TD>
</TR></TABLE>

<P STYLE="margin: 0; text-align: justify">&#9; &#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">101.SCH</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">XBRL Taxonomy Extension Schema Document</TD>
</TR></TABLE>

<P STYLE="margin: 0; text-align: justify">&#9; &#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">101.CAL</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">XBRL Taxonomy Extension Calculation Linkbase Document</TD>
</TR></TABLE>

<P STYLE="margin: 0; text-align: justify">&#9; &#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">101.DEF</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">XBRL Taxonomy Extension Definition Linkbase Document</TD>
</TR></TABLE>

<P STYLE="margin: 0; text-align: justify">&#9; &#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">101.LAB</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">XBRL Taxonomy Extension Label Linkbase Document</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: center; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">101.PRE</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">XBRL Taxonomy Extension Presentation Linkbase Document</TD>
</TR></TABLE>



<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify"><B>SIGNATURES</B></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">&#9;MASSROOTS, INC.</P>

<P STYLE="margin: 0; text-align: justify">&#9;(Registrant)</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Dated: August 17, 2016&#9;</P>

<P STYLE="margin: 0; text-align: justify">By:&#9;<I><U>/s/ Isaac
Dietrich&#9;</U></I><U>&#9;</U></P>

<P STYLE="margin: 0; text-align: justify">&#9;Isaac Dietrich, Chief Executive Officer</P>

<P STYLE="margin: 0; text-align: justify">&#9;(Principal Executive Officer)</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">Dated: August 17, 2016&#9;</P>

<P STYLE="margin: 0; text-align: justify">By:&#9;<I><U>/s/ Jesus
Quintero&#9;</U></I></P>

<P STYLE="margin: 0; text-align: justify">&#9;Jesus Quintero, Chief Financial Officer</P>

<P STYLE="margin: 0; text-align: justify">(Principal Accounting Officer)</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 30; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-weight: bold; font-style: italic">Table of Contents</A>&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_1.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1" #) XL# 2(  A$! Q$!_\0
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !29]J9),D*LS,JJ!DDG@"N5
MU7XL>#-#=DO_ !3I%M*O6-[V,/\ ]\YS^E2Y);F<JD8[NQUU)7F%Q^TK\-+=
M]K>++4G'6-)''YA2*6W_ &E/AK<EE3Q99J0/^6BR(/P)49_"L_:P[K[S+ZS1
M_G7WGIU+7)Z3\5/!VN2B+3_%&D7<QX$45[&7_P"^<Y[&NJ616Y# BM%)/8VC
M4C+X7<=1115%A1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M2^O[EML4$0Y)ZDDG@  $DD@  DD"J^F:;=:SJ%M8V5N]U>W4BPPPQC+.S$
M#W)K]#/@/\$+'X/^&U$@2YU^[ :]O .AZ^6G'" _B3DGL!Y]"A+$2N]NK/&P
M>$EC)W>W5G(?!G]DO1/!<,&I>)DAU_7/O>6R[K6W/& JD?.1_>8?0 \GV?6O
M&7A[PO\ )JVLZ=I.!D"\NHX>/^!$5N<;<U^<7[27B#_A)/C7XFG5M\5O.+-
M3]WRE",!_P "5S^)KV*DHX6"Y4?2XB=/+:2]G$^S]4_:4^&VC_Z[Q7:RD?\
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M!U)J"ZGV9^R_\*T^'/P\@NKB(#6M75;JZ=A\RJ1F.+_@*GD?WF:O9..E&T*
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M3^&OI[]A6%V\4>*)=ORI:0J6R."7; _':?RKLPG\:)Z&7ZXF!]FT44E?3GZ
M>%?M?>/_ /A$/A?)I=O)LO\ 77-HH[B$ &8_3!"_]M*^"J]?_:F^('_"=?%>
M^AADWZ?H_P#H$&#P64DRL/\ @9(R.H5:\@KYG%U/:5&ELM#X+,:_MZ[MLM H
MHHKB/,"BBB@#Z\_81TDQZ;XMU0C_ %TT%LO_  !78_\ HQ>_8=*^KC7@G[%^
MD-IWP=%SC'V^_GN!^&V+^<9]/ZU[W7U.'CRTHH_0,OCRX:*%HHI&8*,DX%=1
MZ GZ50UG7=.\/6+WFJ7UMI]HGWIKJ58T7ZEB *^=?C3^U]9^&Y9M'\%^3JNH
MKE9=2?YK:$]"$ /[QAZ_=!Q][D#Y(\4^,M;\<:D=0U[4[C4[HYPT[Y"Y[(HP
MJCV4 >U>=6QD*;Y8ZL\/%9I3HOEAJS[G\0_M=?#G07>.'4;G6)4."MA;,P_!
MFVJ?J"17*R?MT>$0QV:%KC+V+1P@_B!)Q7Q317GO'57M9'BRS?$2VLC[O\/_
M +9WP_U>58[PZEHV3CS+RUW+^<;/WXY'UKV?0O$FF>*--BU#1]0M]1LI.%FM
MI ZGU&0>".X[=Z_*GM[UZ7\ ?BE??#/Q[IS+=-'HU_,EO?PLW[LHQVB0CL4)
MW9'. 1T)K:CCGS*,]NYU8?-Y\W+55T?9'B+]IOX>^%=<O=)O]8DCOK.4Q3+'
M:2N%8=1D*0<'@X[BL_\ X:\^&>?^0S<?^ ,W_P 37P=XFUAO$?B35M5D!5[^
M[FNF5NQ=RQ!^F:S:B6/G?1*QE/.*W,^5*Q^@?_#7GPS_ .@Q<?\ @#-_\31_
MPU]\,O\ H,W'_@#-_P#$U^?E(U'U^KV1*SBNW:R/U0\'^*]/\;>';36M*D:7
M3[H,T,CQLA8!BI.U@".0>HZ8]:VQ7.?#KP__ ,(KX$\/Z.1M>SL887]V5 &)
M]RV371BO<C>RON?7TVW%.6XM%%%4:"=>*^>_VCOVC]1^$NN:?HVAVEC=WLMN
M;B=KP,PC!8J@ 5E.?E<GGICUKZ"?A<U^9WQK\8'QW\4O$.L))YMN]R8;=AT,
M,>$0@=LA0?J2>]<&+K.C"\=V>/F6)EAZ2Y'9L[/5/VOOB5J'^HU&STW_ *];
M-#Z?\] WI^I]L<;J_P <?B!KF?M/B[50&/(M[@P YZ@B/:,>W2N'HKP77J2W
MDSY"6*KS^*3+>I:OJ&L2&2_OKF]<G.ZYF:0YYYR2?4_G7LG[',_V?XU6Z!@G
MG6,Z;>/FZ-@?]\YX]*\0KUW]E"X\GX\>'5QN\Y;F,GT_T>1L_P#CN/QK3#R?
MM8^J-,)-O$0N^I^AU%%%?4GZ&%%%% "4C-M4M2D]*\Y_: \:?\(+\)=?U!)?
M+NY(3:VQ'!$LGR CW4$M_P !-1*7+%OL95)JG!R?0^<?&/[:_B<:[J-MH5AI
M46FQSR1V\\T<DDKQAB%<_.%!(&<8.,XYQD\#JW[4_P 3-4+C_A(OLD9_Y9VM
MK$F.O1MI;OZ^G?FO)Z*^9EB:LOM,^!J8VO-WYF=/J7Q0\8:UN^V>*M8G5NL;
M7TFSKGA0<#H.@["N:DD>:0O(S2.W5F))/U)IM%8NI)[G,ZDY;L^\/V,K@2_!
ME$&<Q7\ZMGU^5OY$5\?_ !AU1]7^*WB^ZD;>6U2YC4X_A60JOY*H%?5O[$-P
MTWPKU:(L#Y.KRJJ\9"F*$\_B37R=\6K!]-^*7BZW<,NW5;HKNZ[3*Q4_B"#^
M->GB+_5X'N8R3EA*1R8KN_@3HHU_XQ>$K,C<OVZ.<KC.1%F4@CTPG/M7"5[!
M^R;"DGQVT$L.8X[EEY[^2X_D37GT8WJ17FCQ\-%2KQ7F?H4.@I:**^L/T@^8
M?VY_$7V7P?X>T520][>M<-@]5B3&#[9E!_X#7QE7T!^VIXA_M3XJ6^F*VZ/3
M;!$9?[LCDN?S7R^/;WKY_'-?,XR?-6?W'P.95/:8F7EH%%%%<1YI]!_L4^'O
M[2^*5YJ;INCTVP8JW]V21@H_-?,K[GKYE_87T#['X,\0:PP(>]OEMQGNL2 @
MCVS*P_ U]-5]-A(\M)>>I]WEE/V>&C?J-Y[5\U_MF?%*/0_"\/@^RG_XF.J@
M272J>8[=3D ^A=@![A6'I7JWQ?\ B_H_PA\-R7]\RSW\H*V=@K8>X?I^"C(R
MQX'N2 ?SJ\5>*-2\:>(K[6]6F^T7]W(9)&[#L%4=E   ]  *QQE=4X\D=V<N
M9XQ4X.E!ZLRAFBBNH^&_PZU;XH>*+?1=(BR[_--.P^2WB! +L?09  ZDD <F
MO!C%U'RK<^0A"522C%:GJW[(/PND\7>.#XCNXMVDZ(VY&9>)+DC* >NT'<?0
MA/6ONO&*YOP!X'TWX<^%+'0M*CV6UJF"Y^]*YY9V/=F.3^@P !729#9Q7T^'
MH^QAR]>I]_@L-]6I*/7J.HHHKJ.\2C\*IZGJEIHNGSWM]<Q6EI A>6>9PB(H
MZDD\#\:^1?C#^V1=WLMQI?@8?9+4$HVL3)F23WB0CY0>>6!)!X"XS6-2M"DK
MR9QXC%4\-&\V?4_BCQWX?\$V?VG7=7M-+B(ROVB4*S_[J]6/L :\=\0?MJ>!
M=*D>/3X=3UH_PR6]N(XR?3,A5A_WR:^(-3U2]UR^EO=0NY[Z\D.7GN9#([?4
MDG-5J\B>/D_@5CYNMG%23_=JR/K>Z_;SB63%MX+DE7UFU(1G\A&W\ZGTO]N[
M3Y9!_:7A*ZM4_O6MXLY[=F1/?O7R!^-'XUS_ %VMW_ Y/[4Q7\WX'Z-_#[]H
MSP/\1KB*TL-4^Q:E)PMA?KY4C'T4Y*L?96)KTW(X]*_)?)Z]^H-?6O[+?[1M
MW?WUMX,\47+7,DGR:?J,S9=B.D4A/4G^%CSG@]17H8?&>T?)/<]C!YI[62IU
M='W/K:BDI:]4^C"BBB@!N[VI:0D+R>!7S?\ &O\ :YT_PC-<:-X1$6KZNA*2
MWC?-;0'N!@_O&'H,*.Y."*RJ5(TE>3.>M7IX>/-49]!ZMK6GZ#8R7FI7UOI]
MI']Z>ZE6-%^K,0!7COB?]K_X?>'F>.VN[O7)5X(T^ E1_P "<JI'T)_I7Q%X
ML\;Z_P".M2-]KVJ7.ISY.TS-\J9[(@PJCV4 5A5Y,\P;^!?>?-5LXF]*2L?7
MNH?MX6,;-]A\(7$ZYX-Q>K$<>X"-C\ZBM?V\HI),77@N2*/NT.I"0]>>#&O;
MWYKY(_&C\:Y?KM;O^!P?VIB?YOP/OOP7^UQX"\57$=M<W5QH%R^ !J:!8R?^
MNBDJ![L5KVB"XCN(4EBD62)U#*Z$$,",@@CJ".>*_)KO7M?[/O[0VH?"_6+;
M2]4N)+KPK.X62-R6-H2?]9'W !.64<8R0,]>RACN9\L_O/4PN;.4E"M]Y^@-
M%06]Q'=6\<L3K)%(H9&0Y!!Y!!]*GKV3Z=.^HTMBO';W]J[X;V-Y<6LNLS^;
M!(T3[;*9AE20<$+R,UZ9XGO[C2O#>JWEK!+<W5O:RRQ00QEWD94)"JH!+$D
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M2-F&3'9HSE6_$<=L5]P?L]_M"VOQ?LI+"_BCL?$EJ@>6",GRYTX'F1Y)(&2
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M]:M*M+F9\!B,1/$3<Y,*/Y4'VKW[]D_X+IX]\1/XBU:W$FA:3* D4BY6XN
M0,="J@AB.Y*CD$U-.G*K-1B30HRKU%"/4U?@;^R5-XPL(-=\7R3Z?ITN)+?3
MXODFG4\[G)^XI[ #<0<Y7C/NVH_LG_#6^TYK6+0I+%RN$N;>[E\Q#ZY9B"?]
MX$>U>P* *.GM7TL,-3A'EM?U/MZ.7T*4.7EN?E[\3O =S\,_&VJ>'KJ3SVM)
M!Y<X7 EC8!D;&3@D$9&3@@C)Q7,GI7OG[:%[IU]\5+5[.Z@N9X=/6WNDA<-Y
M<BR2$!L=&PPR#R !7@5?.UH*%248[7/BL33C3K2C'9,^[OV.?'TOBKX:OI-W
M(9+S0Y1; L<GR&&8L_3#(!Z(*]\KX>_8CUQ[+XF:IIA?$-[IS.5]9(Y%V_DK
M25]PBOH<+/GI)OH?:9=5=7#Q;W6@AY%?/?[:_B+^R_A7;Z:F-^IWT:,OK&@,
MA/X,(_SKZ#[U\8?MS>(?M7C#P]H@.5L[-[IL'O*^W!]P(L\]C[T8J?+1D&8S
M]GAI/N?,U%%%?+GP0=17N'['?A\:S\9H+ITW)IEG-=#(XW$"(?\ HPD?3->'
M^M?7W["/A_R]+\5:VZY\V>*SC8CIL4NP!]_,3/T%=>%CS5DOF>AE]/VF)BGZ
MGU9M'H**6BOJ#] "BBB@#COBQXS7X?\ P[U[7,JLUK;-Y ;D&9OEC!'<%RH/
MMFOS&>1Y7+NS.S'<S,<DD\DD]R:^M_VXO'7EV^A^$[>3YY"=0NE_V1E(@?8G
MS#C_ &0:^5+'2;G4+/4;F)";>PA6:=\'"AI$C'/J6D7K[^E?/XVISSY%T/C,
MVJ^TK<BVB4J***\P\(*[SX%7!M?C'X0<+N/]HQICV8[2?PSFN#KI?A?-Y'Q,
M\(RD;@FL6;'G'2=#C]*UI.U1/S1K0=JL7YGZBKT%+2+]T?2EKZX_2@HHHH&%
M%%(QPI- 'S!^W!XX_L_PWI'A6WEQ+J$INKE0?^649^4$>A<Y'O'7QI7HO[07
MCC_A/_BQK=_')YEG!)]BM2#D>5%E<CV9M[?\"KSJOE\34]I4;Z;'Y]CZSK5Y
M2Z;';?!GP0?B%\3-!T4IOM9)Q+=>GD1_,X/ID J,]V%?3G[<L@C^'_A^ -C=
MJ88)GKMBD&?_ !['XUC?L-^!_+MM;\6W$?SRL-/MF/\ =&'D(]B?+&?535K]
MNZXV^'_"D&/OW4S[O]U5&/QW?I7="G[/#2;W9ZM*C[++Y3>\CX\HHHKQCYL*
M^SOV%(&7P;XCGR-CZ@J >ZQ*3_Z$*^,:^V_V&(U'PSUJ0#YCK$@/X0PD?SKT
M,#_%1Z^4J^)1[WXEURU\,:#?ZM?/Y=I90//*W^RH)./?C@?2OR^\5>(KOQ?X
MEU/6[PYN;^X>=QG.W<20H/H!@ =@ *^P/VUOB!_8W@VQ\+6TF+G5Y/-N IY$
M$9!P>XW/MQCJ%85\55MCJG-)070Z<WK\U14EL@/>OM3P5X3_ .%4_LGZ[>3)
MY&IZIID]Y*V &5I8]L*G/]U2G![EO6OF;X'^ 6^)/Q,T?2'3=9>9]IN^,CR4
MPS ^F[A<_P"T*^POVNM4&E_ _4K=#L:\GM[9=N>T@<CCU$9%3A(<M.55]$TC
M/+Z7+1J5WT6A\!4445Y9X>X5T7PYTL:W\0_#6GL-Z7.I6T;# /RF50V<^@R:
MYVO5_P!EO23JWQR\. KNCMVFN),9XVQ/M/\ WT5Z^OX5K2CS5(KS1OAX\]6,
M>[/T2C'RK]*PO&WBNS\"^%=3UV_?;:V,+2L,X+$=%&>[,0H]R*WNE?)O[;WQ
M":&#2?!UK)S-_I]Z ?X 2L:GV)#,1_L+ZU]16J>R@Y'WF*K+#T7,^7O%OBF_
M\:^)M2US4I/,O+Z8RMSPH/ 4>R@  >@%9%&.<T5\I*3D[L_/92<FY/=A6GX9
M\/7GBSQ!I^C:>GF7M].L$0/0%B!D^@ R2>P!-9E?3/[$G@(:IXHU/Q5<Q9@T
MV/[-:LR\>=(/F(/JJ<'VEK6A3]K443HPM%UZL8'UCX%\'V7@/PGIN@Z>F+:R
MA$8. "[=6<X[LQ+'W)KH*2@5]7%**LC]$C%12BMD+[5\3?MQ>(/MWC[1-(5M
MRZ?8F5AG[KRN<CZXC4_0U]L=,FOS:_:$\0_\)-\9O%5V'W1Q79M$&>,0@1''
ML2I/'KGO7GXZ5J5NYXV;U.2@H]V>=T445\Z?%A7V'^PIX>\G0?$^ML.;BYCL
MTSU'EJ7;'U,H_*OCROT0_99\.CP[\$] #)LGO5DO9#_>\QR4/_?&P?A7I8&/
M-5OV1[64T^?$<W9'K=%%%?0GVPWTJMJ6H0:3I]Q>W4JP6MO&TLLKGA$4$L3[
M  U:KP#]L;XAGPM\.5T.VDV7^N.83@\K N#(?QRJX[ASZ5G4J*G!R?0YZ]54
M:3F^A\:?$#Q=/X]\;:SX@N-P>^N&D5&ZI&,+&O\ P%0H_"O9]%^'SZ/^Q_XF
MUV6,BZU:ZM[A<+SY$<Z(N>^,F1L^A]*\0\'^&;OQEXHTK0[+_CXO[A(%;&=@
M)Y8CT49)]@:^_OC3X9MM._9\\0:/9H([6PTK;"A/W5A"E>?4!!7B8>FZBG4E
MV9\C@Z+K*K7EV9^=-%%%>6>*%=#\/;K[#X_\,7))40ZI:R'C.-LJG('X5SXJ
M?3[LV&H6MR"P,,JR J>?E(/'OQ5TW:295-\LTS]84^X/I3J9'_JU^E/K[ _3
M5L%%%)0,\7_:O\?#P7\)[VV@DV7^L'[!#@\A&!,K?0)D9[%A7P=X;T&Y\4>(
M--T:T&;F_N([:,]0"S 9/L,Y/L#7K?[6GQ"_X37XH3:=;R^98:&ILT .5,Q(
M,Q^NX!3_ -<ZZ#]BSP"=<\<7GB>YCS:Z/'Y<!/0W$@(R/7:F[(_VE->%5;Q&
M(Y%L?&XB3QN,5-;(QOVO/#L/AGQUX>L+2/RK*#0;>WAR<_+')*H&/90OUS]:
M\,KZA_;MLA'XE\*WFW_76D\6<==CJ<9[XW_K[U\O?PUQXJ/+5:1P8^*AB)10
M4445RG ?4G["-T4\0>+;?G]Y;V[YSQ\K..G_  +_ #FOL:OAO]B&Z\OXIZK
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MRRCH?E1XH\.7_A'Q#J&C:E&([VQF:&55Z'!X(]B,$'N"#69WKW?]M#3(=/\
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M@!_P^YG\*^^Z_.;]F&\^Q?';PJY;:K231GG .Z"10/?D@X]A7Z,#H*^AP/\
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M]%50H_05H#BOKJ<>2"CV/TBA3]E2C#L)_.L'QIX.TOQ[X=O-$U>W^T6-TN&
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M]?$.M+R6Q\=C,9+%SN]$MC[Y_9%T_0=-^$]N=(O8;^_GE,VI-&"&CF.,1D$
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MBHZU64^Y]$?L6^!?[=^(%YXAG3-MH\.V)C_SWDRH^N$$GTRIK[B]:\A_9?\
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MS'-J+QV 8?W7/SC\4#C\:_/@=*^L?VU?B5HVJZ?I_A"RG%WJ5K>K>71A8%8
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M:/PH*^R?V)?AX=.T'4?%]U%MFU%OLMH2,'R4;YV'LSC'_;,5\O\ PQ^'U_\
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M&2&(]07+D'T(ZURXRI[.EIN]#AS2M[*@XK=GE]=;\)_!+_$/XB:'H6TM#<W
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MOKU_N6\$DI^BJ2>_M7Y32S27$KRRN7ED8NS-U))R2?J37ZE^/+&75/!6O6<
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MDN?"D\FZ*9?F-J6/^KD[@ \*QX.0"<]?%Z^6J4Y4Y6>Y^>UJ,Z$W":"E5BK
M@X(.00><TE%9F)Z1HO[1GQ(T"S6VM/%EV8E&!]ICBN&XZ#=*C']:Y?Q=X\\1
M^/+M;CQ!K%UJLBY*K,_R)GKM085<^P%<_15NK.2Y6W;U-77JR7*Y.P5/86-S
MJE[;V=G!)=7=Q((H8(E+,[$X  ')))Q6AX5\(ZQXXUB+2]%T^;4;V3I'&.%'
M=F)P%7U)( SUK[F^ O[-^G?">%=4U-H]3\3R*0;E0?+M@0,I&#Z\@L0"02.
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MQ^)KC:*V]K/EY;NWJ;>WJ\O+S.P49J:RLKG4KR&UL[>6[N9F$<4,*%W=CP
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
$B@#_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.gif
M1TE&.#EAWP J /<  /______S/__F?__9O__,___ /_,___,S/_,F?_,9O_,
M,__, /^9__^9S/^9F?^99O^9,_^9 /]F__]FS/]FF?]F9O]F,_]F /\S__\S
MS/\SF?\S9O\S,_\S /\ __\ S/\ F?\ 9O\ ,_\  ,S__\S_S,S_F<S_9LS_
M,\S_ ,S,_\S,S,S,F<S,9LS,,\S, ,R9_\R9S,R9F<R99LR9,\R9 ,QF_\QF
MS,QFF<QF9LQF,\QF ,PS_\PSS,PSF<PS9LPS,\PS ,P _\P S,P F<P 9LP
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M,S.9 #-F_S-FS#-FF3-F9C-F,S-F #,S_S,SS#,SF3,S9C,S,S,S #, _S,
MS#, F3, 9C, ,S,   #__P#_S #_F0#_9@#_,P#_  #,_P#,S #,F0#,9@#,
M,P#,  "9_P"9S "9F0"99@"9,P"9  !F_P!FS !FF0!F9@!F,P!F   S_P S
MS  SF0 S9@ S,P S    _P  S   F0  9@  ,P
M
M
M                     "P     WP J   (_P !"!Q(L&#!$BL2KBAAL*'#
MAQ C2IQ(T6$)A LO5MS(L:/'CP170-E3JJ3)/1!%0EG)$J3+EP]+/-%#TN1)
M*RM@ZMS)4^"*FC9M,G08U&3.GD@IKM!3M&FI/4>32IU:\*=3H0ZA-$5)M>M
MJS;W6(&B<&10*U[3\M0:%BC6AFY-ZE%+U4I8*$,-/CE+MZ]'NR=SQBV9-Z13
MM'YY@BT)Q2!"@FR-)MZ(\$EAI$SE^G3J,'/1QI-AK@B;4R84*WMJ/B'HEFOH
MAB)I KW,$W!)Q  &/X5]->IKCZ-/#O1LT[?MDKY_"QSL&FGD4G,%EG#:?.#S
MH,F54RSQJ?A Y@6O9_]_/;UH=*3<;9*P3AVNTT^TM4LD#AI ^:#G!8J7O_FS
MU./UY=9>55=5QU]$P9FT7G]!!0C <:6,%]IUR"65GF0,FF>0;B49>.!#]!$$
M886L!?7A8/ EE>!N XVHF6%7Y==50D^@%E]#")VFQT+8E1A4BE_A]V%W07EX
MT I/0*&'@[ =AYN 3LGHHDE,$I0C65\II-""#:$6EX36??+EBD N5U1UQ$6(
M8(UZC 4F;&RZ:1&%T"5$VT][$-FA1"L &&2,!>G9U&JP#9;0H \Y1:A%3ATJ
MW)]"0EJ2C.'II@>7#YEEWF4K'F90FGLBZ*= 4]X&V54DAL3A4TU)N!>B#W7_
M2N6*S;W:X%>"&@G 8ENEM"J+DBJZ8:\1E? <:"2@6DJ OY:9H;(V/<3AHETZ
MU9A-^;EXE*P2TIF:34\29&M;X%:%XA,)&21K2<XZM")HZ]I47[R/!MOA"B2L
M(&B]!9&P+Y407866;<VAF%":E++G'P"1>3BN28A%UBYX#DVY!Z:Q/@K4M[<*
MY!G'8<%8Y*D+&T2GJ>X""J6:]OU[596[-H7;A2S;6\J30%&[;L( D,#AQ=LI
MR95-3PP&+[:#Y:=;80^G6M"JX?I([*ZH;0MMD;11+)#/ $O-[\H!T@DSO35O
M)#&O)1$:V8Y-U4=G<MKRQJJ&.';XKZY-0P=%T4U)_]FJUP&ZR&RYP_W=$%,T
M&<X14-<6=92>CO9HYLA/GUGQ4^L::=<>WC[DHHA-Y96YN%B+I%MSG>Z1X^F,
MEL*WXQVMF-/?"7["L.%T4FM?WW4O.[I[:-TMK>4V1Q6WPE<S1G+RP!8$6 G'
M;T2P0'\#A1:HI7Q'O,CR-O3J[-N3KJ;6_?).D.'^AG\[\]ES;Y.8,A,%W8.P
M;L0X];![A^*SDYJL>(E<<9E[N((BC/%O604QW+JBUAJ<Y(U2#5Q-WL;#EIRX
MZ D&3(EWUB42C1$O>MJ#74%>12C=J"MMDY-<>/YW'^\  'O961&A0)BA^F#/
M(23A2MZP5!'/1(>#0,G) O]3:))/&)!\VG,-#"NGQ/\5KBB%D95K.*,7%R[M
MA!A:V=?T@\*8%04G%6GAT8KTL0,VYG?NZ]\*:[;$/]7G@@V9&JGHAD;02299
MZN,BAH8X+-<L\$TC+.)0R(9  $S0BY$27\< :$<50BDO@G-,_+R&LKQ%;65<
MX6/E0H5(HOFO9IF#F7LX2<BCO,V0;3,("$L01.1YTCZMU.,B;>8@0\FR>P1Z
MD=@D6:]3+N])6Q%E+E-U,C6^L"ES+-D3WX<IMYQG7:!IC2N[UD@7\J^)(ER>
MZY+I2(&,RX:ATV;-@DF1AHE3A12+I)6$-\UGIO(ZKMGE)L."J1&Y1C?9"9G'
MG+C_,ML-1(X V%=4R#D1ZYV37^93YT >2,FH3)!"49$G)9NG1>41,8NWQ$T;
M77F>%D),D<8$ $$19,WUI5(ZDZ13N'2#,\;PD)LO V.+3FJS)WDT51OM)!MI
MVC)K0M...WK2SH2YS.J4*HV%S)L1?<(A=SI-IXTZR+^6>M  K:N:+X(EX6[)
M+[<(U7R[(A*EL/=2B-R/(-B[V4&MMA4KE(HQ'>07VHB6&=2QKB YI1#J#I,D
M:2(5.D]X';N&620KI,DX497(<Y*35L1F\U<=@FQ8VK0JJ*!2+JCIS; H-]-$
M7A15V9$L1O''/+$DCJ<0\>&G (J]O!33)#)1UFFA12W1I&Y3JNI#8M[X"55A
M;;9 ;\664EZ)5B<B\5<Y29^G"%F*3R2'N66K*5Z+XD^LG@E,K\5<RE26UJTB
MR)R_/0G&V%E<\T1%7]?]RL_&MMY,.;%S(]3-)XBZ*_D2-90'G10@K:2E\?17
M(>KJ+[I@([0E98<$!2[K5PIL8#X);0\-3LE_QV-/_ZZD30K^KI+D-!$$TR3"
4!V&3'I8TX ^96"V56<B)TQ(0 #L!

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