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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Advantego Corporation (CE) | USOTC:ADGO | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.000001 | 0.000001 | 0.000001 | 10,000 | 01:00:00 |
COLORADO
|
|
84-1116515
|
(State
or other jurisdiction of incorporation or
organization)
|
|
(I.R.S.
Employer Identification No.)
|
|
Large
accelerated filer
|
[
]
|
Accelerated
filer
|
[
]
|
|
Non-accelerated
filer
|
[X]
|
Smaller
reporting company
|
[X]
|
|
|
|
Emerging
growth company
|
[
]
|
Title
of each class
|
Trading
Symbol(s)
|
Name
of each exchange on which registered
|
None
|
N/A
|
N/A
|
PART I.
|
|
|
PAGE
|
Item
1.
Financial Statements.
|
|
|
|
|
|
|
|
Item
4.
Controls and Procedures.
|
|
|
|
PART II.
|
|
|
|
Item 1.
Legal Proceedings.
|
|
Item 1A.
Risk
Factors.
|
|
Item 3.
Defaults Upon Senior Securities.
|
|
Item 4.
Mine Safety Disclosures.
|
|
Item 5.
Other Information
|
|
Item
6.
Exhibits.
|
|
|
|
Advantego Corporation
|
|
|
|
|
|
|
|||||
Consolidated
B
alance
Sheets
|
|
|
|
||||||||
As of June 30, 2019 and December 31, 2018
|
|
|
|
||||||||
(Unaudited)
|
|
|
|
|
|
|
|
|
Advantego Corporation
|
|
|
|
|
|
|
|
|
Consolidated Statements of
O
perations
|
|
|
|
|
|
|
||
For the Three and Six Months Ended June 30, 2019 and
2018
|
|
|
|
|
||||
(Unaudited)
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
Six
Months Ended
|
||
|
June
30,
|
June
30,
|
June
30,
|
June
30,
|
|
2019
|
2018
|
2019
|
2018
|
|
|
|
|
|
|
|
|
|
|
REVENUES
|
|
|
|
|
Sales
|
$
21,066
|
71,267
|
$
29,391
|
115,244
|
Cost
of Sales
|
(15,272
)
|
(43,685
)
|
(26,110
)
|
(73,924
)
|
Gross
Margin
|
5,794
|
27,582
|
3,281
|
41,320
|
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
|
General
and administrative
|
304,403
|
203,145
|
652,152
|
385,585
|
|
|
|
|
|
Total operating expenses
|
304,403
|
203,145
|
652,152
|
385,585
|
|
|
|
|
|
OPERATING (LOSS)
|
(298,609
)
|
(175,563
)
|
(648,871
)
|
(344,265
)
|
|
|
|
|
|
OTHER INCOME (EXPENSE)
|
|
|
|
|
Interest
expense
|
(446,384
)
|
(69,079
)
|
(696,536
)
|
(144,213
)
|
|
|
|
|
|
Total other (expense)
|
(446,384
)
|
(69,079
)
|
(696,536
)
|
(144,213
)
|
|
|
|
|
|
Loss
before income taxes
|
(744,993
)
|
(244,642
)
|
(1,345,407
)
|
(488,478
)
|
Income
taxes
|
-
|
-
|
-
|
-
|
NET LOSS
|
(744,993
)
|
(244,642
)
|
(1,345,407
)
|
(488,478
)
|
|
|
|
|
|
Basic
and diluted (loss) per share
|
$
(0.04
)
|
$
(0.02
)
|
$
(0.08
)
|
$
(0.03
)
|
Weighted
average shares outstanding - basic
|
17,077,371
|
16,010,976
|
16,896,102
|
15,766,973
|
Advantego Corporation
|
|
|
|
|
|
|
|
|
||
Consolidated Statement of Changes in Stockholders'
E
quity (Deficit)
|
||||||||||
For the Three and six Months Ended June 30, 2019 and 2018
(Unaudited)
|
|
|
|
|
|
Additional
|
|
|
|
Preferred Stock
|
Common Stock
|
Paid-in
|
Accumulated
|
|
||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
(Deficit)
|
Total
|
|
|
|
|
|
|
|
|
Balance at March 31, 2019
|
240,000
|
$
2,400
|
16,712,819
|
$
1,671
|
$
(1,270,540
)
|
$
(2,633,016
)
|
$
(3,899,485
)
|
|
|
|
|
|
|
|
|
Shares
issued for conversion of notes payable
|
-
|
-
|
297,618
|
30
|
39,970
|
-
|
40,000
|
|
|
|
|
|
|
|
|
Shares
issued for accrued interest
|
-
|
-
|
21,399
|
2
|
2,683
|
-
|
2,685
|
|
|
|
|
|
|
|
|
Returnable
shares issued
|
-
|
-
|
361,538
|
36
|
137,348
|
-
|
137,384
|
|
|
|
|
|
|
|
|
Debt
premium on convertible notes
|
-
|
-
|
-
|
-
|
(726,265
)
|
-
|
(726,265
)
|
|
|
|
|
|
|
|
|
Amortization
of debt premium
|
-
|
-
|
-
|
-
|
962,544
|
-
|
962,544
|
|
|
|
|
|
|
|
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
(744,993
)
|
(744,993
)
|
|
|
|
|
|
|
|
|
Balance at June 30, 2019
|
240,000
|
$
2,400
|
17,393,374
|
$
1,739
|
$
(854,260
)
|
$
(3,378,009
)
|
$
(4,228,130
)
|
|
|
|
|
|
Additional
|
|
|
|
Preferred Stock
|
Common Stock
|
Paid-in
|
Accumulated
|
|
||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
(Deficit)
|
Total
|
|
|
|
|
|
|
|
|
Balance at March 31, 2018
|
240,000
|
$
2,400
|
15,626,398
|
$
1,563
|
$
198,055
|
$
(1,023,098
)
|
$
(821,080
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
issued for cash and exercise of warrants
|
-
|
-
|
130,591
|
13
|
82,612
|
-
|
82,625
|
|
|
|
|
|
|
|
|
Shares
issued for conversion of notes payable
|
-
|
-
|
619,525
|
62
|
277,713
|
-
|
277,775
|
|
|
|
|
|
|
|
|
Shares
issued for conversion of notes payable -related party
|
-
|
-
|
110,909
|
11
|
30,489
|
-
|
30,500
|
|
|
|
|
|
|
|
|
Shares
issued for accrued interest
|
-
|
-
|
10,855
|
1
|
7,021
|
-
|
7,022
|
|
|
|
|
|
|
|
|
Shares
issued for accrued interest - related party
|
-
|
-
|
20,174
|
2
|
5,546
|
-
|
5,548
|
|
|
|
|
|
|
|
|
Debt
premium on convertible notes
|
-
|
-
|
-
|
-
|
(327,033
)
|
-
|
(327,033
)
|
|
|
|
|
|
|
|
|
Amortization
of debt premium
|
-
|
-
|
-
|
-
|
294,767
|
-
|
294,767
|
|
|
|
|
|
|
|
|
Deferred
offering cost
|
-
|
-
|
-
|
-
|
14,236
|
-
|
14,236
|
|
|
|
|
|
|
|
|
Forgiveness
of related party debt
|
-
|
-
|
-
|
-
|
6,022
|
-
|
6,022
|
|
|
|
|
|
|
|
|
Common
stock subscribed
|
-
|
-
|
-
|
-
|
-
|
-
|
9,999
|
|
|
|
|
|
|
|
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
(244,642
)
|
(244,642
)
|
Balance at June 30, 2018
|
240,000
|
$
2,400
|
16,518,452
|
$
1,652
|
$
589,428
|
$
(1,267,740
)
|
$
(664,261
)
|
|
Preferred
Stock
|
Common
Stock
|
Additional
Paid-in
|
Accumulated
|
|
||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
(Deficit)
|
Total
|
Balance at December 31, 2018
|
240,000
|
$
2,400
|
16,712,819
|
$
1,671
|
$
567,738
|
$
(2,032,602
)
|
$
(1,460,793
)
|
|
|
|
|
|
|
|
|
Shares issued for conversion of notes payable
|
-
|
-
|
297,618
|
30
|
39,970
|
-
|
40,000
|
|
|
|
|
|
|
|
|
Shares issued for accrued interest
|
-
|
-
|
21,399
|
2
|
2,683
|
-
|
2,685
|
|
|
|
|
|
|
|
|
Returnable shares issued
|
-
|
-
|
361,538
|
36
|
137,348
|
-
|
137,384
|
|
|
|
|
|
|
|
|
Debt premium on convertible notes
|
-
|
-
|
-
|
-
|
(2,323,948
)
|
-
|
(2,323,948
)
|
|
|
|
|
|
|
|
|
Amortization of debt premium
|
-
|
-
|
-
|
-
|
485,670
|
-
|
485,670
|
|
|
|
|
|
|
|
|
Net loss
|
-
|
-
|
-
|
-
|
-
|
(1,345,407
)
|
(1,345,407
)
|
|
|
|
|
|
|
|
|
Balance at June 30, 2019
|
240,000
|
$
2,400
|
17,393,374
|
$
1,739
|
$
(1,090,539
)
|
$
(3,378,009
)
|
$
(4,464,410
)
|
Advantego Corporation
|
|
|
|
|
|
|||||
Consolidated Statements of
C
ash
Flows
|
|
|
|
|
||||||
For the Six Months Ended June 30, 2019 and
2018
|
|
|
|
|
||||||
(Unaudited)
|
|
|
|
|
|
|
|
|
June 30,
|
June 30,
|
|
2019
|
2018
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
Net
(loss)
|
$
(1,345,407
)
|
$
(488,478
)
|
Adjustments
to reconcile net loss to cash used by operating
adtivities
|
|
|
Amortization
of debt discount
|
162,425
|
137,163
|
Amortization
of consulting services prepaid with common stock
|
-
|
5,758
|
Changes
in operating assets and liabilities
|
|
|
(Increase)
in accounts receivable
|
(42,530
)
|
(25,000
)
|
(Increase)
in prepaid expenses
|
(141,258
)
|
(35,510
)
|
(Increase)
decrease in inventory
|
6,499
|
(1,914
)
|
Increase
(decrease) in accounts payable
|
(6,716
)
|
4,072
|
Increase
(decrease) in deferred revenue
|
45,358
|
(4,109
)
|
Decrease
in accounts payable - related parties
|
(36,384
)
|
(29,907
)
|
Increase
in accrued interest, convertible notes payable -related
parties
|
-
|
2,781
|
Increase
in accrued interest, convertible notes payable
|
28,108
|
2,007
|
|
|
|
Net cash flows (used by) operating activities
|
(1,329,905
)
|
(433,137
)
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
-
|
-
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
Proceeds
from sale of common stock and excersise of warrants
|
-
|
82,625
|
Proceeds
from convertible notes payable
|
1,981,550
|
419,050
|
Principal
payments on convertible notes payable
|
(608,000
)
|
(22,486
)
|
|
|
|
Net cash flows provided by financing activities
|
1,373,550
|
479,189
|
|
|
|
NET CHANGE IN CASH
|
43,645
|
46,052
|
|
|
|
CASH - BEGINNING OF PERIOD
|
91,643
|
37,041
|
CASH - END OF PERIOD
|
$
135,288
|
$
83,093
|
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION
|
|
|
Schdule of Non-cash Investing and Financing
Activities:
|
|
|
Conversion
of convertible notes payable into common stock
|
$
40,000
|
$
434,797
|
Conversion
of convertible notes payable - related parties into common
stock
|
$
-
|
$
79,590
|
Conversion
of accrued interest, convertible notes payable into common
stock
|
$
2,685
|
$
6,813
|
Conversion
of accrued interst, convertible notes payable-related parties into
common stock
|
$
-
|
$
27,487
|
Conversion
of officer wages payable into common stock
|
$
-
|
$
38,500
|
Issuance
of common stock for accrued expenses
|
$
-
|
$
13,818
|
Issuance
of common stock for a finders fee
|
$
-
|
$
15,000
|
Issuance
of convertible note payable to secure line of credit
|
$
-
|
$
50,000
|
Recording
of premium on convertible debt at stock redemption
value
|
$
3,050,213
|
$
64,236
|
Common
stock subscribed
|
$
-
|
$
9,999
|
Amortization
to additional paid in capital of premium on convertible notes
payable
|
$
1,448,214
|
$
611,096
|
Debt
discounts on issuance of convertible notes payable
|
$
234,050
|
$
318,115
|
Forgiveness
of related party debt
|
$
-
|
$
6,022
|
Returnable
shares issued
|
$
137,348
|
$
-
|
|
|
|
Cash paid for
|
|
|
Interest
|
$
506,002
|
$
2,264
|
Income
taxes
|
-
|
-
|
|
|
|
The accompanying footnotes are an integral part of these unaudited
condensed financial statements.
|
|
|
|
|
|
|
Three
Months Ended
|
Six Months
Ended
|
||
|
June
30,
2019
|
June
30,
2018
|
June
30,
2019
|
June
30,
2018
|
Basic weighted
average shares outstanding
|
17,077,371
|
16,010,976
|
16,896,102
|
15,766,973
|
Convertible
debt
|
13,577,043
|
172,734
|
6,974,085
|
85,890
|
Series B preferred
stock
|
10,909
|
10,909
|
10,909
|
10,909
|
Warrants
|
-
|
181,818
|
-
|
181,818
|
Fully diluted
weighted average shares
outstanding
|
30,665,323
|
16,376,437
|
23,881,096
|
16,045,590
|
|
June 30,
2019
|
December 31,
2018
|
Prepaid
Insurance
|
$
6,711
|
$
3,845
|
Deposits
|
31,155
|
3,763
|
Returnable
Shares
|
137,384
|
-
|
Total
|
$
175,250
|
$
7,608
|
|
June 30,
2019
|
December 31,
2018
|
Engineering,
Pre-Production Costs (new products)*
|
81,000
|
-
|
Software
Development (new products)**
|
30,000
|
-
|
Total
|
$
111,000
|
$
-
|
|
June 30,
2019
|
D
ecember 31,
2018
|
||||||||
Note
|
Principal
|
Less Debt
Discount
|
Plus
Premium
|
Net Note
Balance
|
Accrued
Interest
|
Principal
|
Less Debt
Discount
|
Plus
Premium
|
Net Note
Balance
|
Accrued
Interest
|
(a)
|
$
75,000
|
$
(11,249
)
|
$
10,598
|
$
74,349
|
$
750
|
$
75,000
|
$
(33,599
)
|
$
56,250
|
$
97,651
|
$
1,134
|
(b)
|
-
|
-
|
-
|
-
|
-
|
50,000
|
-
|
-
|
50,000
|
2,713
|
(c)
|
85,000
|
(1,875
)
|
11,345
|
94,470
|
6,877
|
125,000
|
(11,250
)
|
68,072
|
181,822
|
4,500
|
(d)
|
-
|
-
|
-
|
-
|
-
|
63,000
|
(4,980
)
|
34,308
|
92,328
|
2,016
|
(e)
|
-
|
-
|
-
|
-
|
-
|
65,000
|
(5,214
)
|
35,561
|
95,347
|
2,582
|
(f)
|
-
|
-
|
-
|
-
|
-
|
125,000
|
(12,003
)
|
58,829
|
171,826
|
5,417
|
(g)
|
-
|
-
|
-
|
-
|
-
|
150,000
|
(13,978
)
|
70,023
|
206,045
|
6,700
|
(h)
|
-
|
-
|
-
|
-
|
-
|
50,000
|
(5,597
)
|
35,401
|
79,804
|
1,111
|
(i)
|
273,000
|
(16,192
)
|
62,281
|
319,090
|
3,1121
|
273,000
|
(37,942
)
|
145,942
|
381,000
|
2,791
|
(j)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(k)
|
75,000
|
(10,118
)
|
96,751
|
161,633
|
2,574
|
-
|
-
|
-
|
-
|
-
|
(l)
|
78,000
|
(2,119
)
|
90,395
|
166,276
|
3,692
|
-
|
-
|
-
|
-
|
-
|
(m)
|
65,000
|
(5,214
)
|
64,648
|
124,434
|
2,582
|
-
|
-
|
-
|
-
|
-
|
(n)
|
50,000
|
(12,416
)
|
65,866
|
103450
|
-
|
-
|
-
|
-
|
-
|
-
|
(o)
|
100,000
|
(312
)
|
87,708
|
187,396
|
3,750
|
-
|
-
|
-
|
-
|
-
|
(p)
|
50,000
|
(4,382
)
|
48,333
|
93,951
|
1,778
|
-
|
-
|
-
|
-
|
-
|
(q)
|
68,000
|
(2,304
)
|
38,825
|
104,521
|
2,788
|
-
|
-
|
-
|
-
|
-
|
(r)
|
610,000
|
(37,042
)
|
917,294
|
1,490,252
|
16,165
|
-
|
-
|
-
|
-
|
-
|
(s)
|
88,000
|
(9,014
)
|
48,074
|
127,060
|
1,589
|
|
|
|
|
|
(t)
|
63,000
|
(2,907
)
|
48,361
|
108,454
|
1,281
|
|
|
|
|
|
(u)
|
282,000
|
(31,931
)
|
144,358
|
394,427
|
4,159
|
|
|
|
|
|
(v)
|
40,000
|
(7,038
)
|
23,200
|
56,162
|
567
|
|
|
|
|
|
(w)
|
69,300
|
(11,490
)
|
44,432
|
102,242
|
745
|
|
|
|
|
|
(x)
|
170,000
|
(15,300
)
|
102,000
|
256,700
|
1,700
|
|
|
|
|
|
(y)
|
200,000
|
(15,285
)
|
201,918
|
386,633
|
278
|
|
|
|
|
|
Totals
|
$
2,441,300
|
$
(196,188
)
|
$
2,106,386
|
$
4,351,498
|
$
54,387
|
$
976,000
|
$
(124,563
)
|
$
504,386
|
$
1,355,823
|
$
28,964
|
Warrants
|
Stock
Price
|
Exercise
Price
|
Expected Life
(Yrs)
|
Risk-Free
Rate
|
Warrant
Value
|
Number of
Warrants
|
Extended
Value
|
Series A
(expired)
|
$
.275
|
$
.55
|
.75
|
.54
%
|
$
.1168
|
181,818
|
$
21,249
|
Series B
(expired)
|
$
.275
|
$
.1.10
|
1.75
|
.69
%
|
$
.1639
|
181,818
|
$
29,817
|
Series C
(expired)
|
$
.275
|
$
2.20
|
1.75
|
.85
%
|
$
.1912
|
181,818
|
$
34,767
|
Total
|
|
|
|
|
|
|
$
85,833
|
|
June
30,
2019
|
June
30,
2018
|
|
|
|
Cash (used in)
operations
|
$
(1,329,905
)
|
$
(433,137
)
|
Proceeds from
convertible notes payable
|
$
1,981,550
|
$
419,050
|
Payments on
convertible notes payable
|
$
(608,000
)
|
$
(22,486
)
|
Proceeds from sale
of common stock and exercise of warrants
|
$
-
|
$
82,625
|
|
ADVANTEGO CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August
14, 2019
|
By:
|
/s/ Robert W. Ferguson
|
|
|
|
Robert
W. Ferguson, Principal Executive Officer
|
|
|
|
|
|
|
|
|
|
August
14, 2019
|
By:
|
/s/ Tracy A. Madsen
|
|
|
|
Tracy
A. Madsen, Principal Financial Officer
|
|
1 Year Advantego (CE) Chart |
1 Month Advantego (CE) Chart |
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