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AgEagle Aerial Systems Inc. – ‘10-K’ for 12/31/20 – ‘EX-101.INS’

On: Wednesday, 3/31/21, at 4:00pm ET · For: 12/31/20 · Accession #: 1575705-21-158 · File #: 1-36492

Previous ‘10-K’: ‘10-K’ on 4/13/20 for 12/31/19 · Next: ‘10-K’ on 4/12/22 for 12/31/21 · Latest: ‘10-K’ on 4/1/24 for 12/31/23 · 17 References:

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

 3/31/21  AgEagle Aerial Systems Inc.       10-K       12/31/20   64:3.8M                                   Premier Fin’l Fi… LLC/FA

Annual Report — Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    652K 
 2: EX-4.1      Instrument Defining the Rights of Security Holders  HTML     21K 
 3: EX-10.6     Material Contract                                   HTML     51K 
 4: EX-21.1     Subsidiaries List                                   HTML     15K 
 5: EX-23.1     Consent of Expert or Counsel                        HTML     16K 
 6: EX-23.2     Consent of Expert or Counsel                        HTML     16K 
 7: EX-31.1     Certification -- §302 - SOA'02                      HTML     20K 
 8: EX-31.2     Certification -- §302 - SOA'02                      HTML     20K 
 9: EX-32.1     Certification -- §906 - SOA'02                      HTML     17K 
10: EX-32.2     Certification -- §906 - SOA'02                      HTML     17K 
17: R1          Document And Entity Information                     HTML     55K 
18: R2          Consolidated Balance Sheets                         HTML     90K 
19: R3          Consolidated Balance Sheets (Parenthetical)         HTML     37K 
20: R4          Consolidated Statements of Operations               HTML     70K 
21: R5          Consolidated Statement of Changes in Stockholders'  HTML     83K 
                Equity (Deficit)                                                 
22: R6          Consolidated Statements of Cash Flows               HTML     98K 
23: R7          Description of Business                             HTML     28K 
24: R8          Summary of Significant Accounting Policies          HTML     51K 
25: R9          Inventories                                         HTML     23K 
26: R10         Notes Receivable                                    HTML     23K 
27: R11         Property and Equipment                              HTML     26K 
28: R12         Goodwill and Intangible Assets                      HTML     51K 
29: R13         Promissory Note                                     HTML     22K 
30: R14         Equity                                              HTML     87K 
31: R15         Warrants to Purchase Common Stock                   HTML     33K 
32: R16         Commitments and Contingencies                       HTML     42K 
33: R17         Related Party Transactions                          HTML     21K 
34: R18         Income Taxes                                        HTML     42K 
35: R19         Subsequent Events                                   HTML     23K 
36: R20         Summary of Accounting Policies (Policies)           HTML     95K 
37: R21         Summary of Accounting Policies (Tables)             HTML     25K 
38: R22         Inventories (Tables)                                HTML     24K 
39: R23         Property and Equipment (Tables)                     HTML     25K 
40: R24         Goodwill and Intangible Assets (Tables)             HTML     51K 
41: R25         Promissory Note (Table)                             HTML     23K 
42: R26         Equity (Tables)                                     HTML     42K 
43: R27         Warrants to Purchase Common Stock (Tables)          HTML     27K 
44: R28         Commitments and Contingencies (Tables)              HTML     21K 
45: R29         Income Taxes (Tables)                               HTML     37K 
46: R30         Summary of Accounting Policies (Details)            HTML     21K 
47: R31         Summary of Accounting Policies (Details 1)          HTML     23K 
48: R32         Inventories (Details)                               HTML     30K 
49: R33         Property and Equipment (Details)                    HTML     32K 
50: R34         Property and Equipment (Details Narrative)          HTML     19K 
51: R35         Goodwill and Intangible Assets (Details)            HTML     50K 
52: R36         Goodwill and Intangible Assets (Details 1)          HTML     42K 
53: R37         Goodwill and Intangible Assets (Details Narrative)  HTML     21K 
54: R38         Promissory Note (Details)                           HTML     19K 
55: R39         Equity (Details)                                    HTML     30K 
56: R40         Equity (Details 1)                                  HTML     55K 
57: R41         Warrants to Purchase Common Stock (Details)         HTML     49K 
58: R42         Commitments and Contingencies (Details)             HTML     25K 
59: R43         Income Taxes - Reconciliation of income tax         HTML     33K 
                expense (Details 1)                                              
60: R44         Income Taxes - Deferred tax assets (Details 1)      HTML     35K 
61: R45         Income Taxes (Details Narrative)                    HTML     22K 
63: XML         IDEA XML File -- Filing Summary                      XML    101K 
62: EXCEL       IDEA Workbook of Financial Reports                  XLSX     78K 
11: EX-101.INS  XBRL Instance -- uavs-20201231                       XML    877K 
13: EX-101.CAL  XBRL Calculations -- uavs-20201231_cal               XML    159K 
14: EX-101.DEF  XBRL Definitions -- uavs-20201231_def                XML    232K 
15: EX-101.LAB  XBRL Labels -- uavs-20201231_lab                     XML    644K 
16: EX-101.PRE  XBRL Presentations -- uavs-20201231_pre              XML    483K 
12: EX-101.SCH  XBRL Schema -- uavs-20201231                         XSD    142K 
64: ZIP         XBRL Zipped Folder -- 0001575705-21-000158-xbrl      Zip    107K

‘EX-101.INS’ — XBRL Instance — uavs-20201231

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Note 1 – Description of Business AgEagle Aerial Systems Inc. (“AgEagle,” “the Company,” “us,” “we,” “our”) produces, supports and operates technologically advanced drone systems and solutions for the fast-emerging unmanned aerial vehicle (UAV) industry. We are engaged in delivering the metrics, tools and strategies necessary to invent and implement drone-enabled solutions that solve important problems for our valued customers. With our founding premise rooted in high performance, next-level thinking, and technological innovation, AgEagle is intent on ensuring that new standards for quality U.S. manufacturing and the provision of precision-crafted, purpose-built drone systems and solutions are delivered to empower our customers to thrive and prosper in The Drone Age. ™ Founded in 2010, AgEagle was originally formed to pioneer proprietary, professional-grade, fixed-wing drones and aerial imagery-based data collection and analytics solutions for the agriculture industry. In addition to selling our innovative drones to the precision and sustainable farming markets, AgEagle’s innovative data collection and analytics solutions have processed more than two million acres of crops, analyzing data that seeks to adopt and support productive agricultural approaches to improve farming practices which currently limit the impact on our natural resources, reduce reliance on inputs and materially increase crop yields and profits. In the first half of 2019, the Company introduced HempOverview, a scalable, responsive and cost-effective Software-as-a-Solution (“SaaS”) web- and map-based technology platform to support the operations of domestic industrial hemp programs for state and tribal nation departments of agriculture – a solution that provides users with what the Company believes is the gold standard for regulatory oversight, operational assistance and reporting capabilities for the fast emerging industrial hemp industry. Over the past decade, the broader drone market has continued to evolve and expand. As a result, economic and productivity benefits made possible by drones is fueling global demand for high quality, safe and reliable drone systems and solutions for commercial applications well beyond agriculture. In response, AgEagle is now leveraging our technological expertise and drone engineering and manufacturing experience to penetrate new, high growth market sectors; namely, drone package delivery, public safety/security, large venue decontamination and infrastructure/inspection, among other high growth market opportunities. AgEagle’s key growth objectives are centered on three primary areas of focus: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px">1)</td> <td style="text-align: justify">Ag Solutions: Leveraging our reputation as one of the leading technology solutions providers to the agriculture industry to increase market share through delivery of best-in-class drones, sensors and data analytics for hemp and other commercial crops;</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>2)</td> <td style="text-align: justify">Drone Manufacturing: Establishing AgEagle as the dominant commercial drone design, engineering, manufacturing, assembly and testing company in the United States; and</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>3)</td> <td style="text-align: justify">Drone Solutions: Establishing the Company as one of the industry’s leading American-made trusted source for turnkey, end-to-end, tailored drone solutions to the world.</td></tr> </table> We intend to grow our business by preserving a leadership position in our core Ag Solutions business; providing quality contract manufacturing, assembly, and testing services; and innovating new customer-focused drone systems and solutions to capture significant share of the broader commercial drone market. In addition, we expect to accelerate our growth and expansion through strategic acquisitions of drone-related companies offering distinct technological and competitive advantages and have defensible IP protection in place, if applicable. The Company is headquartered in Wichita, Kansas. Corporate History; Recent Business Combinations On March 26, 2018, our predecessor company, EnerJex Resources, Inc. (“EnerJex”), a Nevada company, consummated the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated October 19, 2017, pursuant to which AgEagle Merger Sub, Inc., a Nevada corporation and a wholly-owned subsidiary of EnerJex, merged with and into AgEagle Aerial Systems Inc., a privately held company organized under the laws of the state of Nevada (“AgEagle Sub”), with AgEagle Sub surviving as a wholly-owned subsidiary of EnerJex (the “Merger”). In connection with the Merger, EnerJex changed its name to AgEagle Aerial Systems Inc. (the “Company, “we,” “our,” or “us”) and AgEagle Sub changed its name initially to “Eagle Aerial, Inc. and then to” AgEagle Aerial, Inc. Prior to this merger all of the EnerJex operations were conducted through EnerJex Kansas, Inc., Black Sable Energy, LLC, a Texas limited liability company (“Black Sable”) and Black Raven Energy, Inc. a Nevada corporation (“Black Raven”). Its leasehold interests were held in its wholly-owned subsidiaries Black Sable, Working Interest, LLC, EnerJex Kansas and Black Raven. Black Sable, Black Raven and Working Interest, LLC were all dissolved as of the end of 2020. As of December 31, 2020, the Company continues with the wholly-owned subsidiaries AgEagle Aerial, Inc. and Enerjex Kansas, Inc.

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Note 2 – Summary of Significant Accounting Policies Basis of Presentation and Consolidation - These financial consolidated statements are presented in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. The Company’s consolidated financial statements are prepared using the accrual method of accounting. The Company has elected a December 31 fiscal year end. The consolidated financial statements include the accounts of AgEagle Aerial Systems Inc. and its wholly-owned subsidiaries AgEagle Aerial, Inc. and EnerJex Kansas, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. Such consolidated financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“US GAAP”) in all material respects and have been consistently applied in preparing the accompanying consolidated financial statements. During the year ended December 31, 2020 the Company discovered errors in the income tax provision as of and for the year ended December 31, 2019. These errors relate to computing the deferred tax assets using a blended state and federal tax rate and also computing a deferred tax asset using the incorrect amount of net operating loss for the year ended December 31, 2019. The total of these errors were offset by incorrectly increasing the valuation allowance by the same amount. The adjustment was to decrease the deferred tax asset by $1,130,297 and to decrease the valuation allowance by the same amount. Since there was no impact to the Company’s net loss or the Company’s equity for the years ended December 31, 2020 and 2019 the Company has determined that these errors were not material to the consolidated financial statements. The deferred tax asset and valuation allowance has been cumulatively adjusted as of and for the year ended December 31, 2020 to correct these errors and the impact of these changes are included in the reconciliation of income tax disclosure for the year ended December 31, 2020. Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the reserve for obsolete inventory, valuation of stock issued for services and stock options, valuation of intangible assets and the valuation of deferred tax assets. Fair Value Measurements and Disclosures–The Fair Value Measurements and Disclosures topic of the Accounting Standards Codification (“ASC”) requires companies to determine fair value based on the price that would be received to sell the asset or paid to transfer the liability to a market participant. The Fair Value Measurements and Disclosures topic emphasizes that fair value is a market-based measurement, not an entity-specific measurement. The guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following categories: <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 7%">●</td> <td style="text-align: justify; width: 93%">Level 1: Quoted market prices in active markets for identical assets or liabilities.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td>●</td> <td style="text-align: justify">Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td>●</td> <td style="text-align: justify">Level 3: Unobservable inputs that are not corroborated by market data.</td></tr> </table> We have no assets or liabilities that are required to have their fair value measured on a recurring basis at December 31, 2020 or 2019. Long-lived assets are measured at fair value on a non-recurring basis and are subject to fair value adjustments when there is evidence of impairment. For short-term classes of our financial instruments, which include cash and cash equivalents, accounts receivable, notes receivable and accounts payable, and which are not reported at fair value, the carrying amounts approximate fair value due to their short-term nature. Additionally, the Note payable is carried at face value, which approximates fair value, due to the government backed securities which requires payments however management is expecting to apply for and receive full forgiveness during 2021 (See Note 7). Concentrations -The Company maintains cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. The Company’s bank balances at times may exceed the FDIC limit. To date, the Company has not experienced any losses on its invested cash. As of December 31, 2020, there was one significant vendor that the Company relies upon to perform stitching its FarmLens platform. This vendor provides services to the Company which can be replaced by alternative vendors should the need arise. Receivables and Credit Policy – Trade receivables due from customers are uncollateralized customer obligations due under normal trade terms requiring payment within 30 days from the invoice date. Terms with our distributor allow for payment terms of 45 days from the invoice date. Trade receivables are stated at the amount billed to the customer. The Company generally does not charge interest on overdue customer account balances. Payments of trade receivables are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices. Accounts receivable at January 1, 2019 was $93. The Company estimates an allowance for doubtful accounts based upon an evaluation of the current status of receivables, historical experience, and other factors as necessary. It is reasonably possible that the Company’s estimate of the allowance for doubtful accounts will change. The Company determined that no allowance was necessary as of December 31, 2020 and December 31, 2019. Inventories – Inventories, which consist of raw materials, finished goods and work-in-process, are stated at the lower of cost or net realizable value, with cost being determined by the average-cost method, which approximates the first-in, first-out method. Cost components include direct materials and direct labor, as well as in-bound freight. At each balance sheet date, the Company evaluates its ending inventories for excess quantities and obsolescence. This evaluation primarily includes an analysis of forecasted demand in relation to the inventory on hand, among consideration of other factors. The physical condition (e.g., age and quality) of the inventories is also considered in establishing its valuation. Based upon the evaluation, provisions are made to reduce excess or obsolete inventories to their estimated net realizable values. Once established, write-downs are considered permanent adjustments to the cost basis of the respective inventories. These adjustments are estimates, which could vary significantly, either favorably or unfavorably, from the amounts that the Company may ultimately realize upon the disposition of inventories if future economic conditions, customer inventory levels, product discontinuances, sales return levels or competitive conditions differ from the Company’s estimates and expectations. As of December 31, 2020, and 2019, the Company had recorded a provision for obsolescence of $10,000, respectively. Goodwill and Intangible Assets – The assets and liabilities of acquired businesses are recorded under the acquisition method of accounting at their estimated fair values at the date of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying identifiable net assets of acquired businesses. Goodwill is not subject to amortization and is tested annually for impairment, or more frequently if events or changes in circumstances indicate that the carrying value of the goodwill may not be recoverable. Intangible assets from acquired businesses are recognized at fair value on the acquisition date and consist of customer programs, trademarks, customer relationships, technology and other intangible assets. Customer programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology and trademarks underlying the associated program and are amortized on a straight-line basis over a period of expected cash flows used to measure fair value, which ranges from four to five years. Business Combinations - The Company recognizes, with certain exceptions, 100% of the fair value of assets acquired, liabilities assumed, and non-controlling interests when the acquisition constitutes a change in control of the acquired entity. Shares issued in consideration for a business combination, contingent consideration arrangements and pre-acquisition loss and gain contingencies are all measured and recorded at their acquisition-date fair value. Subsequent changes to fair value of contingent consideration arrangements are generally reflected in earnings. Any in-process research and development assets acquired are capitalized as of the acquisition date. Acquisition-related transaction costs are expensed as incurred. The operating results of entities acquired are included in the accompanying consolidated statements of operations from the date of acquisition. Revenue Recognition and Concentration – The majority of the Company’s revenue is generated pursuant to written contractual arrangements to develop, manufacture and/or modify complex drone related products, and to provide associated engineering, technical and other services according to customer specifications. These contracts are a fixed price and are accounted for in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under fixed-price contracts, the Company agrees to perform the specified work for a pre-determined price. To the extent the Company’s actual costs vary from the estimates upon which the price was negotiated, it will generate more or less profit or could incur a loss. The Company accounts for a contract after it has been approved by all parties to the arrangement, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company generally recognizes revenue on sales to customers, dealers and distributors upon satisfaction of performance obligations which generally occurs once controls transfer to customers, which is when product is shipped or delivered depending on specific shipping terms. Additionally, customers are required to place a deposit or pay upon shipping for each UAV or drone delivery assembly part ordered. Customer payments received in advance of the Company completing performance obligations are recorded as contract liabilities. The Company’s FarmLens platform is offered on subscription basis for processing aerial imaging. These subscription fees are recognized ratably over each monthly membership period as the services are provided. Sales concentration information for customers comprising more than 10% of the Company’s total net sales such customers is summarized below: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center">Percent of total revenues for year ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Customers</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; padding-left: 7.5pt; text-indent: -7.5pt">Customer A</td> <td style="width: 8%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">93.7</td> <td style="width: 1%">%</td> <td style="width: 8%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">90.8</td> <td style="width: 1%">%</td></tr> </table> There were no accounts receivable from Customer A due as of December 31, 2020. Accounts receivable due from Customer A comprised all of the accounts receivable as of December 31, 2019. The table below reflects our revenue for the years indicated by product mix. <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center">For the Year Ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Type</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; padding-left: 7.5pt; text-indent: -7.5pt">Drone and Custom Manufacturing Sales</td> <td style="width: 8%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">1,218,735</td> <td style="width: 1%"> </td> <td style="width: 8%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">267,622</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Software Subscription Sales</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">66,648</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">29,055</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Total</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,285,383</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">296,677</td> <td> </td></tr> </table> Shipping Costs – Shipping costs for the years ended December 31, 2020 and 2019 totaled $6,122, and $5,493, respectively. All shipping costs billed directly to the customer are directly offset to shipping costs resulting in a net expense to the Company which is included in cost of goods sold on the accompanying statements of operations. Research and Development Expenses – Research and development costs are expensed as incurred and are included as part of the accompanying consolidated statements of operations. Research and development costs totaled $29,392 and $38,948 for the years ended December 31, 2020 and 2019, respectively. Potentially Dilutive Securities – The Company has excluded all common equivalent shares outstanding for warrants, options and convertible instruments to purchase Common Stock from the calculation of diluted net loss per share, because all such securities are anti-dilutive for the periods presented. For the year ended December 31, 2020, the Company had 2,516,778 warrants and 2,255,267 options to purchase Common Stock. For the year ended December 31, 2019, the Company had 4,531,924 warrants and 2,480,470 options to purchase Common Stock, 3,501 shares of Series C Preferred Stock which may be converted into 6,483,333 shares of Common Stock. Leases – The Company accounts for its operating leases in accordance with FASB Account Standards Update 2016-02 – Leases (Topic 842) Lessees recognize a right-of-use asset and a lease liability for virtually all their leases. to the Company recognizes assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. Income Taxes – The Company accounts for income taxes in accordance with FASB ASC Topic 740, Accounting for Income Taxes. This topic requires an asset and liability approach for accounting for income taxes. The Company evaluates its tax positions that have been taken or are expected to be taken on income tax returns to determine if an accrual is necessary for uncertain tax positions. The Company will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred. All income tax returns not filed more than three years ago are subject to federal and state tax examinations by tax authorities. Stock-Based Compensation Awards – The Company accounts for its stock-based awards in accordance with ASC Subtopic 718-10, “Compensation – Stock Compensation”, which requires fair value measurement on the grant date and recognition of compensation expense for all stock-based payment awards made to employees and directors. For stock options, the Company estimates the fair value using a closed option valuation (Black-Scholes) model. The estimated fair value is then expensed over the requisite service period of the award which is generally the vesting period and the related amount is recognized in the accompanying consolidated statements of operations within general and administrative expenses. The Company recognizes forfeitures at the time they occur. The Black-Scholes option-pricing model requires the input of certain assumptions that require the Company’s judgment, including the expected term and the expected stock price volatility of the underlying stock. The assumptions used in calculating the fair value of stock-based compensation represent management’s best estimates, but these estimates involve inherent uncertainties and the application of judgment. As a result, if factors change resulting in the use of different assumptions, stock-based compensation expense could be materially different in the future. Uncertainty––The recent outbreak of the COVID-19 coronavirus is impacting worldwide economic activity. COVID-19 poses the risk that we or our employees, CROs, suppliers, manufacturers and other partners may be prevented from conducting business activities for an indefinite period of time, including due to the spread of the disease or shutdowns that may be requested or mandated by governmental authorities. While it is not possible at this time to estimate the full impact that COVID-19 could have on our business, the continued spread of COVID-19 could disrupt our clinical trials, supply chain and the manufacture or shipment of our cyclodextrin products, and other related activities, which could have a material adverse effect on our business, financial condition and results of operations. While we have not yet experienced any material disruptions in our business or other negative consequences relating to COVID-19, the extent to which the COVID-19 pandemic impacts our results will depend on future developments that are highly uncertain and cannot be predicted. See Note 7. Recently Issued Accounting Pronouncements Adopted In August 2018, the FASB issued ASU 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820). This ASU removes or modifies current disclosures while adding certain new disclosure requirements. The guidance is effective for fiscal years beginning after December 15, 2019 and interim periods therein, with early adoption permitted for the removed or modified disclosures. The removed and modified disclosures can be adopted retrospectively, and the added disclosures should be adopted prospectively. The Company’s adoption of ASU No. 2018-13 effective December 15, 2019 did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (Topic 350-40). This ASU allows for capitalization of implementation costs associated with certain cloud computing arrangements. The guidance is effective for fiscal years beginning after December 15, 2019 and interim periods therein, with early adoption permitted. The Company’s adoption of ASU No. 2018-15 effective December 15, 2019 did not have a material impact on the consolidated financial statements. Pending Adoption In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), which provides guidance on how an entity should measure credit losses on financial instruments. The ASU is effective for smaller reporting company’s for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company does not expect this ASU to have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The amendments in ASU 2019-12 simplify the accounting for income taxes by removing certain exceptions to the general principles and clarifying a handful of narrow issues within the broad topic of income tax accounting. The amendments in ASU 2019-12 are effective for years beginning after December 15, 2020. The Company does not expect this ASU to have a material impact on its consolidated financial statements. Other recent accounting pronouncements issued by FASB did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.

</us-gaap:SignificantAccountingPoliciesTextBlock>

<us-gaap:InventoryDisclosureTextBlock contextRef="From2020-01-01to2020-12-31">

Note 3 — Inventories Inventories consist of the following at: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; text-indent: -7.5pt; padding-left: 7.5pt">Raw materials</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">88,091</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">193,022</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -7.5pt; padding-left: 7.5pt">Work-in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,447</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,456</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -7.5pt; padding-left: 7.5pt">Finished goods</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,109</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,689</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt">Gross inventory</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">145,647</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">231,167</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -7.5pt; padding-left: 7.5pt">Less obsolescence reserve</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(10,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(10,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-indent: -7.5pt; padding-left: 7.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">135,647</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">221,167</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

</us-gaap:InventoryDisclosureTextBlock>

<uavs:NotesReceivableTextBlock contextRef="From2020-01-01to2020-12-31">

Note 4 – Notes Receivable On October 14, 2020, in connection with, and as an incentive to the entry into a two-year exclusive manufacturing agreement to produce a patented Drone Delivery Station for Valqari LLC (“Valqari”), AgEagle Aerial Systems, Inc. (the “Company”) entered into a Convertible Promissory Note pursuant to which the Company has made a loan to Valqari, in the principal aggregate amount of $500,000 (the “Note”), which amount accrues interest at a rate of three percent per annum. The loan matures on April 15, 2021 (the “Maturity Date”), at which time all outstanding principal and interest that has accrued, but remains, unpaid shall be due. The Note provides for an automatic six month extension of the Maturity Date under the following circumstances (i) Valqari has received in writing, (x) a good faith acquisition offer at a consideration value greater than $15,000,000, (y) such offer, upon consummation, would result in a change in control (as defined in the note) of Valqari, and (z) at such time Valqari, is actively engaged in the negotiation or finalization of such acquisition transaction; or (ii) Valqari has initiated, or is in the process of initiating, a conversion to a “C-Corporation” under the Internal Revenue Code, whereas such conversion will be completed no later than one day prior to the extended Maturity Date. Valqari may not prepay the Note prior to the Maturity Date. In the event of a change in control or conversion of Valqari to a “C-Corporation” under the Internal Revenue Code on or before the Maturity Date, the Company may convert the outstanding principal amount of the Note and any unpaid accrued interest into (i) Class B Common Units of Valqari: immediately prior to the closing of a Change in Control or (ii) upon Valqari’s conversion to a C-corporation, shares of Valqari Common Stock, in both cases at a conversion price no higher than a pre-money valuation of $15,000,000. The Note is subject to customary representations and warranties by Valqari, as well as events of default, which may lead to acceleration of the payment of the Note such as (i) failure to pay all of the outstanding principal, plus accrued interest on the Maturity Date, (ii) Valqari filing a petition or action under any bankruptcy, or other law, or (iii) an involuntary petition is filed again Valqari under any bankruptcy statute (that is not dismissed or discharged within 60 days). The indebtedness evidenced by the Note is subordinated in right of payment to the prior payment in full of any senior indebtedness (as defined in the Note) in existence on the date of the Note or incurred thereafter. On November 16, 2020, the Company (Payee) executed a promissory note in connection with a proposed acquisition (the “Proposed Acquisition”) by the Payee or its affiliate, for 100% of the capital stock of MicaSense Inc., (“MicaSense”). Parrot Drones S.A.S. promises to pay to the Company the principal amount of $100,000 provided such principal amount shall be off-set and reduced by all amounts paid or due in connection with the audit of the financial statements for the fiscal years ended December 31, 2018 and 2019 of MicaSense evidenced by invoices from MicaSense’s auditors, copies of which shall be provided to Payee (the “Audit Costs”), together with any accrued and unpaid interest on the maturity date of March 15, 2021 unless the note is credited towards the purchase price upon closing of the proposed acquisition or otherwise accelerated in accordance with the terms and conditions of the remedies section within the noted.

</uavs:NotesReceivableTextBlock>

<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="From2020-01-01to2020-12-31">

Note 5 — Property and Equipment Property and equipment consist of the following at: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-right: 0; padding-left: 0"> </td><td style="color: black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">Type</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; padding-right: 0; padding-left: 0">Estimated Life</td><td style="color: black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center">2020</td><td style="color: black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 45%; text-align: left">Leasehold improvements</td><td style="width: 5%"> </td> <td style="width: 12%; text-align: center; padding-left: 0; padding-right: 0">3 Years</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">22,265</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">12,170</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Equipment and vehicles</td><td> </td> <td style="text-align: center; padding-left: 0; padding-right: 0">5 Years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,532</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,652</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer and office equipment</td><td> </td> <td style="text-align: center; padding-left: 0; padding-right: 0">5 Years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,369</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,262</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Furniture</td><td> </td> <td style="text-align: center; padding-left: 0; padding-right: 0">5 Years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">54,798</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Drone equipment</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt; padding-left: 0; padding-right: 0">3 Years</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32,138</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,674</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0 0 0 20pt">Total</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; padding-left: 0; text-align: center; padding-right: 0"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">233,102</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">140,758</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; padding-left: 0; text-align: center; padding-right: 0"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(110,513</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(102,982</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0 0 0 20pt; text-align: left">Total Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; padding-left: 0; text-align: center; padding-right: 0"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">122,589</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">37,776</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Depreciation expense for the years ended December 31, 2020 and 2019 was $20,716 and $15,043, respectively. During the year ended December 31, 2020 the company recorded $13,185 on disposal, resulting on a loss of $594 which is included in other expenses on the consolidated statements of operations.

</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>

<us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock contextRef="From2020-01-01to2020-12-31">

Note 6 – Goodwill and Intangible Assets Intangible assets are recorded at cost and consist of the assets acquired for the acquisition of SaaS completed in 2018 (see Note 3) and our HempOverview platform development costs. Goodwill and intangible assets were comprised of the following as of December 31, 2020: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center">Name</td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: center">Estimated Life</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Balance at January 1, 2020</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Additions</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Amortization</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Impairment</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Balance at December 31, 2020</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 19%">Intellectual property/technology</td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: center"> 5 Years</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">317,826</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">(86,680</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">231,146</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Customer base</td> <td> </td> <td style="text-align: center"> 5 Years</td> <td> </td> <td> </td> <td style="text-align: right">52,800</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(14,400</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">38,400</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Tradenames and trademarks</td> <td> </td> <td style="text-align: center"> 5 Years</td> <td> </td> <td> </td> <td style="text-align: right">42,680</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(11,640</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">31,040</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Non-compete agreement</td> <td> </td> <td style="text-align: center"> 4 Years</td> <td> </td> <td> </td> <td style="text-align: right">107,267</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(40,225</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">67,042</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> Platform development costs</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">72,899</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">72,899</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt">Total Intangible Assets</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td>$</td> <td style="text-align: right">520,573</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">72,899</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(152,945</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">440,527</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Goodwill</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,108,000</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,108,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt">Total</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,628,573</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">72,899</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(152,945</td> <td>)</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,548,527</td> <td> </td></tr> </table> Goodwill and intangible assets were comprised of the following as of December 31, 2019: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center">Name</td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: center">Estimated Life</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Balance at January 1, 2019</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Additions</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Amortization</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Impairment</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Balance at December 31, 2019</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 19%">Intellectual property/technology</td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: center"> 5 Years</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">404,506</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">(86,680</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">317,826</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Customer base</td> <td> </td> <td style="text-align: center"> 5 Years</td> <td> </td> <td> </td> <td style="text-align: right">70,800</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(18,800</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">52,800</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Tradenames and trademarks</td> <td> </td> <td style="text-align: center"> 5 Years</td> <td> </td> <td> </td> <td style="text-align: right">54,320</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(11,640</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">42,680</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Non-compete agreement</td> <td> </td> <td style="text-align: center"> 4 Years</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">147,492</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(40,225</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">107,267</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt">Total Intangible Assets</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td>$</td> <td style="text-align: right">677,118</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(156,545</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">520,573</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Goodwill</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,270,984</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(162,984</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,108,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt">Total</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,948,102</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(156,545</td> <td>)</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(162,984</td> <td>)</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,628,573</td> <td> </td></tr> </table> The weighted average remaining amortization period in years is 2.46 years. Amortization expense for the years ended December 31, 2020 and 2019 was $152,945 and $156,545, respectively. Future amortization is as follows for fiscal years ending: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2021</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2022</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2023</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2024</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2025</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">Intellectual property/technology</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">86,680</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">86,680</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">57,786</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">—</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Customer base</td> <td> </td> <td> </td> <td style="text-align: right">14,400</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">14,400</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9,600</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Tradenames and trademarks</td> <td> </td> <td> </td> <td style="text-align: right">11,640</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">11,640</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">7,760</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Non-compete agreement</td> <td> </td> <td> </td> <td style="text-align: right">40,225</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">26,817</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Platform development costs</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">14,580</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">14,580</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">14,580</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">14,580</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">14,579</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">167,525</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">154,117</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">89,726</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">14,580</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">14,579</td> <td> </td></tr> </table> In the fourth quarter of 2020, the Company performed its annual goodwill impairment test using a quantitative approach by comparing the carrying value of the reporting unit, including goodwill, to its fair value. If the carrying value of the reporting unit, including goodwill, exceeds its fair value, a goodwill impairment loss is recognized in an amount equal to that excess. The Company estimates the fair value of each reporting unit using a combination of a discounted cash flow (DCF) (Level 3 input) analysis and market-based valuation methodology such as comparable public company trading values. Determining fair value requires the exercise of significant judgments, including the amount and timing of expected future cash flows, long-term growth rates, discount rates and relevant comparable public company earnings multiples and relevant trading multiples. The cash flows employed in the DCF analysis are based on estimates of future sales, earnings and cash flows after considering factors such as general market conditions, existing firm orders, expected future orders, changes in working capital, long term business plans and recent operating performance. The DCF analysis used a discount rate of 13%. For purposes of testing the finite-lived intangible assets the sum of the undiscounted future cash flows expected to result from the use of the asset group was compared to the asset group’s carrying value. Based on the impairment test for the goodwill and finite-lived intangibles assets related to the SaaS reporting unit no impairment exists for those assets as of December 31, 2020 and 2019. The Company will continue to amortize the related finite-intangible asset over their estimated useful lives.

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Note 7 – Promissory Note On May 6, 2020, the Company received a loan in the amount of $107,439 from the Small Business Administration (SBA) as part of Coronavirus Aid, Relief and Economic Security Act’s Paycheck Protection Plan (PPP). The loan is unsecured, nonrecourse, accrues interest at one percent per annum, with a due date of May 6, 2022. Under the terms of the loan, a portion or all of the loan is forgivable to the extent that the loan proceeds are used to fund qualifying payroll, rent and utilities during a designated twenty-four-week period through October 21, 2020. The unforgiven portion of the PPP loan is payable over two years and can be extended to five years if agreed upon by both parties and bears interest at a rate of 1%, with a deferral of payments for the first six months. The Company intends to use the proceeds for purposes consistent with the PPP. While the Company currently believes that its use of the loan proceeds will meet the conditions for forgiveness of the loan, there can be no assurance that the Company will not take actions that could cause the Company to be ineligible for forgiveness of the loan, in whole or in part. The maturities of the loan for the: <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%"> <tr style="vertical-align: bottom"> <td colspan="2" style="font-weight: bold; text-align: center">Year Ending December 31,</td><td style="color: black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center">Amount</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 67%; text-align: center">2021</td><td style="width: 1%; text-align: center"> </td><td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">89,533</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2022</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,906</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">107,439</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

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Note 8 – Equity Series C Preferred Stock Each share of Series C Preferred Stock is convertible into a number of shares of our Common Stock equal to the quotient determined by dividing (x) the stated value of $1,000 per share, by (y) a conversion price of $0.54. Until the volume weighted average price of our Common Stock on NYSE exceeds $107.50 with average trading volume of 200,000 shares per day for ten consecutive trading days, the conversion price of our Series C Preferred Stock is subject to full-ratchet, anti-dilution price protection. Under that provision, if, while that full-ratchet, anti-dilution price protection is in effect, the Company issues shares of our Common Stock at a price per share (the “Dilutive Price”) that is less than the conversion price, then the conversion price of our Series C Preferred Stock is automatically reduced to be equal to the Dilutive Price. The effect of that reduction is that, upon the issuance of shares of Common Stock at a Dilutive Price, the Series C Preferred Stock would be convertible into a greater number of shares of our Common Stock. The Series C preferred stock anti-dilution protection was initially triggered on December 27, 2018 as a result of the Company issuing the Series D Preferred Stock, (the “Series D Preferred Stock”) as described below. The Series D Preferred Stock had a $0.54 conversion price thereby qualifying as a subsequent equity offering at a price less than $1.53. During the year ended December 31, 2019, Alpha Capital Anstalt (“Alpha”) converted a total of 1,161 shares of Series C Preferred Stock into 2,150,000 shares of Common Stock at a conversion price of $.54. During the month of January 2020, Alpha converted 189 shares of Series C Preferred Stock into 350,000 shares of Common Stock at a conversion price of $0.54. On April 7, 2020, upon the issuance of the Series E Preferred Stock, offering (see below), a subsequent anti-dilution provision was triggered for the Series C Preferred Stock whereby the conversion price was further adjusted from $0.54 per share to $0.25 per share (a “Down Round), which resulted in approximately 13,248,000 shares of common stock being issuable upon conversion of the remaining Series C Preferred Stock. As a result of this Down Round being triggered, the Company recorded a deemed dividend in the amount of $3,841,920 representing the intrinsic spread between the previous conversion price of $.54 and the adjusted conversion price of $.25 multiplied by 13,248,000 common stock shares issuable upon conversion. The deemed dividend was recorded as a reduction of retained earnings and increase in additional paid-in-capital and increased the net loss to common stockholders by the same amount in computing earnings per share. During the month of April 2020, Alpha converted 3,312 shares of Series C Preferred Stock into 13,247,984 shares of Common Stock at a conversion price of $0.25. As of December 31, 2020, no Series C Preferred Stock remain issued and outstanding. Series D Preferred Stock On December 27, 2018, the Company entered into Securities Purchase Agreement (the “Series D Purchase Agreement”) with an Investor (the “Purchaser”). Pursuant to the terms of the Agreement, the Board of Directors of the Company (the “Board”) designated a new series of preferred stock, the Series D Preferred Stock, which is non-convertible and provides for an 8% annual dividend and is subject to optional redemption by the Company (the “Preferred Stock”). The Company issued 2,000 shares of Preferred Stock and a warrant (the “Warrant”) to purchase 3,703,703 shares of the Company’s Common Stock, par value $0.001 per share of Common Stock, for $2,000,000 in gross proceeds. The shares of Common Stock underling the Warrant are referred to as the “Warrant Shares”. The Company also entered into a registration rights agreement granting registration rights to the Purchaser with respect to the Series D Warrant Shares. The Series D Purchase Agreement provides that upon a subsequent financing or financings with net proceeds of at least $500,000, the Company must exercise its optional redemption of the Preferred Stock and apply any and all net proceeds from such financing(s) to the redemption in full of the Preferred Stock. The Preferred Stock is nonconvertible, provides for an 8% annual dividend payable semi-annually, and has liquidation rights senior to the Common Stock, but pari passu with the Company’s Series C Preferred Stock. The Preferred Stock has no voting rights, except that the Company shall not undertake certain corporate actions as set forth in the Certificate of Designation that would materially impact the holders of Preferred Stock without their consent. The Preferred Stock is subject to optional redemption by the Company at 115% of the stated value of the Preferred Stock outstanding at the time of such redemption, plus any accrued but unpaid dividends and all liquidated damages or other amounts due. Any such optional redemption may only be exercised after giving notice and upon satisfaction of certain equity conditions set forth in the Certificate of Designation, including (i) all dividends, liquidated damages and other amounts have been paid; (ii) there is an effective registration statement covering the Warrant Shares, or the Warrant Shares can be exercised through a cashless exercise without restriction under Rule 144, (iii) the Warrant Shares are listed on an exchange, (iv) the holder is not in possession of material, non-public information, (v) there is a sufficient number of authorized shares for issuance of all Warrant Shares, and (vi) for each trading day in a period of 20 consecutive trading days prior to the redemption date, the daily trading volume for the Common Stock on the principal trading market exceeds $200,000 per trading day. On April 7, 2020, upon the issuance of the Series E Preferred Stock, (the “Series E Preferred Stock”) offering (see below), a subsequent anti-dilution provision was triggered for the Series D Warrants whereby the exercise price of the Warrant Shares was adjusted from $0.54 to $0.25 per share (a “Warrant Down Round). Upon the Warrant Down Round being triggered, the Company recognized $208,918 of a deemed dividend for the difference between the fair value of the original warrants right before modification and the fair value of the modified warrants. The fair value of the warrants was determined using the Black-Scholes option-pricing model based on the following assumptions: expected life of 3.5 years, expected dividend rate of 0%, volatility of 90.0%, and an interest rate of 0.29%. The deemed dividend to the preferred stockholders was a recorded as additional paid in capital and a reduction of retained earnings and as an increase to net loss attributable to Common Stockholders in computing earnings per share on the consolidated statements of operations. On June 5, 2020, the Company and Alpha entered into a letter agreement whereby they agreed to amend the Original Series D Preferred Stock and terminate the Series D Purchase Agreement. Alpha is a current holder of less than 10% of the Company’s issued and outstanding Common Stock and has no material relationship with the Company. On June 5, 2020, the Board of Directors of the Company approved an amendment to the Original Series D Preferred Stock Certificate of Designation for Nevada Profit Corporations with the Secretary of State of the State of Nevada (the “Original Series D Preferred Stock Certificate of Designation”). The amendment among other things, (i) provided for the ability of the Holder to convert the Original Series D, including all accrued, but unpaid dividends on the Original Series D, into shares of Common Stock, par value $0.001 per share of the Company, (ii) set a conversion price at $0.54 per share (subject to customary adjustments), and (iii) increased the stated value of the Original Series D from $1,000 to $1,116.67. The Amended and Restated Certificate of Designation of the Series D Preferred Stock was filed with the Secretary of the State of Nevada effective as of June 8, 2020. The holder of the Original Series D approved the amendment to the Original Series D. There is no class or series of stock which is senior to the Original Series D as to the payment of distributions upon dissolution of the Company, and therefore the approval of any other class or series of stock of the Company to the amendments to the Original Series D Preferred Stock Certificate of Designation is not required pursuant to Nevada law. On the date of the above amendment to the Original Series D Preferred Stock the fair value of the Company’s Common Stock price was $1.45 which is higher than the effective conversion price of $0.54 that was agreed to on June 5, 2020. Due to the modification of the Series D Preferred Stock, the Company recorded a deemed dividend of $3,763,591 representing the intrinsic value of $0.91 multiplied by the number of Common Stock shares to be issued upon conversion. The deemed dividend to the preferred stockholders was a recorded as additional paid in capital and a reduction of retained earnings and has an increase to net loss attributable to Common Stockholders in computing earnings per share. During the month of June 2020, the Series D Preferred Stockholder converted 1,890 shares of Series D Preferred Stock and all outstanding accrued dividends totaling $233,333 into 3,500,000 shares of Common Stock at a conversion price of $0.54. During the three months ended September 30, 2020, the Series D Preferred Stockholders converted the remaining 110 shares of the Series D Preferred Stock into 635,815 shares of Common Stock at a conversion price of $0.54 which includes an additional 421,308 of Common Stock shares to correct conversions that occurred in June 2020 computed using the stated value of $1,000 rather than $1,116.67. Series E Preferred Stock On April 7, 2020, the Company entered into a Securities Purchase Agreement (the “Series E Purchase Agreement”) with Alpha, pursuant to the terms of the agreement, the Board of Directors of the Company authorized 1,050 shares of a newly designated series of preferred stock, the Series E Convertible Preferred Stock. The Preferred Stock was convertible at $0.25 per share into an aggregate of 4,200,000 shares of the Common Stock, par value $0.001 per share. The purchase price for the Preferred Stock was $1,050,000 of which the Company received net proceeds of $1,010,000. The Preferred Stock has liquidation rights senior to the Common Stock, but pari passu with the Series C Preferred Stock and the Series D Preferred Stock. The Preferred Stock has no voting rights. The conversion price adjusts for stock splits and combinations and is subject to anti-dilution protection for subsequent equity issuances until such time as no shares of Series E Preferred Stock are outstanding. The Certificate of Designation of the Series E Convertible Preferred Stock was filed with the State of Nevada on April 2, 2020. The Company also entered into a Registration Rights Agreement, granting registration rights to Alpha with respect to the Conversion Shares and Common Stock underlying warrants currently owned by Alpha. On the date that the Series E Preferred Stock was consummated the fair value of the Company’s Common Stock price was $0.37 which is higher than the effective conversion price of $0.25 that was agreed to on April 7, 2020. As a result, the Company recognized a beneficial conversion feature (“BCF”) of $378,240 on 788 of Preferred Shares representing the intrinsic value of $.12 multiplied by the number of Common Stock shares to be issued upon conversion. The remaining amount of 262 shares was repurchased as described below. The discount to the Series E Preferred Stock resulting from the BCF has been presented as an increase to net loss attributable to Common Stockholders in computing earnings per share on the consolidated statements of operations. On May 11, 2020, the Company entered into a Series E Purchase Agreement for the sale of Common Stock as described above with Alpha whereby we agreed to repurchase 262 shares of Series E Preferred Stock with the proceeds from the new issuance. The repurchase of the Preferred Series E Stock was convertible into 1,048,000 shares of Common Stock at a repurchase price of $1.06 per share. The Company increased its net loss available to Common Stockholders in computing earnings per share for the excess of the consideration paid for the Series E Preferred Stock over its carrying value totaling $848,880. As of December 31, 2020, no Series E Preferred Stock remain issued and outstanding. Capital Stock Issuances On May 3, 2019, the Company entered into a consulting agreement with GreenBlock Capital LLC (“Consultant”) (see Note 10). As compensation for the services under the terms of the agreement, Consultant can receive (i) $25,000 per month during the term of the agreement, (ii) 500,000 shares of restricted Common Stock upon execution of the agreement, and (iii) up to 2,500,000 shares of restricted Common Stock upon the achievement of predetermined milestones. On June 18, 2019, the Company issued 500,000 shares of its Common Stock to the Consultant. The Company recognized a total of $170,000 of consulting expense at a fair value of $0.34 per share within general and administrative costs related to these issuances. On June 30, 2020, the Company issued an additional 250,000 shares of its Common Stock to the Consultant. The Company recognized a total of $297,500 of expense at a fair value of $1.19 per share within professional fees related to these issuances. On June 18, 2019, the Company issued in connection with an investor relations agreement, dated April 4, 2018, 50,000 shares of its Common Stock to the investor relations firm. The Company recognized a total of $20,500 of investor relations expense at a fair value of $0.41 per share within general and administrative costs related to these issuances. This agreement was terminated in March 2019. In June 2019, as part of the Agribotix acquisition, the Company issued 175,000 common stock shares to be placed in escrow; on February 14, 2020, the Company received 164,374 of those shares in exchange for a release of the terms outlined per the agreement. Securities Purchase Agreement Dated May 11, 2020 On May 11, 2020, the Company and an Investor entered into a securities purchase agreement (the “May Purchase Agreement”) pursuant to which the Company agreed to sell to the Investor in a registered direct offering 2,400,000 shares of Common Stock, par value $0.001, and pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 3,260,377 shares of Common Stock, for gross proceeds of approximately $6 million (which includes subsequent payment of the exercise price of the Pre-Funded Warrants in the amount of $3,267). The purchase price for each share of Common Stock was $1.06 and the purchase price for each Pre-Funded Warrant was $1.05999. The exercise price for each Warrant was $0.001. Net proceeds from the sale were used to repurchase 262 shares of the Company’s Series E Preferred Stock, convertible into 1,048,000 shares of Common Stock currently held by the Investor at a repurchase price of $1.06 per share of Common Stock (see below). The Company expects to use the balance for working capital and general corporate purposes. The Company increased net loss available to Common Stockholders in computing earnings per share for the excess of the consideration paid for the Series E Preferred Stock over its carrying value totaling $848,880 as presented on the consolidated statements of operations. Pursuant to the terms of the May Purchase Agreement, the Company had agreed to certain restrictions on future stock offerings, including that during the 60-day period following the closing, the Company did not issue (or enter into any agreement to issue) any shares of Common Stock or Common Stock equivalents, subject to certain exceptions. The exercise price of the Warrants and the shares of the Common Stock issuable upon the exercise thereof were subject to adjustment in the event of any stock dividends and splits, reverse stock split, recapitalization, reorganization or similar transaction, as described in the Warrants, and were exercisable on a “cashless” basis in certain circumstances. Securities Purchase Agreement Dated June 24, 2020 On June 24, 2020, the Company and the Investor entered into a securities purchase agreement (the “June Purchase Agreement”) pursuant to which the Company agreed to sell to the Investor in a registered direct offering 4,407,400 shares of Common Stock, par value $0.001, pre-funded warrants to purchase up to 1,956,236 shares of Common Stock, and warrants (the “Warrants”) to purchase up to 2,455,476 shares of Common Stock at an exercise price of $1.35 per share, for gross proceeds of $7 million (which includes subsequent payment of the exercise price of the Pre-Funded Warrants in the amount of $1,956) and net proceeds of $6,950,000 after issuance costs. Upon exercise of the Warrants in full by the Investor, the Company will receive additional gross proceeds of $3,314,892. The shares of Common Stock underlying the Pre-Funded Warrants and the Warrants are referred to as “June Warrant Shares.” The purchase price for each share of Common Stock is $1.10 and the purchase price for each Pre-Funded Warrant is $1.099. The exercise price for each Pre-Funded Warrant is $0.001. Net proceeds from the sale will be used for working capital, capital expenditures and general corporate purposes. The Shares, Pre-funded Warrants, Warrants and June Warrant Shares are being offered by the Company pursuant to an effective shelf registration statement on Form S-3 (File No. 333-239157), which was declared effective on June 19, 2020. Pursuant to the terms of the June Purchase Agreement, the Company agreed to certain restrictions on future stock offerings, including that during the 75-day period following the closing, the Company will not issue (or enter into any agreement to issue) any shares of Common Stock or Common Stock equivalents, subject to certain exceptions, including if the consolidated closing price on the trading market on which the Company’s Common Stock is traded at the time is greater than $1.90 (adjusted for any subsequent stock splits or similar capital adjustments) for five consecutive trading days, the Company may issue such securities at not less than $1.90 per Common Stock Equivalent. The Investor has a right from the date of the June Purchase Agreement until December 31, 2020 to participate in a subsequent financing by the Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents for cash consideration, indebtedness or a combination of units thereof (a “Subsequent Financing”), in an amount equal to 50% of the Subsequent Financing on the same terms, conditions and price provided for in the Subsequent Financing. The exercise price of the Prefunded Warrants and the Warrants and the number of June Warrant Shares issuable upon the exercise thereof will be subject to adjustment in the event of any stock dividends and splits, reverse stock split, recapitalization, reorganization or similar transaction, as described in the Prefunded Warrants and the Warrants. The Warrants will be exercisable on a “cashless” basis only in the event there is no effective registration statement registering, or the prospectus contained therein is not available for the sale of the shares underlying the Warrants. The Pre-Funded Warrants allow for cashless exercise at any time. The Pre-Funded Warrants and the Warrants each contain a beneficial ownership limitation, such that none of such Pre-Funded Warrants nor the Warrants may be exercised, if, at the time of such exercise, the holder would become the beneficial owner of more than 9.99% of our outstanding shares of Common Stock following the exercise of such Pre-Funded Warrant or Warrant. During the year ended December 31, 2020 the Company received $3,314,893 in additional gross proceeds associated with exercise of 2,455,476 of the June Warrant Shares into Common Stock. Securities Purchase Agreement Dated August 4, 2020 On August 4, 2020, the Company and an Investor entered into a securities purchase agreement (the “August Purchase Agreement”) pursuant to which the Company agreed to sell to the Investor in a registered direct offering 3,355,705 shares of Common Stock and warrants to purchase up to 2,516,778 shares of Common Stock at an exercise price of $3.30 per share (the “August Warrants”), for proceeds of $9,900,000 net of issuance costs of $100,000. Upon exercise of the Warrants in full by the Investor, the Company will receive additional gross proceeds of $8,305,367. The shares of Common Stock underlying the Warrants are referred to as “August Warrant Shares.” The purchase price for each share of Common Stock is $2.98. Net proceeds from the sale will be used for working capital, capital expenditures and general corporate purposes. The shares, the August Warrants and the August Warrant Shares are being offered by the Company pursuant to an effective shelf registration statement on Form S-3 (File No. 333-239157), which was declared effective on June 19, 2020. Pursuant to the terms of the August Purchase Agreement, the Company has agreed to certain restrictions on future stock offerings, including that during the 75-day period following the closing, the Company will not issue (or enter into any agreement to issue) any shares of Common Stock or Common Stock equivalents, subject to certain exceptions, including if the consolidated closing price on the trading market on which the Company’s Common Stock is traded at the time is greater than $5.00 (adjusted for any subsequent stock splits or similar capital adjustments) for ten consecutive trading days, the Company may issue such securities at not less than $5.00 per Common Stock Equivalent. In addition, the Company’s executive officers and directors agreed that they shall not sell (or hedge in any manner) any of their shares of the Common Stock for a period ending September 7, 2020. The Investor has a right from the date of the August Purchase Agreement until December 31, 2020, to participate in a subsequent financing by the Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents for cash consideration, indebtedness or a combination of units thereof (a “Subsequent Financing”), in an amount equal to 50% of the Subsequent Financing on the same terms, conditions and price provided for in the Subsequent Financing. The exercise price of the August Warrants and the number of August Warrant Shares issuable upon the exercise thereof will be subject to adjustment in the event of any stock dividends and splits, reverse stock split, recapitalization, reorganization or similar transaction, as described in the Warrants. The Warrants will be exercisable on a “cashless” basis only in the event there is no effective registration statement registering, or the prospectus contained therein is not available for the sale of the shares underlying the August Warrants. The August Warrants contain a beneficial ownership limitation, such that none of such August Warrants may be exercised, if, at the time of such exercise, the holder would become the beneficial owner of more than 9.99% of our outstanding shares of Common Stock following the exercise of such August Warrant. The August Warrant is for a ten-month term and is not exercisable for the first six months. Securities Purchase Agreement Dated December 31, 2020 On December 31, 2020, the Company, and an Investor entered into a securities purchase agreement (the “December Purchase Agreement”) pursuant to which the Company agreed to sell to the Investor in a registered direct offering pre-funded warrants (the “December Pre-Funded Warrants”) to purchase up to 1,057,214 shares of Common Stock, par value $0.001 Common Stock, for gross proceeds of approximately $6.375 million (which includes subsequent payment of the exercise price of the December Pre-Funded Warrants in the amount of $1,057. The shares of Common Stock underlying the December Pre-Funded Warrants are referred to as the “December Warrant Shares.” The purchase price for each December Pre-Funded Warrant is $6.029, the exercise price for each December Pre-Funded Warrant is $0.001. Net proceeds from the sale will be used for working capital. The December Pre-Funded Warrants and the December Warrant Shares are being offered by the Company pursuant to an effective shelf registration statement on Form S-3 (File No. 333-239157), which was declared effective on June 19, 2020. Pursuant to the terms of the December Purchase Agreement, the Company has agreed to certain restrictions on future stock offerings, including that during the 45-trading day period following the closing, the Company will not issue (or enter into any agreement to issue) any shares of Common Stock or Common Stock equivalents, subject to certain limited exceptions. The Investor has a right from the date of the December Purchase Agreement until April 30, 2021 to participate in a subsequent financing by the Company or any of its Subsidiaries of Common Stock or Common Stock equivalents for cash consideration, indebtedness or a combination of units thereof (a “Subsequent Financing”), in an amount equal to 50% of the Subsequent Financing on the same terms, conditions and price provided for in the Subsequent Financing. The exercise price of the December Prefunded Warrants and the number of December Warrant Shares issuable upon the exercise thereof will be subject to adjustment in the event of any stock dividends and splits, reverse stock split, recapitalization, reorganization or similar transaction, as described in the December Prefunded Warrants. The December Pre-Funded Warrants allow for cashless exercise at any time. The December Pre-Funded Warrants contain a beneficial ownership limitation such that none of the December Pre-Funded Warrants may be exercised, if, at the time of such exercise, the holder would become the beneficial owner of more than 9.99% of our outstanding shares of Common Stock following the exercise of such December Pre-Funded Warrants. Filing of Registration Statement Pursuant to the terms of the Registration Rights Agreement executed on April 7, 2020, the Company filed an initial registration statement registering the Conversion Shares and the April Warrant Shares on April 27, 2020. The Company’s registration statement was declared effective May 6, 2020. Issuances of Restricted Stock Units On April 13, 2020, the Company issued in connection with the 2019 Executive Compensation Plan, 100,000 restricted shares to Mr. Barrett Mooney and 70,000 restricted shares to Ms. Nicole Fernandez-McGovern. The Company recognized a total of $59,500 of expense at a fair value of $0.35 per share within stock compensation expense related to these issuances for the year ended December 31, 2020 which is included in general and administrative expenses on the consolidated statements of operations. On May 18, 2020, the company issued in connection with the commencement of the Chief Executive officer, 100,000 shares of restricted stock units under the Company’s 2017 Omnibus Equity Incentive Plan (the “Equity Plan”), which will fully vest after one year of continued employment. The Company determined the fair-market value of the restricted stock units to be $134,000. In connection with the issuance of these restricted stock units, the Company recognized $82,786 in stock compensation expense for the year ended December 31, 2020 which is included in general and administrative expenses on the consolidated statements of operations. The remaining unrecognized stock compensation expense of $51,214 will be recognized through May 2021. Options On March 26, 2018, the EnerJex 2017 Omnibus Equity Incentive Plan (the “Plan”) became effective. Under the Plan, the Company can grant equity-based and other incentive awards to officers, employees, and directors of, and consultants and advisers to, the Company. The purpose of the Plan is to help the Company attract, motivate, and retain such persons and thereby enhance shareholder value. The Plan shall continue in effect, unless sooner terminated, until the tenth (10th) anniversary of the date on which it is adopted by the Board of Directors (except as to awards outstanding on that date). The Board of Directors in its discretion may terminate the Plan at any time with respect to any shares for which awards have not theretofore been granted; provided, however, that the Plan’s termination shall not materially and adversely impair the rights of a holder, without the consent of the holder, with respect to any award previously granted. On June 18, 2019, at the Annual Meeting of Shareholders of the Company, the shareholders approved a proposal to increase the number of shares of Common Stock reserved for issuance under the Plan from 2,000,000 to 3,000,000. On July 15, 2020, the Company held its 2020 annual meeting of stockholders and approved a proposal to increase the number of shares of Common Stock reserved for issuance under the Plan from 3,000,000 to 4,000,000. To the extent that an award lapses, expires, is canceled, is terminated unexercised or ceases to be exercisable for any reason, or the rights of its holder terminate, any shares subject to such award shall again be available for the grant of a new award. The number of shares for which awards which are options or SARs may be granted to a participant under the Plan during any calendar year is limited to 500,000. For purposes of qualifying awards as “performance-based” compensation under Code Section 162(m), the maximum amount of cash compensation that may be paid to any person under the Plan in any single calendar year shall be $500,000. During the year ended December 31, 2020, the Company issued options to purchase 876,167 shares of Common Stock to directors and employees of the Company at exercise prices ranging from $0.41 to $6.00 per share expiring on dates between February 23, 2025 and December 30, 2025. The Company determined the fair-market value of the options to be $1,577,099. In connection with the issuance of these options to employees and directors, the Company recognized $102,771 in stock compensation expense for the year ended December 31, 2020. During the year ended December 31, 2019, the Company issued options to purchase 1,131,000 shares of Common Stock to directors and employees of the Company at exercise prices ranging from $0.29 to $0.54 per share expiring on dates between December 31, 2023 and March 28, 2029. The Company determined the fair-market value of the options to be $269,700. In connection with the issuance of these options to employees and directors, the Company recognized 126,319 and $58,491 in stock compensation expense for the year ended December 31, 2020 and 2019. During the year ended December 31, 2018, the Company issued options to purchase 534,598 shares of Common Stock to directors and employees of the Company at exercise prices ranging from $0.51 to $4.33 per share expiring on dates between March 30, 2023 and December 15, 2028. The Company determined the fair-market value of the options to be $387,052. In connection with the issuance of these options to employees and directors, the Company recognized $31,548 and $196,485 in stock compensation expense for the years ended December 31, 2020 and 2019. On October 4, 2017, AgEagle Sub issued options to purchase 927,775 shares of Common Stock to employees and directors, that were approved by the Board at an exercise price of $0.06 per share. These options were assumed by the Company in the Merger. In connection with the issuance of these options to employees and directors, the Company recognized $(1,622) and $5,335 in stock compensation expense for the years ended December 31, 2020 and 2019. In addition to the share issues to the Consultant as a part the May 2019 contract, the Consultant also held options to purchase 207,055 shares of the Company’s common stock per the previously engaged agreement executed by the Company between March 2015 and August 2016 to provide consulting services. The options were cashless exercised at a price of $0.06 per share on July 20, 2020 into 201,791 shares of common stock. The fair value of options granted during the year ended December 31, 2020 and 2019 were determined using the Black-Scholes option valuation model. The expected term of options granted is based on the simplified method in accordance with Securities and Exchange Commission Staff Accounting Bulletin 107 and represents the period of time that options granted are expected to be outstanding. The Company makes assumptions with respect to expected stock price volatility based on the average historical volatility of peers with similar attributes. In addition, the Company determines the risk-free rate by selecting the U.S. Treasury with maturities similar to the expected terms of grants, quoted on an investment basis in effect at the time of grant for that business day. The significant assumptions relating to the valuation of the Company’s stock options granted during the year ended December 31, 2020 were as follows: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 7.5pt; text-align: center; text-indent: -7.5pt"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">December 31, 2020</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%; padding-left: 7.5pt; text-indent: -7.5pt">Dividend yield</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 16%; text-align: center">0.00%</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Expected life</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">3.8 Years</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Expected volatility</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">87.11%</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Risk-free interest rate</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">0.19%</td> <td style="text-align: center"> </td></tr> </table> A summary of the options activity for the year ended December 31, 2020 is as follows: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Shares</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Weighted Average Exercise Price</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Aggregate Intrinsic Value</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%; padding-left: 7.5pt; text-indent: -7.5pt">Outstanding at January 1, 2020</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">2,480,470</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">0.39</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">6.28 years </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">378,111</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Granted</td> <td> </td> <td> </td> <td style="text-align: right">876,167</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3.27</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4.71 years</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,392,368</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Exercised</td> <td> </td> <td> </td> <td style="text-align: right">(881,898</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">0.19</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,141,581</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Expired/Forfeited</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(219,472</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1.63</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">927,616</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Outstanding at December 31, 2020</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,255,267</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.46</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">5.31 years</td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">10,247,548</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Exercisable at period end</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,097,268</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.38</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">5.58 years</td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">6,164,209</td> <td> </td></tr> </table> For options granted during the year ended December 31, 2020, the fair value of the Company’s stock was based upon the close of market price on the date of grant. The future expected stock-based compensation expense expected to be recognized in future years is $1,474,328 through December 31, 2022. Intrinsic value is measured using the fair market value at the date of exercise (for shares exercised) or at December 31, 2020 (for outstanding options), less the applicable exercise price. A summary of the options activity for the years ended December 31, 2019 is as follows: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center">Weighted</td> <td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center">Weighted</td> <td> </td> <td colspan="3" style="text-align: center">Average</td> <td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center">Average</td> <td> </td> <td colspan="3" style="text-align: center">Remaining</td> <td> </td> <td colspan="3" style="text-align: center">Aggregate</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center">Exercise</td> <td> </td> <td colspan="3" style="text-align: center">Contractual</td> <td> </td> <td colspan="3" style="text-align: center">Intrinsic</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Shares</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Price</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Term</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Value</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 46%; padding-left: 7.5pt; text-indent: -7.5pt">Outstanding at January 1, 2019</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">1,494,158</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">0.46</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">6.93 years </td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">417 ,504</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Granted</td> <td> </td> <td> </td> <td style="text-align: right">1,131,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.37</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6.27 years</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Exercised/Forfeited</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(144,688</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.99</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">— </td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Outstanding at December 31, 2019</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,480,470</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">0.39</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">6.28 years</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">378,111</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Exercisable at end of the year</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,521,859</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.36</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">6.10 years</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">301,051</td> <td> </td></tr> </table> On March 1, 2015, AgEagle Sub entered into a strategic consulting agreement with a related party and granted 207,055 stock options exercisable over five years from the grant date at an exercise price per share of $2.60. On October 4, 2017, AgEagle Sub held a board meeting to approve the modification of the existing 207,055 options to purchase Common Stock from an exercise price of $2.60 to $0.06 per share. These options were assumed by the Company in the Merger and not part of the compensation plan. In connection with these options, the Company recognized no stock compensation expense for the year ended December 31, 2020 and they were fully exercised on July 2020. Intrinsic value is measured using the fair market value at the date of exercise (for shares exercised) or at December 31, 2019 (for outstanding options), less the applicable exercise price. The significant assumptions relating to the valuation of the Company’s stock options granted during the year ended December 31, 2019 were as follows: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 7.5pt; text-align: center; text-indent: -7.5pt"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">December 31, 2019</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 71%; padding-left: 7.5pt; text-indent: -7.5pt">Dividend yield</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 17%; text-align: center">1.62%</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Expected life</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">3.0-6.1 Years</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Expected volatility</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">82.38-88.62%</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Risk-free interest rate</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">1.56-2.23%</td> <td style="text-align: center"> </td></tr> </table> For options granted in 2019, the fair value of the Company’s stock was obtained based upon the close of market price on date of grant.

</us-gaap:StockholdersEquityNoteDisclosureTextBlock>

<uavs:WarrantsToPurchaseCommonStockTextBlock contextRef="From2020-01-01to2020-12-31">

Note 9 – Warrants to Purchase Common Stock Warrants Issued On June 24, 2020, the Company entered into a purchase agreement, described above in Note 7, pursuant to which the Company agreed to sell to the Investor in a registered direct offering June Warrant Shares to purchase up to 2,455,476 shares of Common Stock at an exercise price of $1.35 per share. On August 4, 2020, the Company entered into a purchase agreement, described above in Note 7, pursuant to which the Company agreed to sell to the Investor in a registered direct offering Warrants to purchase up to 2,516,778 shares of Common Stock at an exercise price of $3.30 per share. Upon exercise of the Warrants in full by the Investor, the Company will receive additional gross proceeds of approximately $8,305,367. As of December 31, 2020, all of these Warrants remain outstanding. As of December 31, 2020, the Company had outstanding warrants, in connection with the issuance of securities purchase agreement dated August 4, 2020, to purchase 2,516,778 shares of the Company’s Common Stock at an exercise price of $3.30 with an expiration date on June 6, 2021. Warrant Conversions On December 27, 2018, the Company issued 2,000 shares of Preferred Stock and a warrant (the “Warrant”) to purchase 3,703,703 shares of the Company’s Common Stock for $2,000,000 in gross proceeds. The shares of Common Stock underlying the Warrant are referred to as the “Warrant Shares.” The Company also entered into a registration rights agreement (the “Registration Rights Agreement”) granting registration rights to the Purchaser with respect to the Warrant Shares. The Warrant is exercisable for a period of five years through December 26, 2023 at an exercise price equal to $0.54 per share; and is subject to customary adjustments for stock splits dividend, rights offerings, pro rata distributions and fundamental transactions. In addition, in the event the Company undertakes a subsequent equity financing or financings at an effective price per share that is less than $0.54, the exercise price of the Warrant shall be reduced to the lower price. On April 7, 2020, upon the issuance of the Series E Preferred Stock, (the “Series E Preferred Stock”) offering, a subsequent anti-dilution provision was triggered for the Series D Warrants whereby the exercise price of the Warrant Shares was adjusted from $0.54 to $0.25 per share a Warrant Down Round (See Note 8). In connection with an issuance of debentures in 2017, the Company issued a warrant to purchase 828,221 shares of the Company’s Common Stock at an exercise price of $1.51 with an expiration date on August 2, 2024. These warrants were exercised at a cashless price of $1.51 per share on September 22, 2020 into 405,716 shares of common stock. In July 2020, the Company received $2,632,500 in additional gross proceeds associated with exercise of 1,950,000 of the June Warrant Shares into Common Stock. During December 2020, the Company received $682,393 in additional gross proceeds associated with exercise of 505,476 shares of the June Warrant. During the year ended December 31, 2020, 6,987,400 warrants were converted into 5,808,931 shares of Common Stock at a weighted average conversion price of $0.79. The Company received cash proceeds of $3,314,893 associated with exercise of the warrants. All warrants outstanding as of December 31, 2020 are scheduled to expire between June 6, 2021. A summary of activity related to warrants for the year ended December 31, 2020 follows: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Shares</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Weighted Average Exercise Price</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 33%">Outstanding at January 1, 2020</td> <td style="width: 1%"> </td> <td style="width: 5%"> </td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: right">4,531,924</td> <td style="width: 1%"> </td> <td style="width: 5%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">0.72</td> <td style="width: 1%"> </td> <td style="width: 5%"> </td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: right">4.05</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Issued</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,972,254</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2.34</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.92</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Exercised</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(6,987,400</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.79</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Outstanding at December 31, 2020</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,516,778</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3.30</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">0.83</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Exercisable at December 31, 2020</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,516,778</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3.30</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">0.83</td> <td> </td></tr> </table> A summary of activity related to warrants for the twelve months ended December 31, 2019 follows: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Shares</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Weighted Average Exercise Price</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 33%">Outstanding at January 1, 2019</td> <td style="width: 1%"> </td> <td style="width: 5%"> </td> <td style="border-bottom: black 2.25pt double; width: 1%"> </td> <td style="border-bottom: black 2.25pt double; width: 15%; text-align: right">4,531,924</td> <td style="width: 1%"> </td> <td style="width: 5%"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 15%; text-align: right">0.72</td> <td style="width: 1%"> </td> <td style="width: 5%"> </td> <td style="border-bottom: black 2.25pt double; width: 1%"> </td> <td style="border-bottom: black 2.25pt double; width: 15%; text-align: right">5.05</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Outstanding at December 31, 2019</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">4,531,924</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.72</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">5.05</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Exercisable at December 31, 2019</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">4,531,924</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.72</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">4.05</td> <td> </td></tr> </table>

</uavs:WarrantsToPurchaseCommonStockTextBlock>

<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2020-01-01to2020-12-31">

Note 10 – Commitments and Contingencies Operating Leases The Company adopted ASU 2016-02 “Leases (Topic 842)” along with related clarifications and improvements effective at the beginning of fiscal 2019, using the modified retrospective transition method. Right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease terms at the commencement dates. The Company uses its incremental borrowing rates as the discount rate for its leases, which is equal to the rate of interest the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The incremental borrowing rate for all existing leases as of the opening balance sheet date was based upon the remaining terms of the leases; the incremental borrowing rate for all new or amended leases is based upon the lease terms. The lease terms for all the Company’s leases include the contractually obligated period of the leases, plus any additional periods covered by a Company options to extend the leases that the Company is reasonably certain to exercise. Adoption of Topic 842 did not have a material impact on our annual operating results or cash flows. Operating lease expense is recognized on a straight-line basis over the lease term and is included in operating costs or General and administrative expense. Variable lease payments are expensed as incurred. The Company determines if an arrangement is or contains a lease at contract inception and recognizes a right-of-use asset and a lease liability at the lease commencement date. Leases with an initial term of 12 months or less but greater than one month are not recorded on the balance sheet for select asset classes. The lease liability is measured at the present value of future lease payments as of the lease commencement date, or the opening balance sheet date for leases existing at adoption of Topic 842. The right-of-use asset recognized is based on the lease liability adjusted for prepaid and deferred rent and unamortized lease incentives. The Company has one operating lease located at 8863 E. 34th Street North, Wichita, Kansas 67226 which serves as our corporate headquarters and manufacturing facility. The commencement date of the lease was November 1, 2020 and will expire on October 31, 2023, unless sooner terminated or extended. The lease which is an operating lease and included in the right-of-use asset, current portion of lease liability, and long-term lease liability captions on the Company’s consolidated balance sheet. The aggregate estimated rent payments due over the initial three-year term is $297,000. Operating lease assets are recorded net of accumulated amortization of $257,363 as of December 31, 2020. Lease expense for lease payments are recognized on a straight-line basis over the lease terms. The aggregate estimated rent payments due over the option term would be $314,640. Lease expense payment was $48,840 and $30,000 for the years ended December 31, 2020 and 2019, respectively, which is included in general and administrative expenses on the consolidated statements of operations. The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of December 31, 2020: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center">Year Ending December 31,</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Amount</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%; text-align: center">2021</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 10%"> </td> <td style="width: 1%">$</td> <td style="width: 23%; text-align: right">85,895</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">2022</td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right">91,193</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center">2023</td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">80,275</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">257,363</td> <td> </td></tr> </table> Previously the Company leased manufacturing space located at 117 South 4th Street, Neodesha, Kansas 66757. This served as our corporate headquarters and manufacturing facility. The facility was a lease of 4,000 square feet at a cost of $600 per month. This lease was officially terminated on November 30, 2020. As a result of an asset acquisition, the Company assumed a lease for offices in Boulder, Colorado for $2,000 a month. The lease was officially terminated on November 30, 2020. Due to the COVID-19 pandemic and our intention to protect the health and safety of our employees, our workforce in Colorado has been working from their respective home offices. Once the nation’s vaccination program gains greater momentum or herd immunity is achieved, we do expect to lease new commercial office space in or around Denver, Colorado, which may occur later this year. GreenBlock Capital LLC Consulting Agreement On May 3, 2019, we entered into a consulting agreement with GreenBlock Capital LLC (“Consultant”) to serve as strategic advisor and consultant with respect to the development of new business opportunities and the implementation of business strategies related to expansion into the emerging domestic hemp cultivation market. The extent of the services will be set forth in separate scopes of work, from time to time, to be prepared and mutually agreed to by the parties. As compensation for the services under the terms of the agreement, the Consultant can receive (i) $25,000 per month during the term of the agreement, (ii) 500,000 shares of restricted Common Stock upon execution of the agreement and up to (iii) up to 2,500,000 shares of restricted Common Stock upon the achievement of predetermined milestones. On October 31, 2019, the consulting agreement was terminated as a result of the Company no longer needing these services to be provided by an outside consultant. There are no early termination penalties incurred as a result of the termination of the consulting agreement. The Consultant may still be entitled to receive up to 2,500,000 shares of restricted Common Stock after termination of the Agreement, if the achievement of milestones that commenced during the term of the Agreement are completed after termination. In February 2021, the Consultant sent a demand letter to the Company alleging a breach of the consulting agreement due to the Company not issuing additional shares of common stock in connection with the Consultant’s alleged achievement of the milestones. At this time the Consultant made a demand for an additional 750,000 shares of common stock to be issued. Although the Company disputes that the milestones were successfully achieved by the Consultant and believes that no additional shares of common stock are owed, the Company has offered to the Consultant, in the form of a settlement, 250,000 additional shares of common stock. As result the Company has recorded a contingent loss within general & administrative expenses in the aggregate amount of $1,500,000 based upon the fair market value of $6.00 per share of the Company’s common stock as of December 31, 2020. If the offer is not accepted, and a complaint is filed, the Company intends to vigorously defend the matter to the fullest extent. Founder Leak-Out Agreement On April 7, 2020, as a condition to the consummation of the Series E Preferred Agreement, the Company entered into a Leak-Out Agreement with Mr. Bret Chilcott, founder and former director and President of the Company, and Alpha with respect to the shares Mr. Chilcott beneficially owns. The restriction on the disposition of the shares is for a period of seven months from the date of the closing of the agreement. Thereafter, for a period of an additional six months, Mr. Chilcott may sell no more than $25,000 per calendar month of shares of Company Common Stock. On August 26, 2020, the Company, together with Mr. Chilcott and Alpha Capital Anstalt, who was a party to the Leak Out Agreement, agreed to amend the Leak Out Agreement to change the restrictions on the disposition of Mr. Chilcott’s shares that are subject to the Leak Out Agreement (the “Amended Leak Out Agreement”). The Amended Leak Out Agreement provides that Mr. Chilcott (together with his affiliates) may sell or otherwise dispose of his shares for a period of twelve (12) months commencing on September 7, 2020 (the “Restricted Period”) in an amount representing no more than 50,000 shares per calendar month during the Restricted Period. After the Restricted Period, the restrictions set forth in the Amended Leak Out Agreement cease. Approval of Compensation-by-Compensation Committee Mr. Barrett Mooney and Mr. Brett Chilcott resigned from their roles with the Company, effective May 5, 2020. Mr. Mooney now serves as Chairman of the Board, and Mr. Chilcott no longer serves as management of the Company. On April 16, 2020, the Compensation Committee agreed to the following terms: Mr. Barrett Mooney: Mr. Mooney was entitled to receive his current salary and benefits between the dates of March 6, 2020 and April 4, 2020. In addition, Mr. Mooney will be paid $50,000 in cash, $25,000 of which was paid in a lump sum in April 2020 and the balance will be paid in equal installments over a six-month period beginning on May 5, 2020. Mr. Mooney will remain eligible to receive bonuses of up to $15,000, as approved by the Board of Directors based on certain revenue and operational targets being achieved. Commencing May 5, 2020 when he accepted the appointment as Chairman of the Board, Mr. Mooney is entitled to receive (i) a quarterly grant of 16,500 stock options at the fair market value of the stock on the issuance date, vesting over two years and exercisable for a period of five years; and (ii) reimbursement for travel expenses. Mr. Mooney has agreed to also provide the Company with consulting services, as needed, at a fixed price of $4,500 per month on a month-to-month basis, plus reimbursement for travel expenses. Mr. Barrett Mooney, who is currently the Chairman of the Board, received a monthly fee for consulting services he provided to the Company in 2020, which was outside of his role as Chairman of the Board. Mr. Mooney’s consulting fee increased to $10,000 per month from August 1, 2020 ending on November 30, 2020. Mr. Bret Chilcott: Mr. Chilcott is entitled to receive a base annual salary of $140,000, plus benefits, for the twelve-month period commencing May 5, 2020 and ending May 4, 2021. Subsequent to May 4, 2021, Mr. Chilcott can provide the Company with consulting services, as needed, at a fixed fee of $4,500 per month on a month-to-month basis plus reimbursement of travel expenses. Appointment of Chief Executive Officer and Changes to Compensatory Arrangements On April 28, 2020, the Company extended an offer of employment that was accepted by Mr. Michael Drozd to serve as the Company’s new Chief Executive Officer. Mr. Drozd officially joined the Company on May 18, 2020. Mr. Drozd will receive a base salary of $235,000 per year, which shall be subject to annual performance review by the Compensation Committee of the Board and may be revised by the Committee, in its sole discretion. Mr. Drozd is entitled to receive an annual 20% bonus, which may be a mix of cash and stock options, based upon his performance as determined by certain metrics to be established by the Board and Mr. Drozd. He received an initial grant of 100,000 restricted stock units under the Company’s 2017 Omnibus Equity Incentive Plan (the “Equity Plan”), which will fully vest after one year of continued employment. Mr. Drozd is eligible to receive a quarterly award of 15,000 non-qualified stock options under the Equity Plan. At the time of issuance, the stock option award agreements will set forth the vesting, exercisability, and exercise price of the stock options as of the date of the grants. On April 20, 2020, the Compensation Committee approved a 2020 Executive Compensation Plan for Ms. Fernandez-McGovern providing for an annual salary of $200,000, cash bonus of $30,000, quarterly stock option grants of 15,000 and restricted stock units (RSUs) of 125,000, with the cash bonus, option and RSUs dependent upon her achieving certain financial and operational milestones. On July 20, 2020, the Board of Directors of the Company, upon recommendation of the Compensation Committee, approved a change in the compensation of the directors and of Ms. Nicole Fernandez-McGovern, the Company’s Chief Financial Officer and EVP of Operations. The Compensation Committee engaged Albeck to perform an independent third-party study of compensation to assess the Company’s compensation of its Board and its executive officers in comparison to industry averages. As a result of the study, and upon the recommendation of the Compensation Committee, the Board approved an increase in Ms. Fernandez-McGovern’s annual salary from $200,000 to $220,000 and quarterly stock options from 12,500 to 15,000. In addition to the previously approved 2020 bonus structure, Ms. Fernandez-McGovern was awarded an additional performance-based bonus of $40,000, equal to 20% of her current salary. Also approved was a cash component for director compensation in the amount of $60,000 per year, payable quarterly, and an increase in quarterly stock options from 16,500 to 25,000 per director. The approved compensation is retroactive for all to July 1, 2020. Existing Employment and Board Agreements The Company has various employment agreements with various executive officers and directors of the Company that serve as board members. We have no other formal employment agreements with our executive officers, nor any compensatory plans or arrangements resulting from the resignation, retirement, or any other termination of our named executive officers, from a change-in-control, or from a change in any executive officer’s responsibilities following a change-in-control. However, it is possible we will enter into formal employment agreements with our executive officers in the future. <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td>Valqari Agreement</td></tr> </table> On October 14, 2020, in connection with, and as an incentive to the entry into a two-year exclusive manufacturing agreement to produce a patented Drone Delivery Station for Valqari, the Company entered into a Convertible Promissory Note (see Note 4). Also, on October 14, 2020, AgEagle entered into a manufacturing agreement with Valqari for the manufacture and assembly of Valqari’s patented Drone Delivery Station, in accordance with the specification provided by, and the components designated by Valqari, for sale and delivery to its customers. AgEagle has been appointed as Valqari’s exclusive manufacturer of its products in the United States of America for a term of two-years, unless terminated earlier. Valqari, based in Chicago, Illinois, is engaged in the development, manufacture and sale of a patented Drone Delivery Station, including related software.

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Note 11 – Related Party Transactions The following reflects the related party transactions during the years ended December 31, 2020 and 2019. Transactions with Officers The Company’s Chief Financial Officer, Nicole Fernandez-McGovern, is one of the principals of Premier Financial Filings, a full-service financial printer. Premier Financial Filings provided contracted financial services to the Company and their related expenses have been included within general and administrative expenses. For the years ended December 31, 2020 and 2019, Premier Financial Filings provided services to the Company resulting in fees of $23,524 and $7,753, respectively. One of our directors, Thomas Gardner, is one of the principals of NeuEon, Inc, which provide services to the company as CTO. For the year ended December 31, 2020, the company recognized $118,500 of expenses which is included in the general and administrative expense. Following Barrett Mooney’s resignation as Chief Executive Officer effective May 2020 he agreed to provide consulting services to the Company, as needed, at a fixed fee of $4,500 per month on a month-to-month basis, plus reimbursement for travel expenses. On July 20, 2020, the Board of Directors, upon recommendation of the Compensation Committee, increased Mr. Mooney’s monthly fee for consulting services to $10,000 from $4,500 per month, which commenced on August 1, 2020 and ending on November 30, 2020. For the year ended December 31, 2020, the company recognized $134,502 of expenses which is included in the general and administrative expense related to those services.

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<us-gaap:IncomeTaxDisclosureTextBlock contextRef="From2020-01-01to2020-12-31">

Note 12 – Income Taxes Prior to April 15, 2015, AgEagle Aerial Inc. was treated as a disregarded entity for income tax purposes. Income taxes, if any, were the responsibility of the sole member. In April 2015, the Company elected to be classified as a corporation for income tax purposes, effective on April 22, 2015. Following the merger in 2018, AgEagle Aerial Inc. became a wholly owned subsidiary of AgEagle Aerial Systems, Inc. and the group files a consolidated U.S. federal income tax return as well as income tax returns in various states. The Company accounts for income taxes in accordance with FASB ASC Topic 740, Accounting for Income Taxes which requires the Company to provide a net deferred tax asset or liability equal to the expected future tax benefit or expense of temporary reporting differences between book and tax accounting and any available operating loss or tax credit carryforwards. As of December 31, 2020, and 2019, the total of all net deferred tax assets was $3,277,467 and $2,779,100, respectively. The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future earnings, and other future events, the effects of which cannot be determined. Because of the uncertainty surrounding the realization of the deferred tax assets the Company has established a valuation allowance of $3,277,467 and $2,779,100 for the years ended December 31, 2020 and 2019, respectively. The change in the valuation allowance for the years ended December 31, 2020 and 2019 was $498,368 and $1,378,480, respectively. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, provides for an acceleration of alternative minimum tax credit refunds, the deferral of certain employer payroll taxes, the availability of an employee retention credit, and expands the availability of net operating loss usage. In addition, other governments in state and local in which we operate have also enacted certain relief measures. On December 27, 2020, the Consolidations Appropriations Act, 2021 (“CAA”) was signed into law and included in the government appropriations and additional economic stimulus. The CAA enhances and expands certain provisions of the CARES Act. The CAA modifies the tax deductibility of expenses relating to the Paycheck Protection Program (“PPP”) loan forgiveness, Employee Retention Credit eligibility and extends other CARES Act provisions. We continue to monitor new and updated legislation, however the provisions enacted have not had a material impact on our consolidated financial statements. As of December 31, 2020, the Company has a federal and state net operating loss carry forward of approximately $11,982,988 and $10,193,848 respectively. Of those balances, the Company has $2,043,672 of federal net operating losses expiring in 2035-2037 and the remaining amounts have no expiration. The Company has state net operating loss carry forwards of $7,263,378 expiring in 2025-2030 and the remaining amounts have no expiration. As of December 31st, 2019, the Company had a federal and state net operating loss carryforward of $6,606,771 and $6,397,792 respectively. The Act changed the rules on net operating loss carry forwards. The 20-year limitation was eliminated for losses incurred after January 1, 2018, giving the taxpayer the ability to carry forward losses indefinitely. However, net operating loss carry forward arising after January 1, 2018, will now be limited to 80 percent of taxable income. The timing and manner in which we can utilize our net operating loss carry forward and future income tax deductions in any year may be limited by provisions of the Internal Revenue Code regarding the change in ownership of corporations. Such limitation may have an impact on the ultimate realization of our carry forwards and future tax deductions. Section 382 of the Internal Revenue Code (“Section 382”) imposes limitations on a corporation’s ability to utilize net operating losses if it experiences an “ownership change.” In general terms, an ownership change may result from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50 percentage points over a three-year period. Any unused annual limitation may be carried over to later years, and the amount of the limitation may under certain circumstances be increased by the built-in gains in assets held by us at the time of the change that are recognized in the five-year period after the change. The Company has not conducted a formal ownership change analysis as required under Section 382; however, we intend to do so if we anticipate recognizing tax benefits associated with the net operating loss carryforwards. As of December 31, 2020, we have determined it is more likely than not that we will not realize our temporary deductible differences and net operating loss carryforwards and have provided a full valuation allowance on our net deferred tax asset. The Company accounts for uncertain income tax positions in accordance with ASC 740, Income Taxes. For 2020 and 2019, we did not recognize any uncertain tax positions, interest or penalty expense related to income taxes. We file U.S. federal and state income tax returns as necessary. The federal return generally has a three-year statute of limitations and most states have a four-year statute of limitations; however, the taxing authorities can review the tax year in which the net operating loss was generated when the loss is utilized on a tax return. We currently do not have any open income tax audits. The Company is open to federal and state examination on the 2017 through 2019 income tax returns filed. A reconciliation of income tax expense at the federal statutory rate to income tax expense at the Company’s effective rate for the years ended December 31, 2020 and 2019 is as follows: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Amount</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Rate</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Amount</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Rate</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%">Computed tax at the expected statutory rate</td> <td style="width: 2%"> </td> <td style="width: 1%"> $</td> <td style="width: 10%; text-align: right">(1,035,815</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">21.00</td> <td style="width: 1%">%</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">(1,182,446</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">21.00</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt">State and local income taxes, net of federal</td> <td> </td> <td> </td> <td style="text-align: right">(162,671</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">3.30</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">(177,832</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">3.16</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt">Permanant differences</td> <td> </td> <td> </td> <td style="text-align: right">(430,179</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">8.70</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">653</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(0.01</td> <td>)%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt">Other adjustments</td> <td> </td> <td> </td> <td style="text-align: right">405,195</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(8.20</td> <td>)%</td> <td> </td> <td> </td> <td style="text-align: right">(18,856</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">0.33</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt">Return to accrual adjustment</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">725,102</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(14.70</td> <td>)%</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt">Change in valuation allowance</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">498,368</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(10.10</td> <td>)%</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,378,480</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(24.48</td> <td>)%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Income tax benefit</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td></tr> </table> The temporary differences, tax credits and carryforwards that gave rise to the following deferred tax assets (liabilities) at December 31, 2020 and 2019 is as follows: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Deferred tax assets (liabilities):</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; padding-left: 20pt">Property and equipment</td> <td style="width: 8%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">4,825</td> <td style="width: 1%"> </td> <td style="width: 8%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">7,452</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt">Other current liabilities</td> <td> </td> <td> </td> <td style="text-align: right">(4,601</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">116,477</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt">Intangible assets</td> <td> </td> <td> </td> <td style="text-align: right">(31,678</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">31,106</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt">Equity compensation</td> <td> </td> <td> </td> <td style="text-align: right">106,360</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">438,897</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt">Other accrued expenses</td> <td> </td> <td> </td> <td style="text-align: right">352,072</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(61,877</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt">Net operating loss carryforward</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,850,489</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,247,045</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt">Total deferred tax assets</td> <td> </td> <td> </td> <td style="text-align: right">3,277,467</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,779,100</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt">Valuation allowance</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(3,277,467</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(2,779,100</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt">Net deferred tax assets</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td></tr> </table>

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Note 13 – Subsequent Events MicaSense Acquisition On January 26, 2021, the Company and AgEagle Sensor Systems, Inc., a wholly-owned subsidiary of the Company (the “Buyer”), entered into a stock purchase agreement (the “MicaSense Purchase Agreement”) with Parrot Drones S.A.S. and Justin B. McAllister (the “Sellers”) pursuant to which the Buyer agreed to acquire 100% of the issued and outstanding capital stock of MicaSense, Inc. (“MicaSense”) from the Sellers. MicaSense manufactures and sells drone sensors for vegetation mapping. The aggregate purchase price for the shares of MicaSense is $23,000,000, less the amount of MicaSense’s debt and subject to a customary working capital adjustment. The consideration is also subject to a $4,750,000 holdback to cover any post-closing indemnification claims and to satisfy any purchase price adjustments. The holdback is scheduled to be released in two equal installments, less any amounts paid or reserved for outstanding indemnity claims, on March 31, 2022 and March 31, 2023 in accordance with the terms of the Purchase Agreement. A portion of the consideration is comprised of shares of Common Stock of the Company, par value $0.001Common Stock, having an aggregate value of $3,000,000 based on a volume weighted average trading price of the Common Stock over a ten consecutive trading day period prior to the date of issuance of the shares of Common Stock to the Sellers (the “Shares”). The Shares are issuable 90 days after the closing date of the transaction. Pursuant to the terms of the Purchase Agreement, dated as of January 26, 2021, and a Registration Rights Agreement, dated as of January 27, 2021, the Company has agreed to file a Form S-3 Registration Statement (the “Registration Statement”) covering the resale of the Shares with the Securities and Exchange Commission (the “SEC”) no later than ten days following the date the Shares are issued to the Sellers. The Company shall use its best efforts to cause the Registration Statement to be declared effective as soon as possible after the filing date, but in any event no later than 90 days after the filing date, and shall use its best efforts to keep the Registration Statement effective and in compliance with the provisions of the Securities Act (including by preparing and filing with the SEC such amendments, including post-effective amendments, and supplements to the Registration Statement and the prospectus used in connection therewith as may be necessary) until all Shares and other securities covered by such Registration Statement have been disposed of. The Sellers are required to reimburse the Company up to $50,000 for reasonable legal fees and expenses incurred by the Company in connection with such registration. The Purchase Agreement contains certain customary representations, warranties and covenants, including representations and warranties by the Sellers with respect to MicaSense’s business, operations and financial condition. The Purchase Agreement also includes post-closing covenants relating to the confidentiality and employee non-solicitation obligations of the Sellers, and the agreement of the Sellers not to compete with certain aspects of the business of MicaSense following the closing of the transaction. The completion of the transactions contemplated by the Purchase Agreement is subject to customary closing conditions, including, among others: (i) the absence of a material adverse effect on MicaSense, (ii) the delivery by the parties of certain ancillary documents, including the Registration Rights Agreement, and (iii) the execution by a key employee of MicaSense of an employment agreement. Subject to certain limitations, each of the parties will be indemnified for damages resulting from third party claims and breaches of the parties’ respective representations, warranties and covenants in the Purchase Agreement.

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Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the reserve for obsolete inventory, valuation of stock issued for services and stock options, valuation of intangible assets and the valuation of deferred tax assets.

</us-gaap:UseOfEstimates>

<us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="From2020-01-01to2020-12-31">

Fair Value Measurements and Disclosures–The Fair Value Measurements and Disclosures topic of the Accounting Standards Codification (“ASC”) requires companies to determine fair value based on the price that would be received to sell the asset or paid to transfer the liability to a market participant. The Fair Value Measurements and Disclosures topic emphasizes that fair value is a market-based measurement, not an entity-specific measurement. The guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following categories: <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 7%">●</td> <td style="text-align: justify; width: 93%">Level 1: Quoted market prices in active markets for identical assets or liabilities.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td>●</td> <td style="text-align: justify">Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td>●</td> <td style="text-align: justify">Level 3: Unobservable inputs that are not corroborated by market data.</td></tr> </table> We have no assets or liabilities that are required to have their fair value measured on a recurring basis at December 31, 2020 or 2019. Long-lived assets are measured at fair value on a non-recurring basis and are subject to fair value adjustments when there is evidence of impairment. For short-term classes of our financial instruments, which include cash and cash equivalents, accounts receivable, notes receivable and accounts payable, and which are not reported at fair value, the carrying amounts approximate fair value due to their short-term nature. Additionally, the Note payable is carried at face value, which approximates fair value, due to the government backed securities which requires payments however management is expecting to apply for and receive full forgiveness during 2021 (See Note 7).

</us-gaap:FairValueOfFinancialInstrumentsPolicy>

<us-gaap:MajorCustomersPolicyPolicyTextBlock contextRef="From2020-01-01to2020-12-31">

Concentrations -The Company maintains cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. The Company’s bank balances at times may exceed the FDIC limit. To date, the Company has not experienced any losses on its invested cash. As of December 31, 2020, there was one significant vendor that the Company relies upon to perform stitching its FarmLens platform. This vendor provides services to the Company which can be replaced by alternative vendors should the need arise.

</us-gaap:MajorCustomersPolicyPolicyTextBlock>

<us-gaap:InventoryPolicyTextBlock contextRef="From2020-01-01to2020-12-31">

Inventories – Inventories, which consist of raw materials, finished goods and work-in-process, are stated at the lower of cost or net realizable value, with cost being determined by the average-cost method, which approximates the first-in, first-out method. Cost components include direct materials and direct labor, as well as in-bound freight. At each balance sheet date, the Company evaluates its ending inventories for excess quantities and obsolescence. This evaluation primarily includes an analysis of forecasted demand in relation to the inventory on hand, among consideration of other factors. The physical condition (e.g., age and quality) of the inventories is also considered in establishing its valuation. Based upon the evaluation, provisions are made to reduce excess or obsolete inventories to their estimated net realizable values. Once established, write-downs are considered permanent adjustments to the cost basis of the respective inventories. These adjustments are estimates, which could vary significantly, either favorably or unfavorably, from the amounts that the Company may ultimately realize upon the disposition of inventories if future economic conditions, customer inventory levels, product discontinuances, sales return levels or competitive conditions differ from the Company’s estimates and expectations. As of December 31, 2020, and 2019, the Company had recorded a provision for obsolescence of $10,000, respectively.

</us-gaap:InventoryPolicyTextBlock>

<us-gaap:GoodwillAndIntangibleAssetsGoodwillPolicy contextRef="From2020-01-01to2020-12-31">

Goodwill and Intangible Assets – The assets and liabilities of acquired businesses are recorded under the acquisition method of accounting at their estimated fair values at the date of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying identifiable net assets of acquired businesses. Goodwill is not subject to amortization and is tested annually for impairment, or more frequently if events or changes in circumstances indicate that the carrying value of the goodwill may not be recoverable. Intangible assets from acquired businesses are recognized at fair value on the acquisition date and consist of customer programs, trademarks, customer relationships, technology and other intangible assets. Customer programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology and trademarks underlying the associated program and are amortized on a straight-line basis over a period of expected cash flows used to measure fair value, which ranges from four to five years.

</us-gaap:GoodwillAndIntangibleAssetsGoodwillPolicy>

<us-gaap:BusinessCombinationsPolicy contextRef="From2020-01-01to2020-12-31">

Business Combinations - The Company recognizes, with certain exceptions, 100% of the fair value of assets acquired, liabilities assumed, and non-controlling interests when the acquisition constitutes a change in control of the acquired entity. Shares issued in consideration for a business combination, contingent consideration arrangements and pre-acquisition loss and gain contingencies are all measured and recorded at their acquisition-date fair value. Subsequent changes to fair value of contingent consideration arrangements are generally reflected in earnings. Any in-process research and development assets acquired are capitalized as of the acquisition date. Acquisition-related transaction costs are expensed as incurred. The operating results of entities acquired are included in the accompanying consolidated statements of operations from the date of acquisition.

</us-gaap:BusinessCombinationsPolicy>

<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="From2020-01-01to2020-12-31">

Revenue Recognition and Concentration – The majority of the Company’s revenue is generated pursuant to written contractual arrangements to develop, manufacture and/or modify complex drone related products, and to provide associated engineering, technical and other services according to customer specifications. These contracts are a fixed price and are accounted for in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under fixed-price contracts, the Company agrees to perform the specified work for a pre-determined price. To the extent the Company’s actual costs vary from the estimates upon which the price was negotiated, it will generate more or less profit or could incur a loss. The Company accounts for a contract after it has been approved by all parties to the arrangement, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company generally recognizes revenue on sales to customers, dealers and distributors upon satisfaction of performance obligations which generally occurs once controls transfer to customers, which is when product is shipped or delivered depending on specific shipping terms. Additionally, customers are required to place a deposit or pay upon shipping for each UAV or drone delivery assembly part ordered. Customer payments received in advance of the Company completing performance obligations are recorded as contract liabilities. The Company’s FarmLens platform is offered on subscription basis for processing aerial imaging. These subscription fees are recognized ratably over each monthly membership period as the services are provided. Sales concentration information for customers comprising more than 10% of the Company’s total net sales such customers is summarized below: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center">Percent of total revenues for year ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Customers</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; padding-left: 7.5pt; text-indent: -7.5pt">Customer A</td> <td style="width: 8%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">93.7</td> <td style="width: 1%">%</td> <td style="width: 8%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">90.8</td> <td style="width: 1%">%</td></tr> </table> There were no accounts receivable from Customer A due as of December 31, 2020. Accounts receivable due from Customer A comprised all of the accounts receivable as of December 31, 2019. The table below reflects our revenue for the years indicated by product mix. <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center">For the Year Ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Type</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; padding-left: 7.5pt; text-indent: -7.5pt">Drone and Custom Manufacturing Sales</td> <td style="width: 8%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">1,218,735</td> <td style="width: 1%"> </td> <td style="width: 8%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">267,622</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Software Subscription Sales</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">66,648</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">29,055</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Total</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,285,383</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">296,677</td> <td> </td></tr> </table>

</us-gaap:RevenueRecognitionPolicyTextBlock>

<us-gaap:ShippingAndHandlingCostPolicyTextBlock contextRef="From2020-01-01to2020-12-31">

Shipping Costs – Shipping costs for the year ended December 31, 2020 totaled $6,122, and $5,493 for the year ended December 31, 2019. All shipping costs billed directly to the customer are directly offset to shipping costs resulting in a net expense to the Company which is included in cost of goods sold in shipments of operations.

</us-gaap:ShippingAndHandlingCostPolicyTextBlock>

<us-gaap:EarningsPerSharePolicyTextBlock contextRef="From2020-01-01to2020-12-31">

Loss Per Common Share – Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the year. Diluted loss per share is computed by dividing net loss by the weighted average number of common shares outstanding plus Common Stock equivalents (if dilutive) related to warrants, options and convertible instruments.

</us-gaap:EarningsPerSharePolicyTextBlock>

<uavs:PotentiallyDilutiveSecuritiesPoliciesTextBlock contextRef="From2020-01-01to2020-12-31">

Potentially Dilutive Securities – The Company has excluded all common equivalent shares outstanding for warrants, options and convertible instruments to purchase Common Stock from the calculation of diluted net loss per share, because all such securities are anti-dilutive for the periods presented. For the year ended December 31, 2020, the Company had 2,516,778 warrants and 2,255,267 options to purchase Common Stock. For the year ended December 31, 2019, the Company had 4,531,924 warrants and 2,480,470 options to purchase Common Stock, 3,501 shares of Series C Preferred Stock which may be converted into 6,483,333 shares of Common Stock.

</uavs:PotentiallyDilutiveSecuritiesPoliciesTextBlock>

<us-gaap:LesseeLeasesPolicyTextBlock contextRef="From2020-01-01to2020-12-31">

Leases – The Company accounts for its operating leases in accordance with FASB Account Standards Update 2016-02 – Leases (Topic 842) Lessees recognize a right-of-use asset and a lease liability for virtually all their leases. to the Company recognizes assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease.

</us-gaap:LesseeLeasesPolicyTextBlock>

<us-gaap:IncomeTaxPolicyTextBlock contextRef="From2020-01-01to2020-12-31">

Income Taxes – The Company accounts for income taxes in accordance with FASB ASC Topic 740, Accounting for Income Taxes. This topic requires an asset and liability approach for accounting for income taxes. The Company evaluates its tax positions that have been taken or are expected to be taken on income tax returns to determine if an accrual is necessary for uncertain tax positions. The Company will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred. All income tax returns not filed more than three years ago are subject to federal and state tax examinations by tax authorities.

</us-gaap:IncomeTaxPolicyTextBlock>

<uavs:StockbasedCompensationAwardsPoliciesTextBlock contextRef="From2020-01-01to2020-12-31">

Stock-Based Compensation Awards – The Company accounts for its stock-based awards in accordance with ASC Subtopic 718-10, “Compensation – Stock Compensation”, which requires fair value measurement on the grant date and recognition of compensation expense for all stock-based payment awards made to employees and directors. For stock options, the Company estimates the fair value using a closed option valuation (Black-Scholes) model. The estimated fair value is then expensed over the requisite service period of the award which is generally the vesting period and the related amount is recognized in the accompanying consolidated statements of operations within general and administrative expenses. The Company recognizes forfeitures at the time they occur. The Black-Scholes option-pricing model requires the input of certain assumptions that require the Company’s judgment, including the expected term and the expected stock price volatility of the underlying stock. The assumptions used in calculating the fair value of stock-based compensation represent management’s best estimates, but these estimates involve inherent uncertainties and the application of judgment. As a result, if factors change resulting in the use of different assumptions, stock-based compensation expense could be materially different in the future.

</uavs:StockbasedCompensationAwardsPoliciesTextBlock>

<uavs:Uncertainty contextRef="From2020-01-01to2020-12-31">

Uncertainty––The recent outbreak of the COVID-19 coronavirus is impacting worldwide economic activity. COVID-19 poses the risk that we or our employees, CROs, suppliers, manufacturers and other partners may be prevented from conducting business activities for an indefinite period of time, including due to the spread of the disease or shutdowns that may be requested or mandated by governmental authorities. While it is not possible at this time to estimate the full impact that COVID-19 could have on our business, the continued spread of COVID-19 could disrupt our clinical trials, supply chain and the manufacture or shipment of our cyclodextrin products, and other related activities, which could have a material adverse effect on our business, financial condition and results of operations. While we have not yet experienced any material disruptions in our business or other negative consequences relating to COVID-19, the extent to which the COVID-19 pandemic impacts our results will depend on future developments that are highly uncertain and cannot be predicted. See Note 7.

</uavs:Uncertainty>

<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2020-01-01to2020-12-31">

Recently Issued Accounting Pronouncements Adopted In August 2018, the FASB issued ASU 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820). This ASU removes or modifies current disclosures while adding certain new disclosure requirements. The guidance is effective for fiscal years beginning after December 15, 2019 and interim periods therein, with early adoption permitted for the removed or modified disclosures. The removed and modified disclosures can be adopted retrospectively, and the added disclosures should be adopted prospectively. The Company’s adoption of ASU No. 2018-13 effective December 15, 2019 did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (Topic 350-40). This ASU allows for capitalization of implementation costs associated with certain cloud computing arrangements. The guidance is effective for fiscal years beginning after December 15, 2019 and interim periods therein, with early adoption permitted. The Company’s adoption of ASU No. 2018-15 effective December 15, 2019 did not have a material impact on the consolidated financial statements. Pending Adoption In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), which provides guidance on how an entity should measure credit losses on financial instruments. The ASU is effective for smaller reporting company’s for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company does not expect this ASU to have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The amendments in ASU 2019-12 simplify the accounting for income taxes by removing certain exceptions to the general principles and clarifying a handful of narrow issues within the broad topic of income tax accounting. The amendments in ASU 2019-12 are effective for years beginning after December 15, 2020. The Company does not expect this ASU to have a material impact on its consolidated financial statements. Other recent accounting pronouncements issued by FASB did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.

</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>

<uavs:SalesConcentrationInformationTableTextBlock contextRef="From2020-01-01to2020-12-31">

Sales concentration information for customers comprising more than 10% of the Company’s total net sales such customers is summarized below: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center">Percent of total revenues for year ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Customers</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; padding-left: 7.5pt; text-indent: -7.5pt">Customer A</td> <td style="width: 8%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">93.7</td> <td style="width: 1%">%</td> <td style="width: 8%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">90.8</td> <td style="width: 1%">%</td></tr> </table>

</uavs:SalesConcentrationInformationTableTextBlock>

<uavs:RevenueIndicatedByProductMixTableTextBlock contextRef="From2020-01-01to2020-12-31">

The table below reflects our revenue for the periods indicated by product mix. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year Ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Type</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; text-indent: -7.5pt; padding-left: 7.5pt">Drone and Custom Manufacturing Sales</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,218,735</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">267,622</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -7.5pt; padding-left: 7.5pt">Software Subscription Sales</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">66,648</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">29,055</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-indent: -7.5pt; padding-left: 7.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,285,383</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">296,677</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

</uavs:RevenueIndicatedByProductMixTableTextBlock>

<us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="From2020-01-01to2020-12-31">

Inventories consist of the following at: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; text-indent: -7.5pt; padding-left: 7.5pt">Raw materials</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">88,091</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">193,022</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -7.5pt; padding-left: 7.5pt">Work-in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,447</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,456</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -7.5pt; padding-left: 7.5pt">Finished goods</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,109</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,689</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt">Gross inventory</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">145,647</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">231,167</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -7.5pt; padding-left: 7.5pt">Less obsolescence reserve</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(10,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(10,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-indent: -7.5pt; padding-left: 7.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">135,647</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">221,167</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>

<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="From2020-01-01to2020-12-31">

Property and equipment consist of the following at: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-right: 0; padding-left: 0"> </td><td style="color: black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: left">Type</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; padding-right: 0; padding-left: 0">Estimated Life</td><td style="color: black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center">2020</td><td style="color: black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 45%; text-align: left">Leasehold improvements</td><td style="width: 5%"> </td> <td style="width: 12%; text-align: center; padding-left: 0; padding-right: 0">3 Years</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">22,265</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">12,170</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Equipment and vehicles</td><td> </td> <td style="text-align: center; padding-left: 0; padding-right: 0">5 Years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,532</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,652</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer and office equipment</td><td> </td> <td style="text-align: center; padding-left: 0; padding-right: 0">5 Years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,369</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,262</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Furniture</td><td> </td> <td style="text-align: center; padding-left: 0; padding-right: 0">5 Years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">54,798</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Drone equipment</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt; padding-left: 0; padding-right: 0">3 Years</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32,138</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,674</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0 0 0 20pt">Total</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; padding-left: 0; text-align: center; padding-right: 0"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">233,102</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">140,758</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; padding-left: 0; text-align: center; padding-right: 0"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(110,513</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(102,982</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0 0 0 20pt; text-align: left">Total Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; padding-left: 0; text-align: center; padding-right: 0"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">122,589</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">37,776</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

</us-gaap:PropertyPlantAndEquipmentTextBlock>

<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock contextRef="From2020-01-01to2020-12-31">

Intangible assets are recorded at cost and consist of the assets acquired for the acquisition of SaaS completed in 2018 (see Note 3) and our HempOverview platform development costs. Goodwill and intangible assets were comprised of the following as of December 31, 2020: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center">Name</td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: center">Estimated Life</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Balance at January 1, 2020</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Additions</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"> Amortization</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Impairment</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Balance at December 31, 2020</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 19%">Intellectual property/technology</td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: center"> 5 Years</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">317,826</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">(86,680</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">231,146</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Customer base</td> <td> </td> <td style="text-align: center"> 5 Years</td> <td> </td> <td> </td> <td style="text-align: right">52,800</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(14,400</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">38,400</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Tradenames and trademarks</td> <td> </td> <td style="text-align: center"> 5 Years</td> <td> </td> <td> </td> <td style="text-align: right">42,680</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(11,640</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">31,040</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Non-compete agreement</td> <td> </td> <td style="text-align: center"> 4 Years</td> <td> </td> <td> </td> <td style="text-align: right">107,267</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(40,225</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">67,042</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> Platform development costs</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">72,899</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">72,899</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt">Total Intangible Assets</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td>$</td> <td style="text-align: right">520,573</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">72,899</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(152,945</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">440,527</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Goodwill</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,108,000</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,108,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt">Total</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,628,573</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">72,899</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(152,945</td> <td>)</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,548,527</td> <td> </td></tr> </table> Goodwill and intangible assets were comprised of the following as of December 31, 2019: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center">Name</td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: center">Estimated Life</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Balance at January 1, 2019</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Additions</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"> Amortization</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Impairment</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Balance at December 31, 2019</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 19%">Intellectual property/technology</td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: center"> 5 Years</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">404,506</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">(86,680</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">317,826</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Customer base</td> <td> </td> <td style="text-align: center"> 5 Years</td> <td> </td> <td> </td> <td style="text-align: right">70,800</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(18,800</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">52,800</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Tradenames and trademarks</td> <td> </td> <td style="text-align: center"> 5 Years</td> <td> </td> <td> </td> <td style="text-align: right">54,320</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(11,640</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">42,680</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Non-compete agreement</td> <td> </td> <td style="text-align: center"> 4 Years</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">147,492</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(40,225</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">107,267</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt">Total Intangible Assets</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td>$</td> <td style="text-align: right">677,118</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(156,545</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">520,573</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Goodwill</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,270,984</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(162,984</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,108,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt">Total</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,948,102</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(156,545</td> <td>)</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(162,984</td> <td>)</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,628,573</td> <td> </td></tr> </table>

</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock>

<us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock contextRef="From2020-01-01to2020-12-31">

Future amortization is as follows for fiscal years ending: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2021</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2022</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2023</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2024</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2025</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">Intellectual property/technology</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">86,680</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">86,680</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">57,786</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">—</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Customer base</td> <td> </td> <td> </td> <td style="text-align: right">14,400</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">14,400</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9,600</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Tradenames and trademarks</td> <td> </td> <td> </td> <td style="text-align: right">11,640</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">11,640</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">7,760</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Non-compete agreement</td> <td> </td> <td> </td> <td style="text-align: right">40,225</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">26,817</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Platform development costs</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">14,580</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">14,580</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">14,580</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">14,580</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">14,579</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">167,525</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">154,117</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">89,726</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">14,580</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">14,579</td> <td> </td></tr> </table>

</us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock>

<us-gaap:ScheduleOfDebtInstrumentsTextBlock contextRef="From2020-01-01to2020-12-31">

<table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%"> <tr style="vertical-align: bottom"> <td colspan="2" style="font-weight: bold; text-align: center">Year Ending December 31,</td><td style="color: black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center">Amount</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 67%; text-align: center">2021</td><td style="width: 1%; text-align: center"> </td><td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">89,533</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2022</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,906</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">107,439</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

</us-gaap:ScheduleOfDebtInstrumentsTextBlock>

<us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock contextRef="From2020-01-01to2020-12-31">

The significant assumptions relating to the valuation of the Company’s stock options granted during the year ended December 31, 2020 were as follows: <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="padding-left: 7.5pt; text-align: center; text-indent: -7.5pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2020</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 71%; padding-left: 7.5pt; text-indent: -7.5pt">Dividend yield</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 17%; text-align: center">0.00%</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Expected life</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">3.8 Years</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Expected volatility</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">87.11%</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Risk-free interest rate</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">0.19%</td></tr></table> The significant assumptions relating to the valuation of the Company’s stock options granted during the year ended December 31, 2019 were as follows: <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="padding-left: 7.5pt; text-align: center; text-indent: -7.5pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2019</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 70%; padding-left: 7.5pt; text-indent: -7.5pt">Dividend yield</td> <td style="width: 10%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 18%; text-align: center">1.62%</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Expected life</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">3.0-6.1 Years</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Expected volatility</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">82.38-88.62%</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Risk-free interest rate</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">1.56-2.23%</td> <td style="text-align: center"> </td></tr> </table>

</us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock>

<us-gaap:DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock contextRef="From2020-01-01to2020-12-31">

A summary of the options activity for the year ended December 31, 2020 is as follows: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Shares</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Weighted Average Exercise Price</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Aggregate Intrinsic Value</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%; padding-left: 7.5pt; text-indent: -7.5pt">Outstanding at January 1, 2020</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">2,480,470</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">0.39</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">6.28 years </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">378,111</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Granted</td> <td> </td> <td> </td> <td style="text-align: right">876,167</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3.27</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4.71 years</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,392,368</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Exercised</td> <td> </td> <td> </td> <td style="text-align: right">(881,898</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">0.19</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,141,581</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Expired/Forfeited</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(219,472</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1.63</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">927,616</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Outstanding at December 31, 2020</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,255,267</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.46</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">5.31 years</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">10,247,548</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Exercisable at period end</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,097,268</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.38</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">5.58 years</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">6,164,209</td> <td> </td></tr> </table> A summary of the options activity for the years ended December 31, 2019 is as follows: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center">Weighted</td> <td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center">Weighted</td> <td> </td> <td colspan="3" style="text-align: center">Average</td> <td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center">Average</td> <td> </td> <td colspan="3" style="text-align: center">Remaining</td> <td> </td> <td colspan="3" style="text-align: center">Aggregate</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center">Exercise</td> <td> </td> <td colspan="3" style="text-align: center">Contractual</td> <td> </td> <td colspan="3" style="text-align: center">Intrinsic</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Shares</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Price</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Term</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Value</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 46%; padding-left: 7.5pt; text-indent: -7.5pt">Outstanding at January 1, 2019</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">1,494,158</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">0.46</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">6.93 years </td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">417 ,504</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Granted</td> <td> </td> <td> </td> <td style="text-align: right">1,131,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.37</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6.27 years</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Exercised/Forfeited</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(144,688</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.99</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">— </td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Outstanding at December 31, 2019</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,480,470</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">0.39</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">6.28 years</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">378,111</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 7.5pt; text-indent: -7.5pt">Exercisable at end of the year</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,521,859</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.36</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">6.10 years</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">301,051</td> <td> </td></tr> </table>

</us-gaap:DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock>

<us-gaap:ScheduleOfOtherShareBasedCompensationActivityTableTextBlock contextRef="From2020-01-01to2020-12-31">

A summary of activity related to warrants for the year ended December 31, 2020 follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Remaining Contractual Term</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 33%; text-align: left">Outstanding at January 1, 2020</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right">4,531,924</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">0.72</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right">5.05</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issued</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,972,254</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.34</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.92</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercised</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,987,400</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.79</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Outstanding at December 31, 2020</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,516,778</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3.30</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.83</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercisable at December 31, 2020</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,516,778</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3.30</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.83</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> A summary of activity related to warrants for the twelve months ended December 31, 2019 follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Remaining Contractual Term</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 33%; text-align: left">Outstanding at January 1, 2019</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 5%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 15%; text-align: right">4,531,924</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 5%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 15%; text-align: right">0.72</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 5%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 15%; text-align: right">5.05</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Outstanding at December 31, 2019</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,531,924</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.72</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5.05</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercisable at December 31, 2019</td></tr></table>

</us-gaap:ScheduleOfOtherShareBasedCompensationActivityTableTextBlock>

<us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock contextRef="From2020-01-01to2020-12-31">

The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of December 31, 2020: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center">Year Ending December 31,</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Amount</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%; text-align: center">2021</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 10%"> </td> <td style="width: 1%">$</td> <td style="width: 23%; text-align: right">85,895</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">2022</td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right">91,193</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center">2023</td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">80,275</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">257,363</td> <td> </td></tr> </table>

</us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock>

<us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="From2020-01-01to2020-12-31">

A reconciliation of income tax expense at the federal statutory rate to income tax expense at the Company’s effective rate for the years ended December 31, 2020 and 2019 is as follows: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Amount</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Rate</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Amount</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Rate</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%">Computed tax at the expected statutory rate</td> <td style="width: 2%"> </td> <td style="width: 1%"> $</td> <td style="width: 10%; text-align: right">(1,035,815</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">21.00</td> <td style="width: 1%">%</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">(1,182,446</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">21.00</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt">State and local income taxes, net of federal</td> <td> </td> <td> </td> <td style="text-align: right">(162,671</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">3.30</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">(177,832</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">3.16</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt">Permanant differences</td> <td> </td> <td> </td> <td style="text-align: right">(430,179</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">8.70</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">653</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(0.01</td> <td>)%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt">Other adjustments</td> <td> </td> <td> </td> <td style="text-align: right">405,195</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(8.20</td> <td>)%</td> <td> </td> <td> </td> <td style="text-align: right">(18,856</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">0.33</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt">Return to accrual adjustment</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">725,102</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(14.70</td> <td>)%</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt">Change in valuation allowance</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">498,368</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(10.10</td> <td>)%</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,378,480</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(24.48</td> <td>)%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Income tax benefit</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td></tr> </table>

</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>

<us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="From2020-01-01to2020-12-31">

The temporary differences, tax credits and carryforwards that gave rise to the following deferred tax assets (liabilities) at December 31, 2020 and 2019 is as follows: <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Deferred tax assets (liabilities):</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; padding-left: 20pt">Property and equipment</td> <td style="width: 8%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">4,825</td> <td style="width: 1%"> </td> <td style="width: 8%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">7,452</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt">Other current liabilities</td> <td> </td> <td> </td> <td style="text-align: right">(4,601</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">116,477</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt">Intangible assets</td> <td> </td> <td> </td> <td style="text-align: right">(31,678</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">31,106</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt">Equity compensation</td> <td> </td> <td> </td> <td style="text-align: right">106,360</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">438,897</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt">Other accrued expenses</td> <td> </td> <td> </td> <td style="text-align: right">352,072</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(61,877</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt">Net operating loss carryforward</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,850,489</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,247,045</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt">Total deferred tax assets</td> <td> </td> <td> </td> <td style="text-align: right">3,277,467</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,779,100</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt">Valuation allowance</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(3,277,467</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(2,779,100</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt">Net deferred tax assets</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td> </td></tr></table>

</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>

<us-gaap:AssetsCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 1129160 </us-gaap:AssetsCurrent>

<us-gaap:AssetsCurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="0"> 24797991 </us-gaap:AssetsCurrent>

<us-gaap:NotesReceivableNet contextRef="AsOf2019-12-31" unitRef="USD" xsi:nil="true"/>

<us-gaap:NotesReceivableNet contextRef="AsOf2020-12-31" unitRef="USD" decimals="0"> 600000 </us-gaap:NotesReceivableNet>

<us-gaap:PrepaidExpenseCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 124163 </us-gaap:PrepaidExpenseCurrent>

<us-gaap:PrepaidExpenseCurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="0"> 122011 </us-gaap:PrepaidExpenseCurrent>

<us-gaap:InventoryNet contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 221167 </us-gaap:InventoryNet>

<us-gaap:InventoryNet contextRef="AsOf2020-12-31" unitRef="USD" decimals="0"> 135647 </us-gaap:InventoryNet>

<us-gaap:AccountsReceivableNetCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 65833 </us-gaap:AccountsReceivableNetCurrent>

<us-gaap:AccountsReceivableNetCurrent contextRef="AsOf2020-12-31" unitRef="USD" xsi:nil="true"/>

<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 717997 </us-gaap:CashAndCashEquivalentsAtCarryingValue>

<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="AsOf2020-12-31" unitRef="USD" decimals="0"> 23940333 </us-gaap:CashAndCashEquivalentsAtCarryingValue>

<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 2601730 </us-gaap:CashAndCashEquivalentsAtCarryingValue>

<us-gaap:Assets contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 4795509 </us-gaap:Assets>

<us-gaap:Assets contextRef="AsOf2020-12-31" unitRef="USD" decimals="0"> 28726470 </us-gaap:Assets>

<us-gaap:Goodwill contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 3108000 </us-gaap:Goodwill>

<us-gaap:Goodwill contextRef="AsOf2020-12-31" unitRef="USD" decimals="0"> 3108000 </us-gaap:Goodwill>

<us-gaap:IntangibleAssetsNetExcludingGoodwill contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 520573 </us-gaap:IntangibleAssetsNetExcludingGoodwill>

<us-gaap:IntangibleAssetsNetExcludingGoodwill contextRef="AsOf2020-12-31" unitRef="USD" decimals="0"> 440527 </us-gaap:IntangibleAssetsNetExcludingGoodwill>

<us-gaap:OtherAssetsCurrent contextRef="AsOf2019-12-31" unitRef="USD" xsi:nil="true"/>

<us-gaap:OtherAssetsCurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="0"> 257363 </us-gaap:OtherAssetsCurrent>

<us-gaap:PropertyPlantAndEquipmentNet contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 37776 </us-gaap:PropertyPlantAndEquipmentNet>

<us-gaap:PropertyPlantAndEquipmentNet contextRef="AsOf2020-12-31" unitRef="USD" decimals="0"> 122589 </us-gaap:PropertyPlantAndEquipmentNet>

<us-gaap:OperatingLeaseLiabilityCurrent contextRef="AsOf2019-12-31" unitRef="USD" xsi:nil="true"/>

<us-gaap:OperatingLeaseLiabilityCurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="0"> 85895 </us-gaap:OperatingLeaseLiabilityCurrent>

<us-gaap:DepositContractsLiabilities contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 264472 </us-gaap:DepositContractsLiabilities>

<us-gaap:DepositContractsLiabilities contextRef="AsOf2020-12-31" unitRef="USD" decimals="0"> 2302 </us-gaap:DepositContractsLiabilities>

<us-gaap:DividendsPayableCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 163555 </us-gaap:DividendsPayableCurrent>

<us-gaap:DividendsPayableCurrent contextRef="AsOf2020-12-31" unitRef="USD" xsi:nil="true"/>

<us-gaap:AccruedLiabilitiesCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="0"> 36416 </us-gaap:AccruedLiabilitiesCurrent>

<us-gaap:AccruedLiabilitiesCurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="0"> 1844825 </us-gaap:AccruedLiabilitiesCurrent>

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Basis of Presentation and Consolidation - These financial consolidated statements are presented in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. The Company’s consolidated financial statements are prepared using the accrual method of accounting. The Company has elected a December 31 fiscal year end. The consolidated financial statements include the accounts of AgEagle Aerial Systems Inc. and its wholly-owned subsidiaries AgEagle Aerial, Inc. and EnerJex Kansas, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. Such consolidated financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“US GAAP”) in all material respects and have been consistently applied in preparing the accompanying consolidated financial statements. During the year ended December 31, 2020 the Company discovered errors in the income tax provision as of and for the year ended December 31, 2019. These errors relate to computing the deferred tax assets using a blended state and federal tax rate and also computing a deferred tax asset using the incorrect amount of net operating loss for the year ended December 31, 2019. The total of these errors were offset by incorrectly increasing the valuation allowance by the same amount. The adjustment was to decrease the deferred tax asset by $1,130,297 and to decrease the valuation allowance by the same amount. Since there was no impact to the Company’s net loss or the Company’s equity for the years ended December 31, 2020 and 2019 the Company has determined that these errors were not material to the consolidated financial statements. The deferred tax asset and valuation allowance has been cumulatively adjusted as of and for the year ended December 31, 2020 to correct these errors and the impact of these changes are included in the reconciliation of income tax disclosure for the year ended December 31, 2020.

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Receivables and Credit Policy – Trade receivables due from customers are uncollateralized customer obligations due under normal trade terms requiring payment within 30 days from the invoice date. Terms with our distributor allow for payment terms of 45 days from the invoice date. Trade receivables are stated at the amount billed to the customer. The Company generally does not charge interest on overdue customer account balances. Payments of trade receivables are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices. Accounts receivable at January 1, 2019 was $93. The Company estimates an allowance for doubtful accounts based upon an evaluation of the current status of receivables, historical experience, and other factors as necessary. It is reasonably possible that the Company’s estimate of the allowance for doubtful accounts will change. The Company determined that no allowance was necessary as of December 31, 2020 and December 31, 2019.

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Research and Development Expenses – Research and development costs are expensed as incurred and are included as part of the accompanying consolidated statements of operations. Research and development costs totaled $29,392 and $38,948 for the years ended December 31, 2020 and 2019, respectively.

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</xbrli:xbrl>

2 Subsequent Filings that Reference this Filing

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

 4/23/21  AgEagle Aerial Systems Inc.       S-3/A                  3:86K                                    Premier Fin’l Fi… LLC/FA
 4/15/21  AgEagle Aerial Systems Inc.       S-3/A                  1:274K                                   Premier Fin’l Fi… LLC/FA

15 Previous Filings that this Filing References

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

 1/05/21  AgEagle Aerial Systems Inc.       8-K:1,9    12/31/20    5:403K                                   Premier Fin’l Fi… LLC/FA
10/16/20  AgEagle Aerial Systems Inc.       8-K:1,8,9  10/14/20    3:226K                                   Premier Fin’l Fi… LLC/FA
 8/07/20  AgEagle Aerial Systems Inc.       8-K:1,8,9   8/03/20    3:516K                                   Premier Fin’l Fi… LLC/FA
 8/06/20  AgEagle Aerial Systems Inc.       8-K:1,9     8/04/20    5:386K                                   Premier Fin’l Fi… LLC/FA
 5/01/20  AgEagle Aerial Systems Inc.       8-K:5,8,9   4/28/20    3:1.2M                                   Premier Fin’l Fi… LLC/FA
 4/08/20  AgEagle Aerial Systems Inc.       8-K:1,3,5,9 4/07/20    5:9.5M                                   Premier Fin’l Fi… LLC/FA
12/28/18  AgEagle Aerial Systems Inc.       8-K:1,3,5,912/27/18    5:4.9M                                   Premier Fin’l Fi… LLC/FA
 7/24/18  AgEagle Aerial Systems Inc.       S-1                   15:5.2M                                   Premier Fin’l Fi… LLC/FA
 3/29/18  AgEagle Aerial Systems Inc.       8-K:2,3,4,5 3/26/18   14:6.6M                                   Toppan Merrill/FA
 4/28/17  AgEagle Aerial Systems Inc.       8-K:1,3,5,9 4/27/17    5:529K                                   Toppan Merrill/FA
 3/11/15  AgEagle Aerial Systems Inc.       8-K:1,3,5,7 3/11/15    8:1.3M                                   Toppan Merrill/FA
 6/02/14  AgEagle Aerial Systems Inc.       8-K:5,8,9   5/29/14    3:173K                                   Toppan Merrill/FA
 5/22/13  AgEagle Aerial Systems Inc.       DEF 14A     6/06/13    1:717K                                   Toppan Merrill/FA
 1/06/11  AgEagle Aerial Systems Inc.       8-K:1,2,3,512/31/10    7:1.1M                                   Toppan Merrill/FA
 8/14/08  AgEagle Aerial Systems Inc.       10-Q        6/30/08    6:660K                                   SLI/FA

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Filing Submission 0001575705-21-000158 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

AgEagle Aerial Systems Inc. – ‘10-K’ for 12/31/20 – ‘EX-101.INS’

On: Wednesday, 3/31/21, at 4:00pm ET · For: 12/31/20 · Accession #: 1575705-21-158 · File #: 1-36492

Annual Report — Form 10-KFiling Table of Contents

‘EX-101.INS’ — XBRL Instance — uavs-20201231

This Exhibit is an XBRL XML File.

2 Subsequent Filings that Reference this Filing

15 Previous Filings that this Filing References

Annual Report — Form 10-K
Filing Table of Contents