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Acquired Sales Corp – ‘10-K’ for 12/31/19 – ‘EX-101.INS’

On:  Monday, 3/30/20, at 2:23pm ET   ·   For:  12/31/19   ·   Accession #:  1445866-20-276   ·   File #:  0-52520

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/30/20  Acquired Sales Corp               10-K       12/31/19   45:2.8M                                   C Filings/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    785K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     19K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     19K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     16K 
14: R1          Document and Entity Information                     HTML     65K 
30: R2          Balance Sheets                                      HTML     96K 
42: R3          Balance Sheets (Parenthetical)                      HTML     36K 
23: R4          Statements of Operations                            HTML     56K 
15: R5          Statements of Shareholders' Equity (Deficit)        HTML     65K 
31: R6          Statements of Cash Flows                            HTML     83K 
43: R7          Note 1 - Basis of Presentation and Significant      HTML     39K 
                Accounting Policies                                              
22: R8          Note 2 - Risks and Uncertainties                    HTML     22K 
16: R9          Note 3 - The Company's Investments In Ablis,        HTML     21K 
                Bendistillery And Bend Spirits                                   
36: R10         Note 4 - Notes Receivable                           HTML     28K 
39: R11         Note 5 - Transactions with Related Parties          HTML     24K 
29: R12         Note 6 - Shareholders' Equity                       HTML     27K 
13: R13         Note 7 - Income Taxes                               HTML     32K 
35: R14         Note 8 - Contingent Contractual Obligations and     HTML     28K 
                Commercial Commitments                                           
38: R15         Note 9 - Subsequent Events                          HTML     26K 
28: R16         Note 1 - Basis of Presentation and Significant      HTML     68K 
                Accounting Policies (Policies)                                   
12: R17         Note 1 - Basis of Presentation and Significant      HTML     22K 
                Accounting Policies (Tables)                                     
34: R18         Note 6 - Shareholders' Equity (Tables)              HTML     26K 
40: R19         Note 7 - Income Taxes (Tables)                      HTML     30K 
25: R20         Note 1 - Basis of Presentation and Significant      HTML     41K 
                Accounting Policies (Details)                                    
21: R21         Note 1 - Basis of Presentation and Significant      HTML     25K 
                Accounting Policies: Basic and Diluted Earnings                  
                (Loss) Per Common Share: Schedule of Earnings Per                
                Share, Basic and Diluted (Details)                               
33: R22         Note 2 - Risks and Uncertainties (Details)          HTML     23K 
45: R23         Note 3 - The Company's Investments In Ablis,        HTML     18K 
                Bendistillery And Bend Spirits (Details)                         
24: R24         Note 4 - Notes Receivable (Details)                 HTML     57K 
20: R25         Note 5 - Amounts Owed To Related Parties (Details)  HTML     70K 
32: R26         Note 6 - Shareholders' Equity (Details)             HTML     34K 
44: R27         Note 6 - Shareholders' Equity: Schedule of          HTML     52K 
                Share-based Compensation, Stock Options and                      
                Warrant Activity (Details)                                       
26: R28         Note 7 - Income Taxes (Details)                     HTML     25K 
19: R29         Note 7 - Income Taxes: Schedule of Effective        HTML     30K 
                Income Tax Rate Reconciliation (Details)                         
11: R30         Note 7 - Income Taxes: Schedule of Deferred Tax     HTML     30K 
                Assets (Details)                                                 
27: R31         Note 8 - Contingent Contractual Obligations and     HTML     47K 
                Commercial Commitments (Details)                                 
41: R32         Note 9 - Subsequent Events (Details)                HTML     51K 
37: XML         IDEA XML File -- Filing Summary                      XML     77K 
18: EXCEL       IDEA Workbook of Financial Reports                  XLSX     42K 
 7: EX-101.INS  XBRL Instance -- aqsp-20191231                       XML    579K 
 5: EX-101.CAL  XBRL Calculations -- aqsp-20191231_cal               XML    118K 
 6: EX-101.DEF  XBRL Definitions -- aqsp-20191231_def                XML    263K 
 8: EX-101.LAB  XBRL Labels -- aqsp-20191231_lab                     XML    533K 
 9: EX-101.PRE  XBRL Presentations -- aqsp-20191231_pre              XML    438K 
10: EX-101.SCH  XBRL Schema -- aqsp-20191231                         XSD    102K 
17: ZIP         XBRL Zipped Folder -- 0001445866-20-000276-xbrl      Zip     72K

‘EX-101.INS’   —   XBRL Instance — aqsp-20191231

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 292.5pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Basis of Presentation</i> – </b>Acquired Sales Corp. (hereinafter sometimes referred to as “Acquired Sales”, the “Company”, “AQSP”, “Acquired”, the “Company”, “we”, “us”, “our”, etc.) was organized under the laws of the State of Nevada on January 2, 1986.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 160.75pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">Our business involves acquiring all or a portion of operating businesses involving the manufacture, sale and distribution of cannabinoid-infused products </font><font style="letter-spacing: 0.55pt">such as beverages, lotions, oils, hemp joints and cigarettes, tinctures, bath bombs, balms, body washes, gummies, food, other edibles, and non-prescription cannabinoid formulations </font><font style="background-color: white">(a “Canna-Infused Products Company”). In order to consummate a particular acquisition of a Canna-Infused Products Company, management of the Company is open-minded to the concept of also acquiring all or a portion of one or more operating businesses and/or assets that are related to such Canna-Infused Products Company, for example operating businesses and/or assets involving distilled spirits, beer, wine, paraphernalia and real estate. </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">To date, we have acquired 100% of the ownership interests in one Canna-Infused Products Company d/b/a Lifted Made, 4.99% of the ownership interests in a second Canna-Infused Products Company called Ablis Holding Company ("Ablis"), and 4.99% of the ownership interests in two other businesses that manufacture distilled spirits called Bendistillery Inc. ("Bendistillery") and Bend Spirits, Inc. ("Bend Spirits").</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For more information, please refer to <b>“Description of the Business of Acquired Sales Corp.</b>” and to <b>"The Lifted Made Business" </b>under the section “<b>ITEM 1. BUSINESS” above.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Use of Estimates</i></b> – The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) typically requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions. Key estimates in these financial statements include the allowance for doubtful accounts, inventory write-downs, estimated useful lives of property, plant and equipment, valuation allowance on deferred income tax assets and the fair value of stock options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cash and Cash Equivalents</i></b> – Cash and cash equivalents as of December 31, 2019 and 2018 included cash on-hand. Cash equivalents are considered all accounts with an original maturity date within 90 days. Cash equivalents are carried at cost.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Notes Receivable </i></b>– Notes receivable are classified on the balance sheet based on their maturity date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Fair Value of Financial Instruments </i></b>– The carrying amount of the financial instruments, which principally include cash, notes receivables, accounts payable and accrued expenses, approximates fair value due to the relative short maturity of such instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accounting Standards Codification (“ASC”) 820 defines fair value, establishes a framework for measuring fair value under U.S. GAAP and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair-value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i>Level 1 – </i></b>Quoted prices in active markets for identical assets or liabilities</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><b><i>Level 2 – </i></b>Inputs other than Level 1 that are observable, either directly or indirectly, such as quotes prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><b><i>Level 3 – </i></b>Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Investments</i></b> – Under US GAAP, the Company uses the cost method to account for our minority equity ownership interests in businesses in which the Company owns less than 20% of equity ownership, and have no substantial influence over the management of the businesses. Under the cost method of accounting, the Company reports the historical costs of the investments as assets on its balance sheet. However, US GAAP does not permit the consolidation of its financial statements with the financial statements of companies in which the Company owns minority equity ownership interests. US GAAP also requires the Company to record these types of investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. As such, the Company will not be allowed to consolidate into its financial statements any portion of the revenues, earnings or assets of companies in which it owns minority equity ownership interests such as Ablis, Bendistillery and Bend Spirits. Moreover, even if there is evidence that the fair market values of the investments have increased above their historical costs, US GAAP does not allow increasing the recorded values of the investments. Under US GAAP, the only adjustments that may be made to the historical costs of the investments are write downs of the values of the investments, which must be made if there is evidence that the fair market values of the investments have declined to below the recorded historical costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Income Taxes</i></b> – Provisions for income taxes are based on taxes payable or refundable for the current year and deferred income taxes. Deferred income taxes are provided on differences between the tax bases of assets and liabilities and their reported amounts in the financial statements and on tax carry forwards. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. A valuation allowance is provided against deferred income tax assets when it is not more likely than not that the deferred income tax assets will be realized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Basic and Diluted Earnings (Loss) Per Common Share</i></b> – Basic earnings (loss) per common share is determined by dividing earnings (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per common share is calculated by dividing earnings (loss) by the weighted-average number of common shares and dilutive common share equivalents outstanding during the period. When dilutive, the incremental potential common shares issuable upon exercise of stock options and warrants are determined by the treasury stock method. The following table summarizes the calculations of basic and diluted earnings (loss) per common share for the years ended December 31, 2019 and 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>For the Year Ended</b></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>December 31, </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"> </td> <td style="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>2019</b></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>2018</b></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Net Loss</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ (1,236,105)  </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ (220,621)  </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.25pt double; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Weighted-Average Shares Outstanding</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,577,349   </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,369,648   </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Basic and Diluted Earnings Loss per Share</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ (0.48)  </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ (0.09)  </td></tr> </table> <p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2019, there were outstanding options to purchase 1,586,619 shares of common stock at between $0.001 and $2.00 per share, (b) rights to purchase warrants to purchase 2,625,000 shares of common stock at between $0.01 and $1.85 per share, and (c) financing warrants to purchase 31,250 shares of common stock at $0.03. As of the date of this report, none of these outstanding options, rights to purchase warrants or financing warrants have been exercised into shares of common stock. However, all of them may be exercised at any time in the sole discretion of the holder except for the rights to purchase warrants to purchase 1.25 million shares of our commons stock, are not exercisable until a performance contingency is met.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2019, the Company had <font style="color: #222222; background-color: white">Series A Preferred Stock </font>outstanding convertible into 6,615,000 shares of common stock. In addition, the Company has accepted subscriptions from four accredited investors to purchase 100,000 shares of Series B Preferred Stock for an aggregate purchase price of $500,000 in cash, convertible at the option of the holder into 100,000 shares of newly issued common stock of the Company, or $5.00 per share of common stock of the Company. None of these are including in the diluted earnings calculation, given they are considered antidilutive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In comparison, at December 31, 2018, there were outstanding options to purchase 1,186,132 shares of common stock at between $0.001 and $0.60 per share, (b) rights to purchase warrants to purchase 2,950,000 shares of common stock at between $0.01 and $1.85 per share, and (c) financing warrants to purchase 37,500 shares of common stock at $0.03. As of the date of this report, none of these outstanding options, rights to purchase warrants or financing warrants have been exercised into shares of common stock. However, all of them may be exercised at any time in the sole discretion of the holder except for the rights to purchase warrants to purchase 1.25 million shares of our commons stock, are not exercisable until a performance contingency is met.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Recent Accounting Pronouncements</i></b><i> – </i>In December 2019, the FASB issued ASU No. 2019-12, <i>Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes </i>(“ASU 2019-12”), which simplifies the accounting for income taxes, eliminates certain exceptions to the general principles in Topic 740 and clarifies certain aspects of the current guidance to improve consistent application among reporting entities. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021 and interim periods within annual periods beginning after December 15, 2022, though early adoption is permitted, including adoption in any interim period for which financial statements have not yet been issued. The Company is currently evaluating the impact of ASU 2019-12 on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other - Internal Use Software (Subtopic 250-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs for internal-use software. The accounting for any hosting contract is unchanged. ASU 2018-15 is effective on January 1, 2020 with early adoption permitted, including adoption in any interim period. The Company is currently evaluating the impact of ASU 2019-12 on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Off Balance Sheet Arrangements</i></b> – We have no off balance sheet arrangements.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 2 - RISKS AND UNCERTAINTIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Going Concern – </i>The Company has a history of recurring losses which have resulted in an accumulated deficit of $15,392,552 as of December 31, 2019. During the year ended December 31, 2019, the Company recognized a net loss of $1,236,105.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">As of December 31, 2019, the Company did not have any business or any sources of revenue. </font>As a result, there is substantial doubt that the Company will be able to continue as a going concern. Bankruptcy of the Company at some point in the future is a possibility. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company currently has no revenue-generating subsidiaries. Management plans to sustain the Company as a going concern by taking the following actions: (1) acquiring and/or developing profitable businesses that will create positive income from operations; and/or (2) completing private placements of the Company’s common stock and/or preferred stock. Management believes that by taking these actions, the Company will be provided with sufficient future operations and cash flow to continue as a going concern. However, there can be no assurances or guarantees whatsoever that the Company will be successful in consummating such actions on acceptable terms, if at all. Moreover, any such actions can be expected to result in substantial dilution to the existing shareholders of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s investments in Ablis, Bendistillery and Bend Spirits made the Company a minority owner of these companies. As a minority owner, the Company is not able to recognize any portion of Ablis’, Bendistillery’s or Bend Spirits’ revenues or earnings in the Company’s financial statements. The Company monitors its investments in Ablis, Bendistillery and Bend Spirits, and from time to time and will evaluate whether there has been a potential impairment of value.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 3 – THE COMPANY’S INVESTMENTS IN ABLIS, BENDISTILLERY AND BEND SPIRITS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">On April 30, 2019, the Company purchased 4.99% of the common stock of each of Ablis Holding Company, Bendistillery Inc., and Bend Spirits, Inc. for an aggregate purchase price of $1,896,200. The Company’s investments in Ablis, Bendistillery and Bend Spirits made the Company a minority owner of these companies. As a minority owner, the Company will not be able to recognize any portion of Ablis’, Bendistillery’s or Bend Spirits’ revenues or earnings in the Company’s financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to US GAAP, the Company is obligated to periodically review its investments. The Company has limited ability to comment on these companies’ operations and financial performance. The Company’s ability to review the financial performance of its investment in these companies is limited: the financial statements of these companies are not audited; the Company is not active in the management of these companies; and these companies have not held meetings of their boards of directors since the closing of our investment. Consequently, the Company’s assessment of these companies is inherently limited to infrequent and relatively brief conversations with officers of these companies, and to reviews of unaudited financial statements that are delivered to us on an irregular basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on the financial and non-financial information regarding the year ended December 31, 2019, that the management of Ablis, Bendistillery and Bend Spirits provided to the Company in a conference call held on March 9, 2020, the Company has concluded that an impairment of its investment in these companies as of December 31, 2019 is not warranted. The factors that led the Company to the conclusion that an impairment of its investment in these companies has of December 31, 2019 is not warranted includes, among other things: positive sales trends during recent months; indications of the Companies’ ability to maintain profitability; and certain initiatives that are being undertaken by these companies in regard to leadership, sales representatives, and product distribution and pricing.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 4 – NOTES RECEIVABLE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>CBD Lion LLC</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 8, 2019, the Company made an unsecured $300,000 loan to Lion (the “Loan”) evidenced by a promissory note (the “Note”) in connection with the proposed Merger Agreement with Lion. Per the terms of the Note, if the Transaction did not close and the merger agreement were terminated, then the Loan was to be repaid by Lion to the Company in six equal monthly installments of principal, together with accrued interest at the rate of 6% per year, with the first such installment due and payable by Lion to the Company on the first day of the first calendar month following the termination of the merger agreement. The Merger Agreement was terminated by the Company on November 14, 2019 and the Note became payable. During December 2019, the principal of the Note was repaid by Lion down to $200,000, and Lion also paid the accrued interest on the Note of $6,945.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Due to termination of the Merger Agreement, and per Section 5.15(b) of the Merger Agreement, as of December 31, 2019 the Company owed CBD Lion $31,500 for reimbursement of professional fees related to the audit of CBD Lion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This left Lion with a net balance owed to the Company of $168,500 as of December 31, 2019. In March 2020, Lion and the Company agreed that the repayment of such $168,500 will be made in eleven equal monthly installments of principal due and payable by Lion to the Company on the first day of each calendar month starting on April 1, 2020, and that no additional interest will accrue. Imputed interest on the remaining amounts owed by Lion to the Company will be evaluated during the first quarter of 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>The William Noyes Webster Foundation, Inc.</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Foundation, a non-profit Massachusetts corporation, has received a provisional registration from the Commonwealth of Massachusetts to own and operate a medical marijuana cultivation facility in Plymouth, Massachusetts, and a medical marijuana dispensary in Dennis, Massachusetts. Jane W. Heatley (“Heatley”) is the founder and a member of the board of directors of the Foundation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Teaming Agreement</i> – The Company believes it is highly likely that the board of directors of the Foundation will only approve contracts that have been negotiated and approved by Heatley. Consequently, on July 8, 2014, the Company entered into a Teaming Agreement (the "Teaming Agreement") with Heatley, in which, among other things: (1) the Company and Heatley agreed to use their respective best efforts, working exclusively together as a team, and not as a partnership or other entity, in order to consummate transactions, agreements, contracts or other arrangements pursuant to which the Company will provide capital and expertise to the Foundation; and (2) Heatley agreed that Heatley shall not, and shall not permit the Foundation to, discuss or negotiate for debt or equity financing, or consulting services or other expertise, from any third party. The Company claims that Heatley violated the Teaming Agreement by discussing and negotiating for debt or equity financing, or consulting services or other expertise, from at least one third party. Heatley claims that the Company violated the Teaming Agreement alleging that the Company failed to lend funds to the Foundation in accordance with the Teaming Agreement. The Company believes Heatley's claim to be baseless. No assurances whatsoever can be made that Heatley will comply with the terms of the Teaming Agreement, nor that the Company will be able to adequately enforce the terms of the Teaming Agreement if it is ever the subject of litigation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Promissory Note</i> – On July 14, 2014, the Foundation signed and delivered to the Company a Secured Promissory Note (the "Note") which is in the stated loan amount of $1,500,000, and is secured by a Security Agreement of even date therewith (the “Security Agreement”). The Note provides that the $1,500,000 loan may be advanced in one or more installments as the Foundation and the Company may mutually agree upon. The Foundation and the Company mutually agreed that the first installment of this loan would be $602,500. Pursuant to instructions from the Foundation, on July 14, 2014, the Company paid $2,500 owed by the Foundation to one of its consultants, and the Company advanced $600,000 directly to the Foundation. The amount and timing of subsequent loan installments under the Note, which could have totaled $897,500, had not yet been mutually agreed upon between the Foundation and the Company as of the date of the Note.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Between April and July 2015, the Company loaned an additional $135,350 to the Foundation, evidenced by the Note and secured by the Security Agreement. Following such additional loans, the principal of the loan from the Company to the Foundation, evidenced by the Note and secured by the Security Agreement, is now $737,850. The principal balance outstanding under the Note bore interest at the rate of 12.5% per annum, compounded monthly. It was contemplated that the first payment of accrued interest by the Foundation under the Note would be made as soon after the Foundation commences operations of the Plymouth Cultivation Facility and the Dennis Dispensary as the Foundation's cash flows shall reasonably permit, but in any event no later than one year after the Foundation commences operations. The principal of the Note would be payable in eight consecutive equal quarterly installments, commencing on the last day of the calendar quarter in which the Foundation commences operations. <font style="background-color: white">Principal on the Note and related accrued interest would be considered past due if the aforementioned payments were not received by their due dates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Uncollectable Note and Interest Receivable </i>– The Company assessed the collectability of the Note based on the adequacy of the Foundation’s collateral and the Foundation’s capability of repaying the Note according to its terms. Based on this assessment, on September 1, 2015, the Company concluded that Note and interest receivable would not be collectible. As such, the Company wrote off the Note totaling $737,850 and interest receivable totaling $97,427 as bad debt expense on September 1, 2015.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 5 – TRANSACTIONS WITH RELATED PARTIES </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 21, 2016, a company affiliated with Gerard M. Jacobs, Chief Executive Officer of Acquired Sales, made a non-interest bearing loan of $4,000 to the Company, which is payable upon demand.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2019, there are no expense reimbursements owed to Gerard M. Jacobs. In comparison, at December 31, 2018, there were expense reimbursements owed to Gerard M. Jacobs totaling $24,583.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2019, there was a prepaid consulting fee of $7,500 paid to Gerard M. Jacobs. In comparison, at December 31, 2018, there were no prepaid consulting fees paid to Gerard M. Jacobs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2019, there are no independent contractor fees or expense reimbursements owed to William C. Jacobs. In comparison, at December 31, 2018, there were independent contractor fees of $160,000 and expense reimbursements of $4,417 owed to William C. Jacobs totaling $164,417. William C. Jacobs is the son of Gerard M. Jacobs, Chief Executive Officer of Acquired Sales, and the nephew of director James S. Jacobs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Financing Warrants</i></b> – On July 13, 2018, the Audit Committee, Compensation Committee, and full Board of Directors of AQSP approved by unanimous written consent borrowings by AQSP on the following terms: (1) proceeds of the borrowings will be used to pay professional fees owed to our outside auditors, our stock transfer agent, and our securities counsel, and to pay other obligations of AQSP; (2) the borrowings will be evidenced by promissory notes of AQSP, accruing interest at the rate of 15% annually; (3) the notes will be jointly secured by a first lien security interest in all of the assets of AQSP, pursuant to a security agreement signed by AQSP in favor of the lenders, UCC filings in favor of the lenders, and a pledge to the lenders of the note payable by the William Noyes Webster Foundation Inc. to AQSP; (4) the notes shall be due and payable upon demand by the lenders delivered to AQSP; and (5) for each $1,000 loaned by AQSP on these terms, the lender of such $1,000 shall receive warrants to purchase 1,250 shares of common stock of AQSP, at an exercise price of $0.03 per share, exercisable at the discretion of such lender any time on or before July 16, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2018, a total of $30,791 had been borrowed by AQSP on such terms, and warrants to purchase 25,000 shares of common stock of AQSP had been issued to Joshua A. Bloom and warrants to purchase 12,500 shares of common stock of AQSP had been issued to Gerard M. Jacobs. These loans were fully repaid by the Company on March 13, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The warrants to purchase common stock that were issued to Joshua A. Bloom and Gerard M. Jacobs on July 16, 2018 and July 18, 2018 were valued using the Black-Scholes valuation model as of the date they were issued. The values of these warrants were fully expensed because the notes were payable upon demand. The expense recognized related to the issuance of the warrants to Joshua A. Bloom on July 16, 2018 was $3,250. Gerard M. Jacobs’ warrants were issued to him on July 18, 2018, and the expense recognized related to the issuance of these warrants was $1,300.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The warrants to purchase common stock that were issued to Gerard M. Jacobs on November 8, 2018, and to Joshua A. Bloom on November 12, 2018, were valued using the Black-Scholes valuation model, which incorporated the following assumptions: expected future stock volatility 465%; risk-free interest rates of 2.98% and 2.94%, respectively; dividend yield of 0% and an expected terms of 2.38 years and 2.37 years, respectively. The expected future stock volatility was based on the volatility of Acquired Sales Corp.’s historical stock prices. The risk-free interest rate was based on the U.S. Federal treasury rate for instruments due over the expected term of the warrants. The expected term of each warrant was based on the midpoint between the date the warrant vests and the contractual term of the warrant. The values of the warrants were fully expensed as of the date of issuance because they are payable upon demand. The expense recognized related to the issuance of the warrants to Gerard M. Jacobs on November 8, 2018 was $11,250. The expense recognized related to the issuance of the warrants to Joshua A. Bloom on November 12, 2018 was $21,874.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 6 – SHAREHOLDERS’ EQUITY </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Share-Based Compensation</i></b> – Share-based compensation expense recognized during the years ended December 31, 2019 and 2018 was $874,154 and $72,500, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Share-Based Compensation in 2019</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><br /> During the year ended December 31, 2019, we issued warrants to purchase a total of 416,942 unregistered shares of our common stock at $1.00 per share to our investment bankers and finders. Using the Black-Scholes valuation model for each issuance, we recorded total share-based compensation expense of $874,154 for the issuances of these warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a summary of share-based compensation, stock option and warrant activity as of December 31, 2019 and changes during the year then ended:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 38%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Shares</b></td> <td style="border-bottom: Black 1pt solid; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Weighted-Average Exercise Price</b></td> <td style="border-bottom: Black 1pt solid; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Weighted-Average Remaining Contractual Term (Years)</b></td> <td style="border-bottom: Black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Aggregate Intrinsic Value</b></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Exercisable Options, Rights to Purchase Warrants to Purchase Common Stock and Financing Warrants Outstanding, December 31, 2018</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,923,632   </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 0.87   </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.93   </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 2,410,100   </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Financing Warrants Issued During Q1 2019</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18,750   </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Warrants Granting the Right to Purchase Shares of Common Stock Issued During Q2 2019</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">410,942   </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Options that Expired During Q2 2019</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(9,434)  </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Rights to Purchase Warrants to Purchase Shares of Common Stock Exercised During Q1 2019</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(210,000)  </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Warrants Granting the Right to Purchase Shares of Common Stock Issued During Q3 2019</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,400   </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Warrants exercised during Q3 2019</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(147,021)  </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Warrants Granting the Right to Purchase Shares of Common Stock Issued During Q4 2019</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">600   </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Exercisable Options, Rights to Purchase Warrants to Purchase Common Stock and Financing Warrants Outstanding, December 31, 2019</td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,992,869   </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 0.97   </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.47   </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 4,570,144   </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Outstanding Options, Rights to Purchase Warrants to Purchase Common Stock and Financing Warrants, December 31, 2019</td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,242,869   </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 1.23   </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.92   </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 5,382,644   </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Share-Based Compensation in 2018</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 1, 2018, we issued to director James S. Jacobs and to William C. Jacobs, then an independent contractor and now our President and CFO, rights to purchase warrants, for an aggregate purchase price of $2.00, an aggregate of 250,000 shares of common stock of the Company (40,000 to James S. Jacobs, and 210,000 to William C. Jacobs), at an exercise price of $0.01 per share, such warrants to be fully vested and to be exercisable on or prior to December 31, 2024. Using the Black-Scholes valuation model, we recorded total stock compensation expense of $72,500 related to these rights to purchase warrants; this consists of $11,600 of stock compensation for the rights to purchase warrants issued to James S. Jacobs, and $60,900 of stock compensation for the rights to purchase warrants issued to William C. Jacobs.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 8 – CONTINGENT CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Payment of Finders’ Fees Related to Ablis</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has agreed to pay finders’ fees to two finders in regard to the potential purchase of an additional 15% of the stock of Ablis. The Company has agreed to pay those two finders additional warrants to purchase shares of common stock of the Company at an exercise price of $1 per share exercisable at any time on or before April 30, 2024; in the event that the Company closes on the purchase of up to an additional 15% of the common stock of Ablis, then the total amount of such warrants will be 2,814 unregistered shares of common stock of AQSP at an exercise price of $1 per share for each additional one percent of Ablis’ common stock so purchased (a maximum issuance of warrants to purchase an aggregate of 42,210 unregistered shares of common stock of the Company at an exercise price of $1 per share).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Previously, on April 30, 2019, the Company issued warrants to purchase 14,042 unregistered shares of common stock of the Company, issued to the two finders (7,021 warrants were issued to each finder) in regard to the purchase of 4.99% of the stock of Ablis. Using the Black-Scholes valuation model, these warrants were valued and expensed as being worth $40,708.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Payment of Brokers’ Fees Related to the Sale of Preferred Stock</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has committed to pay brokers’ fees in regard to the capital being raised for the Company by such brokers in the Company’s private placements of preferred stock, such fee to consist of warrants to purchase unregistered shares of common stock of the Company at an exercise price equal to the conversion price per share of such preferred stock, exercisable at any time during a five year period; the number of such shares will be calculated as six percent of the aggregate capital raised by such brokers in the private placement of preferred stock divided by the conversion price per share of such preferred stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2019, warrants to purchase 402,900 unregistered shares of common stock of the Company were issued to these brokers. Using the Black-Scholes valuation model, these warrants were valued and expensed as being worth $833,446.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Potential Issuance of Warrants to Purchase Shares of Common Stock of the Company </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Compensation Committee of the Company's Board of Directors may, from time to time, recommend that certain warrants to purchase shares of common stock of the Company should be issued to new or current members of the Company’s Board of Directors, to officers and employees of the Company and its subsidiaries, or to members of any advisory board or consultants to the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Amounts Payable to Gerard M. Jacobs and William C. Jacobs</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s CEO Gerard M. Jacobs runs the Company’s operations on a part-time basis and is compensated with equity. Gerard M. Jacobs has not historically received cash compensation, and, historically, the Company’s President and CFO William C. “Jake” Jacobs has worked for $5,000 per month. Effective as of June 19, 2019 through the earlier of the closing of the Company’s acquisition of CBD Lion LLC, which is now terminated or the closing of the Company’s acquisition of Warrender Enterprise Inc. d/b/a Lifted Made (formerly d/b/a Lifted Liquids) (“Lifted”), the Company has agreed to pay Gerard M. Jacobs and William C. “Jake” Jacobs consulting fees of $7,500 and $5,000 per month, respectively. In addition, upon the closing of the acquisition described herein, their salaries, equity incentives, expense reimbursements and bonuses will increase. There are also to be significant bonuses awarded to Gerard M. Jacobs and William C. “Jake” Jacobs in the event that the Company closes on the acquisition of Lifted, and in the event that the Company raises $15 million and $25 million, as described in the current report on Form 8-K, and its exhibit, filed with the SEC on or about June 25, 2019. Please note that as of December 31, 2019, the Company had not yet closed on its acquisition of Lifted, and the Company had not raised $15 million and $25 million, so no accruals for the bonuses triggered by these events had been made. As of March 22, 2020, the Company has closed on the acquisition of Lifted, and the bonuses have been accrued for but have not yet paid. The Company has not yet raised $15 million or $25 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Professional Contracts</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2019, the Company executed annual engagement contracts with its stock transfer agent and its securities attorney; the Company has a prepaid balance with its stock transfer agent.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 9 – SUBSEQUENT EVENTS </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subsequent to the 12 month period ended December 31, 2019, all necessary Board approvals, Board Investment Committee approvals and stockholder approvals for the Lifted transaction were given on January 4, 2020, and January 10, 2020, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Acquisition of 100% of Warrender Enterprise Inc. d/b/a Lifted Made (formerly d/b/a Lifted Liquids)</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.6in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 24, 2020 we closed on the acquisition of 100% of the ownership of CBD-infused products maker Warrender Enterprise Inc. d/b/a Lifted Made (formerly d/b/a Lifted Liquids) of Zion, Illinois (the “Merger”), for consideration of (1) $3,750,000 in cash, (2) $3,750,000 in the form of a secured promissory note, (3) 3,900,455 shares of unregistered common stock of the Company (the "Stock Consideration"), (4) 645,000 shares of unregistered common stock of the Company that constitute deferred contingent compensation to be issued and delivered to certain persons specified by Nicholas S. Warrender in a schedule delivered by Nicholas S. Warrender to the Company at the closing of the Merger, and (5) warrants to purchase an aggregate of 1,820,000 shares of unregistered common stock of the Company at an exercise price of $5.00 per share that will be issued and delivered to certain persons specified by Nicholas S. Warrender in a schedule delivered by Nicholas S. Warrender to the Company at the closing of the Merger.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Merger, Lifted Liquids, Inc. d/b/a Lifted Made, an Illinois corporation ("Lifted" or "Lifted Made"), is now operating as a wholly-owned subsidiary of the Company, led by Nicholas S. Warrender as Lifted's CEO and also as Vice Chairman and Chief Operating Officer of Acquired Sales.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Nicholas S. Warrender shall, subject to certain conditions, enjoy so-called “piggyback registration rights” and "demand registration rights" in regard to the Stock Consideration, pursuant to a Registration Rights Agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From the date of acquisition (February 24, 2020) on, Lifted will be fully consolidated within the Company’s financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #222222"><font style="background-color: white"><b><i>Remaining Payment Obligations of CBD Lion to the Company</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #222222"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 8, 2019, the Company made an unsecured $300,000 loan to Lion (the “Loan”) evidenced by a promissory note (the “Note”) in connection with the proposed Merger Agreement with Lion. Per the terms of the Note, if the Transaction did not close and the merger agreement were terminated, then the Loan was to be repaid by Lion to the Company in six equal monthly installments of principal, together with accrued interest at the rate of 6% per year, with the first such installment due and payable by Lion to the Company on the first day of the first calendar month following the termination of the merger agreement. The Merger Agreement was terminated by the Company on November 14, 2019 and the Note became payable. During December 2019, the principal of the Note was repaid by Lion down to $200,000, and Lion also paid the accrued interest on the Note of $6,945.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Due to termination of the Merger Agreement, and per Section 5.15(b) of the Merger Agreement, as of December 31, 2019 the Company owed CBD Lion $31,500 for reimbursement of professional fees related to the audit of CBD Lion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This left Lion with a net balance owed to the Company of $168,500 as of December 31, 2019. In March 2020, Lion and the Company agreed that the repayment of such $168,500 will be made in eleven equal monthly installments of principal due and payable by Lion to the Company on the first day of each calendar month starting on April 1, 2020, and that no additional interest will accrue. Imputed interest on the remaining amounts owed by Lion to the Company will be evaluated during the first quarter of 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Payment of Dividends to Holders of Series A Preferred Stock</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #222222"><font style="background-color: white">Between February 28, 2020 and March 21, 2020, the Company made payments of dividends totaling $89,700 to holders of the Company’s Series A Convertible Preferred Stock.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Basis of Presentation</i> – </b>Acquired Sales Corp. (hereinafter sometimes referred to as “Acquired Sales”, the “Company”, “AQSP”, “Acquired”, the “Company”, “we”, “us”, “our”, etc.) was organized under the laws of the State of Nevada on January 2, 1986.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 160.75pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">Our business involves acquiring all or a portion of operating businesses involving the manufacture, sale and distribution of cannabinoid-infused products </font><font style="letter-spacing: 0.55pt">such as beverages, lotions, oils, hemp joints and cigarettes, tinctures, bath bombs, balms, body washes, gummies, food, other edibles, and non-prescription cannabinoid formulations </font><font style="background-color: white">(a “Canna-Infused Products Company”). In order to consummate a particular acquisition of a Canna-Infused Products Company, management of the Company is open-minded to the concept of also acquiring all or a portion of one or more operating businesses and/or assets that are related to such Canna-Infused Products Company, for example operating businesses and/or assets involving distilled spirits, beer, wine, paraphernalia and real estate. </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">To date, we have acquired 100% of the ownership interests in one Canna-Infused Products Company d/b/a Lifted Made, 4.99% of the ownership interests in a second Canna-Infused Products Company called Ablis Holding Company ("Ablis"), and 4.99% of the ownership interests in two other businesses that manufacture distilled spirits called Bendistillery Inc. ("Bendistillery") and Bend Spirits, Inc. ("Bend Spirits").</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For more information, please refer to <b>“Description of the Business of Acquired Sales Corp.</b>” and to <b>"The Lifted Made Business" </b>under the section “<b>ITEM 1. BUSINESS” above.</b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cash and Cash Equivalents</i></b> – Cash and cash equivalents as of December 31, 2019 and 2018 included cash on-hand. Cash equivalents are considered all accounts with an original maturity date within 90 days. Cash equivalents are carried at cost.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Notes Receivable </i></b>– Notes receivable are classified on the balance sheet based on their maturity date.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Fair Value of Financial Instruments </i></b>– The carrying amount of the financial instruments, which principally include cash, notes receivables, accounts payable and accrued expenses, approximates fair value due to the relative short maturity of such instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accounting Standards Codification (“ASC”) 820 defines fair value, establishes a framework for measuring fair value under U.S. GAAP and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair-value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i>Level 1 – </i></b>Quoted prices in active markets for identical assets or liabilities</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><b><i>Level 2 – </i></b>Inputs other than Level 1 that are observable, either directly or indirectly, such as quotes prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><b><i>Level 3 – </i></b>Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Investments</i></b> – Under US GAAP, the Company uses the cost method to account for our minority equity ownership interests in businesses in which the Company owns less than 20% of equity ownership, and have no substantial influence over the management of the businesses. Under the cost method of accounting, the Company reports the historical costs of the investments as assets on its balance sheet. However, US GAAP does not permit the consolidation of its financial statements with the financial statements of companies in which the Company owns minority equity ownership interests. US GAAP also requires the Company to record these types of investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. As such, the Company will not be allowed to consolidate into its financial statements any portion of the revenues, earnings or assets of companies in which it owns minority equity ownership interests such as Ablis, Bendistillery and Bend Spirits. Moreover, even if there is evidence that the fair market values of the investments have increased above their historical costs, US GAAP does not allow increasing the recorded values of the investments. Under US GAAP, the only adjustments that may be made to the historical costs of the investments are write downs of the values of the investments, which must be made if there is evidence that the fair market values of the investments have declined to below the recorded historical costs.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Income Taxes</i></b> – Provisions for income taxes are based on taxes payable or refundable for the current year and deferred income taxes. Deferred income taxes are provided on differences between the tax bases of assets and liabilities and their reported amounts in the financial statements and on tax carry forwards. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. A valuation allowance is provided against deferred income tax assets when it is not more likely than not that the deferred income tax assets will be realized.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Basic and Diluted Earnings (Loss) Per Common Share</i></b> – Basic earnings (loss) per common share is determined by dividing earnings (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per common share is calculated by dividing earnings (loss) by the weighted-average number of common shares and dilutive common share equivalents outstanding during the period. When dilutive, the incremental potential common shares issuable upon exercise of stock options and warrants are determined by the treasury stock method. The following table summarizes the calculations of basic and diluted earnings (loss) per common share for the years ended December 31, 2019 and 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>For the Year Ended</b></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>December 31, </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"> </td> <td style="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>2019</b></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>2018</b></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Net Loss</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ (1,236,105)  </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ (220,621)  </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.25pt double; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Weighted-Average Shares Outstanding</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,577,349   </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,369,648   </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Basic and Diluted Earnings Loss per Share</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ (0.48)  </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ (0.09)  </td></tr> </table> <p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2019, there were outstanding options to purchase 1,586,619 shares of common stock at between $0.001 and $2.00 per share, (b) rights to purchase warrants to purchase 2,625,000 shares of common stock at between $0.01 and $1.85 per share, and (c) financing warrants to purchase 31,250 shares of common stock at $0.03. As of the date of this report, none of these outstanding options, rights to purchase warrants or financing warrants have been exercised into shares of common stock. However, all of them may be exercised at any time in the sole discretion of the holder except for the rights to purchase warrants to purchase 1.25 million shares of our commons stock, are not exercisable until a performance contingency is met.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2019, the Company had <font style="color: #222222; background-color: white">Series A Preferred Stock </font>outstanding convertible into 6,615,000 shares of common stock. In addition, the Company has accepted subscriptions from four accredited investors to purchase 100,000 shares of Series B Preferred Stock for an aggregate purchase price of $500,000 in cash, convertible at the option of the holder into 100,000 shares of newly issued common stock of the Company, or $5.00 per share of common stock of the Company. None of these are including in the diluted earnings calculation, given they are considered antidilutive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In comparison, at December 31, 2018, there were outstanding options to purchase 1,186,132 shares of common stock at between $0.001 and $0.60 per share, (b) rights to purchase warrants to purchase 2,950,000 shares of common stock at between $0.01 and $1.85 per share, and (c) financing warrants to purchase 37,500 shares of common stock at $0.03. As of the date of this report, none of these outstanding options, rights to purchase warrants or financing warrants have been exercised into shares of common stock. However, all of them may be exercised at any time in the sole discretion of the holder except for the rights to purchase warrants to purchase 1.25 million shares of our commons stock, are not exercisable until a performance contingency is met.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Recent Accounting Pronouncements</i></b><i> – </i>In December 2019, the FASB issued ASU No. 2019-12, <i>Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes </i>(“ASU 2019-12”), which simplifies the accounting for income taxes, eliminates certain exceptions to the general principles in Topic 740 and clarifies certain aspects of the current guidance to improve consistent application among reporting entities. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021 and interim periods within annual periods beginning after December 15, 2022, though early adoption is permitted, including adoption in any interim period for which financial statements have not yet been issued. The Company is currently evaluating the impact of ASU 2019-12 on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other - Internal Use Software (Subtopic 250-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs for internal-use software. The accounting for any hosting contract is unchanged. ASU 2018-15 is effective on January 1, 2020 with early adoption permitted, including adoption in any interim period. The Company is currently evaluating the impact of ASU 2019-12 on its financial statements.</p>
</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<aqsp:OffBalanceSheetArrangementsPoliciesTextBlock contextRef="Y15">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Off Balance Sheet Arrangements</i></b> – We have no off balance sheet arrangements.</p>
</aqsp:OffBalanceSheetArrangementsPoliciesTextBlock>
<us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="Y15">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the calculations of basic and diluted earnings (loss) per common share for the years ended December 31, 2019 and 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>For the Year Ended</b></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>December 31, </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"> </td> <td style="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>2019</b></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>2018</b></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Net Loss</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ (1,236,105)  </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ (220,621)  </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.25pt double; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Weighted-Average Shares Outstanding</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,577,349   </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,369,648   </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Basic and Diluted Earnings Loss per Share</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ (0.48)  </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ (0.09)  </td></tr></table>
</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
<us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock contextRef="Y15">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a summary of share-based compensation, stock option and warrant activity as of December 31, 2019 and changes during the year then ended:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 38%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Shares</b></td> <td style="border-bottom: Black 1pt solid; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Weighted-Average Exercise Price</b></td> <td style="border-bottom: Black 1pt solid; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Weighted-Average Remaining Contractual Term (Years)</b></td> <td style="border-bottom: Black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Aggregate Intrinsic Value</b></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Exercisable Options, Rights to Purchase Warrants to Purchase Common Stock and Financing Warrants Outstanding, December 31, 2018</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,923,632   </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 0.87   </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.93   </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 2,410,100   </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Financing Warrants Issued During Q1 2019</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18,750   </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Warrants Granting the Right to Purchase Shares of Common Stock Issued During Q2 2019</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">410,942   </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Options that Expired During Q2 2019</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(9,434)  </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Rights to Purchase Warrants to Purchase Shares of Common Stock Exercised During Q1 2019</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(210,000)  </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Warrants Granting the Right to Purchase Shares of Common Stock Issued During Q3 2019</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,400   </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Warrants exercised during Q3 2019</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(147,021)  </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Warrants Granting the Right to Purchase Shares of Common Stock Issued During Q4 2019</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">600   </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Exercisable Options, Rights to Purchase Warrants to Purchase Common Stock and Financing Warrants Outstanding, December 31, 2019</td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,992,869   </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 0.97   </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.47   </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 4,570,144   </td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Outstanding Options, Rights to Purchase Warrants to Purchase Common Stock and Financing Warrants, December 31, 2019</td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,242,869   </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 1.23   </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.92   </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 5,382,644   </td></tr></table>
</us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock>
<us-gaap:OtherNonoperatingIncomeExpense contextRef="Y15" unitRef="USD" decimals="0"> 26826 </us-gaap:OtherNonoperatingIncomeExpense>
<us-gaap:OtherNonoperatingIncomeExpense contextRef="Y14" unitRef="USD" decimals="0"> -39055 </us-gaap:OtherNonoperatingIncomeExpense>
<us-gaap:UseOfEstimates contextRef="Y15">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Use of Estimates</i></b> – The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) typically requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions. Key estimates in these financial statements include the allowance for doubtful accounts, inventory write-downs, estimated useful lives of property, plant and equipment, valuation allowance on deferred income tax assets and the fair value of stock options.</p>
</us-gaap:UseOfEstimates>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="Y15">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 7 – INCOME TAXES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”).  The Tax Act reduced the U.S. federal statutory tax rate, broadened the corporate tax base through the elimination or reduction of deductions, exclusions, and credits, limited the ability of U.S. corporations to deduct interest expense, and transitioned to a territorial tax system which allows for the repatriation of foreign earnings to the U.S. with a 100% federal dividends received deduction prospectively. In addition, the Tax Act required a one-time transitional tax on foreign cash equivalents and previously unremitted earnings. Several of the new provisions enacted as part of the Tax Act require clarification and guidance from the U.S. Internal Revenue Service (“IRS”) and Treasury Department. These or other changes in U.S. tax laws could impact our profits, effective tax rate, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the years ended December 31, 2019 and 2018, the Company did not incur any current tax on its continuing operations and there was no deferred tax provision or benefit from continuing operations. At December 31, 2019, the Company has total U.S. Federal net operating loss carry forwards of $2,440,592. $1,968,244 of the total net operating loss carryforwards were generated from tax years prior to January 1, 2018 and expire between December 31, 2029 and December 31, 2037. The remaining $472,349 in net operating loss carryforwards have an indefinite carryforward period and can only offset 80% of taxable income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, the Company had no unrecognized tax benefits that, if recognized, would affect the Company’s effective income tax rate over the next 12 months. The Company currently believes that all significant filing positions are highly certain and that all of its significant income tax filing positions and deductions would be sustained upon audit. Therefore, the Company has no significant reserves for uncertain tax positions and no adjustments to such reserves were required by generally accepted accounting principles. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. The Company’s tax returns are subject to examination for the years ended December 31, 2014 through 2018. A reconciliation of the amount of tax benefit computed using the U.S. federal statutory income tax rate to the provision for income taxes on continuing operations is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>For the Years Ended</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b> December 31, </b></font></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 28%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b><u>2019</u></b></font></td> <td style="white-space: nowrap; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b><u>2018</u></b></font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td colspan="3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Tax expenses (benefit) at statutory rate (21%)</font></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> $ (254,542)</font></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> $ (46,330)</font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Non-deductible expenses</font></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> $ 2,606 </font></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> 276 </font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td colspan="3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Revision of prior years' deferred tax assets</font></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> $ 12,600 </font></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> (30,034)</font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Change in valuation allowance</font></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> $ 239,337 </font></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> (1,488,585)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td colspan="2" style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Provision for Income Taxes</b></font></td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> $ - </font></td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> $ - </font></td></tr> </table> <p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The decrease in the valuation allowance in 2018 was the result of the decrease in corporate tax rate as a result of the Tax Act; had the corporate tax rate stayed the same in 2018 as it were in 2017, the valuation allowance would have increased by $111,835 in 2018. The tax effects of temporary differences and carry forwards that gave rise to the net deferred income tax asset as of December 31, 2019 and 2018 were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>December 31,</b></td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>2019</b></td> <td colspan="2" style="border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>2018</b></td></tr> <tr style="background-color: #CCEEFF"> <td style="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Operating loss carry forwards</td> <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 484,157   </td> <td style="vertical-align: bottom; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 428,393   </td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Stock-based compensation</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,816,938   </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,874,127   </td></tr> <tr style="background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Other</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0   </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">233   </td></tr> <tr> <td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Less: Valuation allowance</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(2,301,095)  </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(2,061,891)  </td></tr> <tr style="background-color: #CCEEFF"> <td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Net Deferred Income Tax Asset</b></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-   </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-   </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The deferred tax asset valuation allowance increased by $239,204 and decreased by $1,488,585 during the years ended December 31, 2019 and 2018, respectively.</p>
</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="Y15">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A reconciliation of the amount of tax benefit computed using the U.S. federal statutory income tax rate to the provision for income taxes on continuing operations is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>For the Years Ended</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b> December 31, </b></font></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 28%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b><u>2019</u></b></font></td> <td style="white-space: nowrap; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b><u>2018</u></b></font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td colspan="3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Tax expenses (benefit) at statutory rate (21%)</font></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> $ (254,542)</font></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> $ (46,330)</font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Non-deductible expenses</font></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> $ 2,606 </font></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> 276 </font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td colspan="3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Revision of prior years' deferred tax assets</font></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> $ 12,600 </font></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> (30,034)</font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Change in valuation allowance</font></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> $ 239,337 </font></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> (1,488,585)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td colspan="2" style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Provision for Income Taxes</b></font></td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> $ - </font></td> <td style="border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><font style="font: 8pt Arial, Helvetica, Sans-Serif"> $ - </font></td></tr></table>
</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
<us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="Y15">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The tax effects of temporary differences and carry forwards that gave rise to the net deferred income tax asset as of December 31, 2019 and 2018 were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="4" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>December 31,</b></td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>2019</b></td> <td colspan="2" style="border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>2018</b></td></tr> <tr style="background-color: #CCEEFF"> <td style="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Operating loss carry forwards</td> <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 484,157   </td> <td style="vertical-align: bottom; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 428,393   </td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Stock-based compensation</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,816,938   </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,874,127   </td></tr> <tr style="background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Other</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0   </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">233   </td></tr> <tr> <td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Less: Valuation allowance</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(2,301,095)  </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(2,061,891)  </td></tr> <tr style="background-color: #CCEEFF"> <td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Net Deferred Income Tax Asset</b></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-   </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-   </td></tr></table>
</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
<aqsp:IncreaseInValuationAllowance contextRef="Y14" unitRef="USD" decimals="0"> 111835 </aqsp:IncreaseInValuationAllowance>
</xbrli:xbrl>

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