0001683168-19-002622.txt : 20190814 0001683168-19-002622.hdr.sgml : 20190814 20190814160229 ACCESSION NUMBER: 0001683168-19-002622 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 50 CONFORMED PERIOD OF REPORT: 20190630 FILED AS OF DATE: 20190814 DATE AS OF CHANGE: 20190814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: QS Energy, Inc. CENTRAL INDEX KEY: 0001103795 STANDARD INDUSTRIAL CLASSIFICATION: OIL & GAS FILED MACHINERY & EQUIPMENT [3533] IRS NUMBER: 522088326 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-29185 FILM NUMBER: 191026121 BUSINESS ADDRESS: STREET 1: 23902 FM 2978 CITY: TOMBALL STATE: TX ZIP: 77375 BUSINESS PHONE: 805-845-3581 MAIL ADDRESS: STREET 1: 23902 FM 2978 CITY: TOMBALL STATE: TX ZIP: 77375 FORMER COMPANY: FORMER CONFORMED NAME: SAVE THE WORLD AIR INC DATE OF NAME CHANGE: 20000120 10-Q 1 qs_10q-063019.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

☐	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number 0-29185

QS ENERGY, INC.

(Exact name of registrant as specified in its charter)

Nevada

52-2088326

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

23902 FM 2978

Tomball, TX 77375

(Address, including zip code, of principal executive offices)

(805)-845-3561

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act: None.

Securities registered pursuant to Section 12(g) of the Exchange Act: Common Stock, $0.001 par value.

Check whether the Registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one)

	Large accelerated filer ☐	Accelerated filer ☐
	Non-accelerated filer ☐	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the Registrant’s Common Stock outstanding as of August 13, 2019 was 299,149,251.

QS ENERGY, INC.
FORM 10-Q

INDEX

PART I – FINANCIAL INFORMATION	3
Item 1. Unaudited Condensed Consolidated Financial Statements	3
Condensed Consolidated Balance Sheets	3
Condensed Consolidated Statements of Operations, Unaudited	4
Condensed Consolidated Statement of Stockholders’ Deficit, Unaudited	5
Condensed Consolidated Statements of Cash Flows, Unaudited	7
Notes to Condensed Consolidated Financial Statements, Unaudited	8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3. Quantitative and Qualitative Disclosure about Market Risk	25
Item 4. Controls and Procedures	25

PART II – OTHER INFORMATION
Item 1. Legal Proceedings	27
Item 1A. Risk Factors	27
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3. Defaults Upon Senior Securities	27
Item 4. Mine Safety Disclosures	27
Item 5. Other Information	27
Item 6. Exhibits	28

SIGNATURES	29

EXHIBITS	30
EXHIBIT 31.1
EXHIBIT 31.2
EXHIBIT 32

PART I – FINANCIAL INFORMATION

Item 1. Unaudited Condensed Consolidated Financial Statements

QS ENERGY, INC.

Condensed Consolidated Balance Sheets

	June 30, 2019			December 31,
	(unaudited)			2018
ASSETS
Current assets:
Cash	$	711,000		$	1,153,000
Prepaid expenses and other current assets		239,000			34,000
Total current assets		950,000			1,187,000
Property and equipment, net of accumulated depreciation of $76,000 and $73,000 at June 30, 2019 and December 31, 2018, respectively		21,000			24,000
Other assets		2,000			2,000
Total assets	$	973,000		$	1,213,000

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable-license agreements	$	1,137,000		$	1,073,000
Accounts payable and accrued expenses		505,000			658,000
Accrued expenses and accounts payable-related parties		–			55,000
Convertible debentures, net of discounts of $369,000 and $1,100,000 at June 30, 2019 and December 31, 2018, respectively		855,000			909,000
Total current liabilities		2,497,000			2,695,000

Commitments and contingencies

Stockholders’ deficit
Common stock, $.001 par value: 500,000,000 shares authorized, 298,457,191 and 256,123,515 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively		298,456			256,123
Additional paid-in capital		115,085,544			111,429,877
Accumulated deficit		(116,908,000	)		(113,168,000	)
Total stockholders’ deficit		(1,524,000	)		(1,482,000	)
Total liabilities and stockholders’ deficit	$	973,000		$	1,213,000

See notes to condensed consolidated financial statements.

QS ENERGY, INC.

Condensed Consolidated Statements of Operations, Unaudited

	Three months ended						Six months ended
	June 30,						June 30,
	2019			2018			2019			2018
Revenues	$	–		$	–		$	–		$	–
Costs and Expenses
Operating expenses		655,000			462,000			1,133,000			956,000
Research and development expenses		432,000			48,000			583,000			95,000
Loss before other expense		(1,087,000	)		(510,000	)		(1,716,000	)		(1,051,000	)
Other expense
Interest and financing expense		(371,000	)		(248,000	)		(2,024,000	)		(407,000	)
Net Loss	$	(1,458,000	)	$	(758,000	)	$	(3,740,000	)	$	(1,458,000	)

Net loss per common share, basic and diluted	$	(0.00	)	$	(0.00	)	$	(0.01	)	$	(0.01	)

Weighted average common shares outstanding, basic and diluted		293,284,367			242,994,163			279,658,273			238,825,606

See notes to condensed consolidated financial statements.

QS ENERGY, INC.

Condensed Consolidated Statement of Stockholders’ Deficit, Unaudited

For the SIX months Ended June 30, 2019 and June 30, 2018

	Common Stock				Additional Paid-in		Accumulated				Total Stockholders’
	Shares		Amount		Capital		Deficit				Deficit
Balance, January 1, 2019		256,123,515	$	256,123	$	111,429,877	$	(113,168,000	)	$	(1,482,000	)
Common stock issued on exercise of warrants and options		3,677,190		3,677		269,323					$273,000
Common stock issued on conversion of notes payable		38,406,486		38,406		2,006,594					2,045,000
Fair value of warrants and beneficial conversion feature of issued convertible notes						1,118,000					1,118,000
Fair value of options and warrants issued as compensation						194,000					194,000
Common stock issued for services		250,000		250		67,750					68,000
Net loss								(3,740,000	)		(3,740,000	)
Balance, June 30, 2019		298,457,191	$	298,456	$	115,085,544	$	(116,908,000	)	$	(1,524,000	)

	Common Stock				Additional Paid-in		Accumulated			Total Stockholders’
	Shares		Amount		Capital		Deficit			Deficit
Balance, January 1, 2018		234,076,907	$	234,077	$	108,000,923	$	(110,109,000	)	$	(1,874,000	)
Common stock issued on exercise of warrants and options		12,697,483		12,697		634,303					647,000
Common stock issued on conversion of notes payable		4,624,125		4,624		332,376					337,000
Fair value of warrants and beneficial conversion feature of issued convertible notes						319,000					319,000
Fair value of options and warrants issued as compensation						245,000					245,000
Common stock issued for services		50,000		50		11,950					12,000
Net loss								(1,458,000	)		(1,458,000	)
Balance, June 30, 2018		251,448,515	$	251,448	$	109,543,552	$	(111,567,000	)	$	(1,772,000	)

See notes to condensed consolidated financial statements.

QS ENERGY, INC.

Condensed Consolidated Statement of Stockholders’ Deficit, Unaudited

For the THREE months Ended June 30, 2019 and June 30, 2018

	Common Stock				Additional Paid-in		Accumulated				Total Stockholders’
	Shares		Amount		Capital		Deficit				Deficit
Balance, April 1, 2019		294,805,488	$	294,805	$	114,166,195	$	(115,450,000	)	$	(989,000	)
Common stock issued on exercise of warrants and options		1,715,037		1,715		99,285					$101,000
Common stock issued on conversion of notes payable		1,686,666		1,686		207,314					209,000
Fair value of warrants and beneficial conversion feature of issued convertible notes						450,000					450,000
Fair value of options and warrants issued as compensation						95,000					95,000
Common stock issued for services		250,000		250		67,750					68,000
Net loss								(1,458,000	)		(1,458,000	)
Balance, June 30, 2019		298,457,191	$	298,456	$	115,085,544	$	(116,908,000	)	$	(1,524,000	)

	Common Stock				Additional Paid-in		Accumulated			Total Stockholders’
	Shares		Amount		Capital		Deficit			Deficit
Balance, April 1, 2018		236,751,367	$	236,752	$	108,568,248	$	(110,809,000	)	$	(2,004,000	)
Common stock issued on exercise of warrants and options		11,351,773		11,351		564,649					576,000
Common stock issued on conversion of notes payable		3,345,375		3,345		234,655					238,000
Fair value of warrants and beneficial conversion feature of issued convertible notes						74,000					74,000
Fair value of options and warrants issued as compensation						102,000					102,000
Net loss								(758,000	)		(758,000	)
Balance, June 30, 2018		251,448,515	$	251,448	$	109,543,552	$	(111,567,000	)	$	(1,772,000	)

See notes to condensed consolidated financial statements.

QS ENERGY, INC.

Condensed Consolidated Statements of Cash Flows, Unaudited

	Six months ended
	June 30
	2019			2018
Cash flows from Operating Activities
Net loss	$	(3,740,000	)	$	(1,458,000	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation expense		194,000			245,000
Issuance of common stock for services		68,000			12,000
Amortization of debt discount and interest expense		1,991,000			381,000
Depreciation and amortization		3,000			17,000
Changes in operating assets and liabilities:
Prepaid expenses and other assets		(205,000	)		6,000
Accounts payable and accrued expenses		(153,000	)		(13,000	)
Accounts payable – license agreements		64,000			122,000
Accounts payable and accrued expenses – related parties		(55,000	)		12,000
Deposits and other current liabilities		–			–
Net cash used in operating activities		(1,833,000	)		(676,000	)
Cash flows from financing activities
Net proceeds from issuance of convertible notes and warrants		1,118,000			318,000
Net proceeds from exercise of warrants		273,000			647,000
Net cash provided by financing activities		1,391,000			965,000
Net increase (decrease) in cash		(442,000	)		289,000
Cash, beginning of period		1,153,000			204,000
Cash, end of period	$	711,000		$	493,000

Supplemental disclosures of cash flow information
Cash paid during the year for:
Interest	$	–		$	–
Income Taxes	$	1,600		$	1,600
Non-cash investing and financing activities
Conversion of convertible debentures to common stock	$	2,045,000		$	337,000
Fair value of warrants and beneficial conversion feature associated with issued convertible notes	$	1,118,000		$	319,000

See notes to condensed consolidated financial statements.

QS ENERGY, INC.
Notes to Condensed Consolidated Financial Statements, Unaudited

SIX MONTHS ENDED JUNE 30, 2019 AND 2018

Description of Business

QS Energy, Inc. (“QS Energy”, “Company”) was incorporated on February 18, 1998, as a Nevada Corporation under the name Mandalay Capital Corporation. The Company changed its name to Save the World Air, Inc. on February 11, 1999. Effective August 11, 2015, the Company changed its name to QS Energy, Inc. The Company’s common stock is quoted under the symbol “QSEP” on the Over-the-Counter Bulletin Board. More information including the Company’s fact sheet, logos and media articles are available at our corporate website, www.qsenergy.com.

QS Energy develops and commercializes energy efficiency technologies that assist in meeting increasing global energy demands, improving the economics of oil extraction and transport, and reducing greenhouse gas emissions. The Company's intellectual properties include a portfolio of domestic and international patents and patents pending, a substantial portion of which have been developed in conjunction with and exclusively licensed from Temple University of Philadelphia, PA (“Temple”). QS Energy's primary technology is called Applied Oil Technology (AOT), a commercial-grade crude oil pipeline transportation flow-assurance product. Engineered specifically to reduce pipeline pressure loss, increase pipeline flow rate and capacity, and reduce shippers’ reliance on diluents and drag reducing agents to meet pipeline maximum viscosity requirements, AOT is a 100% solid-state system that reduces crude oil viscosity by applying a high intensity electrical field to crude oil feedstock while in transit. The AOT product is seeking to transition from the research and development stage to initial production for continued testing in advance of our goal of seeking acceptance and adoption by the midstream pipeline marketplace.

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed with the SEC. The condensed consolidated balance sheet as of December 31, 2018 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including notes, required by GAAP.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to fairly present the Company's financial position and results of operations for the interim periods reflected. Except as noted, all adjustments contained herein are of a normal recurring nature. Results of operations for the fiscal periods presented herein are not necessarily indicative of fiscal year-end results.

Summary of Significant Accounting Policies

Consolidation Policy

The accompanying consolidated financial statements of QS Energy Inc. include the accounts of QS Energy Inc. (the Parent) and its wholly owned subsidiaries, QS Energy Pool, Inc. and STWA Asia Pte. Limited. Intercompany transactions and balances have been eliminated in consolidation.

Going Concern

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying consolidated financial statements, during the six-months ended June 30, 2019, the Company incurred a net loss of $3,740,000, used cash in operations of $1,833,000 and had a stockholders’ deficit of $1,524,000 as of that date. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to raise additional funds and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

In addition, the Company's independent registered public accounting firm, in its report on the Company's December 31, 2018 financial statements, has raised substantial doubt about the Company's ability to continue as a going concern.

At June 30, 2019, the Company had cash on hand in the amount of $711,000. Management estimates that the current funds on hand will be sufficient to continue operations through November 2019, or, subject to actual costs incurred implementing design modifications to our AOT demonstration project described in Part I, Item 2, October 2019. Management is currently seeking additional funds, primarily through the issuance of debt and equity securities for cash to operate our business, including without limitation the expenses it will incur in connection with the license agreements with Temple; costs associated with product development and commercialization of the AOT technologies; costs to manufacture and ship the products; costs to design and implement an effective system of internal controls and disclosure controls and procedures; costs of maintaining our status as a public company by filing periodic reports with the SEC and costs required to protect our intellectual property. In addition, as discussed below, the Company has substantial contractual commitments, including without limitation salaries to our executive officers pursuant to employment agreements, certain payments to a former officer and consulting fees, during the remainder of 2019 and beyond.

No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stockholders in case of equity financing.

Basic and Diluted Income (loss) per share

Our computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) available to common stockholders divided by the weighted average common shares outstanding for the period. Diluted income (loss) per share reflects the potential dilution, using the treasury stock method, that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the income (loss) of the Company as if they had been converted at the beginning of the periods presented, or issuance date, if later. In computing diluted income (loss) per share, the treasury stock method assumes that outstanding options and warrants are exercised and the proceeds are used to purchase common stock at the average market price during the period. Options and warrants may have a dilutive effect under the treasury stock method only when the average market price of the common stock during the period exceeds the exercise price of the options and warrants. Potential common shares that have an antidilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

Income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted (loss) per common share is the same for periods in which the Company reported an operating loss because all warrants and stock options outstanding are anti-dilutive. At June 30, 2019 and 2019, we excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock as their effect would have been anti-dilutive.

	June 30, 2019		June 30, 2018
Options		39,450,603		37,301,300
Warrants		25,713,204		5,006,355
Common stock issuable upon conversion of notes payable		12,784,543		5,287,502
Total		77,948,350		47,595,157

Estimates

The preparation of financial statements in conformity with generally accepted accounting principles 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 revenues and expenses during the reporting period. Significant estimates include those related to accruals for potential liabilities, assumptions used in valuing equity instruments issued for financing and services and realization of deferred tax assets, among others. Actual results could differ from those estimates.

Revenue Recognition Policy

Under its business plan, the Company anticipates the leasing of its primary technology. The Company will recognize lease revenue ratably over the life of the lease upon commencement of the lease. Revenue on future product sales will be recognized in accordance with Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive revenue recognition standard that supersedes nearly all existing revenue recognition guidance under current U.S. GAAP and replaces it with a principle-based approach or determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.

Research and Development Costs

Research and development costs are expensed as incurred and consist primarily of fees paid to consultants and outside service providers, and other expenses relating to the acquisition, design, development and testing of the Company’s products. Certain research and development activities are incurred under contract. In those instances, research and development costs are charged to operations ratably over the life of the underlying contracts, unless the achievement of milestones, the completion of contracted work, or other information indicates that a different expensing schedule is more appropriate. Payments made pursuant to research and development contracts are initially recorded as advances on research and development contract services in the Company’s consolidated balance sheet and then charged to research and development costs in the Company’s consolidated statement of operations as those contract services are performed.

In January 2019, the Company paid $500,000 as a deposit under terms of a work order for work to be performed by a pipeline operator. During the period ended June 30, 2019, the Company amortized $450,000 of such amount as a research and development cost based on the progress of work performed as required by the contract, and has reflected the $50,000 remaining amount as Prepaid expenses and other current assets in the accompanying consolidated balance sheet as of June 30, 2019.

For the six-month periods ended June 30, 2019 and 2018 research and development costs were $583,000 and $95,000, respectively. For the three-month periods ended June 30, 2019 and 2018 research and development costs were $432,000 and $48,000, respectively.

Patent Costs

Patent costs consist of patent-related legal and filing fees. Due to the uncertainty associated with the successful development of our AOT and Joule Heat products, all patent costs are expensed as incurred. During the six-month periods ended June 30, 2019 and 2018, patent costs were $9,000 and $12,000, respectively, which is included as part of operating expenses in the accompanying consolidated statements of operations.

Recent Accounting Pronouncements

Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statement presentation or disclosures.

Accrued Expenses and Accounts Payable

Accrued Expenses

As of June 30, 2019 and December 31, 2018, the Company owed $267,000 and $327,000, respectively, pursuant to a separation agreement with a former executive officer effective April 1, 2017 as amended by letter agreements dated effective August 16, 2018 and March 31, 2019 which included as part of Accrued expenses and accounts payable on the accompanying balance sheet. The amount is to be repaid at an amount of $10,000 per month.

Accrued Expenses and Accounts Payable – Related Parties

Accrued expense – related parties consists of accrued current salaries of officers and fees due to members of the Board of Directors. As of June 30, 2019, and December 31, 2018, accrued expenses and accounts payable to related parties amounted to $0 and $55,000, respectively.

Property and Equipment

At June 30, 2019 and December 31, 2018, property and equipment consists of the following:

	June 30, 2019			December 31, 2018
Office equipment	$	30,000		$	30,000
Furniture and fixtures		5,000			5,000
Testing Equipment		37,000			37,000
Leasehold Improvements		25,000			25,000
Subtotal		97,000			97,000
Less accumulated depreciation		(76,000	)		(73,000	)
Total	$	21,000		$	24,000

Depreciation expense for the six-month periods ended June 30, 2019 and 2018 was $3,000 and $17,000, respectively. Depreciation expense for the three-month periods ended June 30, 2019 and 2018 was $1,000 and $9,000, respectively.

Convertible Notes

	June 30, 2019 (unaudited)			December 31, 2018
Balance due on convertible notes	$	1,073,000		$	1,886,000
Accrued interest		151,000			123,000
Subtotal		1,224,000			2,009,000
Convertible note discount		(369,000	)		(1,100,000	)
Balance on convertible notes, net of note discounts	$	855,000		$	909,000

The Company issues convertible notes in exchange for cash. The notes typically do not bear any interest; however, there is an implied interest rate of 10% since the notes are typically issued at a 10% discount. The notes are unsecured, and usually mature twelve months from issuance.

The notes are convertible at the option of the note holder into the Company’s common stock at a conversion price stipulated in the conversion agreement. In addition, the note holders receive warrants to purchase shares of common stock that are fully vested and will expire in one year from the date of issuance. As a result, the Company records a note discount to account for the relative fair value of the warrants, the notes’ beneficial conversion feature or BCF, and original issue discount of 10% (OID). The note discounts are amortized over the term of the notes or amortized in full upon its conversion to common stock.

As of December 31, 2018, total outstanding notes payable amounted to $1,886,000 which are due through December 2019 and unamortized note discount of $1,100,000.

During the six-month period ended June 30, 2019, the Company issued similar convertible promissory notes in the aggregate of $1,230,000 for cash of $1,118,000 or a discount of $112,000. The notes do not bear any interest; however, the implied interest rate used was 10% since the notes were issued 10% less than its face value. The notes are unsecured, mature in twelve months from issuance and convertible at $0.05 to $0.15 per share. In addition, the Company also granted these note holders warrants to purchase 9.0 million shares of the Company’ common stock. The warrants are fully vested, exercisable at $0.05 to $0.15 per share and will expire in one year. As a result, the Company recorded a note discount of $1,118,000 to account for the relative fair value of the warrants, the notes’ beneficial conversion feature (BCF), and original issue discount (OID). The note discounts are being amortized over the term of the note or amortized in full upon the conversion to common stock. During the six-month period ended June 30, 2019 notes payable of $2,045,000 were converted into 38,406,486 shares of common stock.

As of June 30, 2019, total outstanding notes payable amounted to $1,073,000, accrued interest of $151,000 and unamortized note discount of $369,000 for a net balance of $855,000. A total of nine notes in the aggregate of $491,000 have reached maturity and are past due.

Research and Development

The Company constructs, develops and tests the AOT technologies with internal resources and through the assistance of various third-party entities. Costs incurred and expensed include fees such as license fees, prototype equipment fabrication and installation, purchase of test equipment, pipeline pumping equipment, crude oil tank batteries, viscometers, SCADA systems, computer equipment, payroll and other related equipment and various logistical expenses for the purposes of evaluating and testing the Company’s AOT prototypes.

Costs incurred for research and development are expensed as incurred. Purchased materials that do not have an alternative future use are also expensed. Furthermore, costs incurred in the construction of prototypes with no certainty of any alternative future use and established commercial uses are also expensed.

For the six-month periods ended June 30, 2019 and 2018, our research and development expenses were $583,000 and $95,000 respectively. For the three-month periods ended June 30, 2019 and 2018, our research and development expenses were $432,000 and $48,000 respectively.

AOT Product Development and Testing

The Company constructs, develops and tests the AOT technologies with internal resources and through the assistance of various third-party entities. Costs incurred and expensed include fees such as prototype equipment fabrication and installation, testing fees, purchase of test equipment, pipeline pumping equipment, crude oil tank batteries, viscometers, SCADA systems, computer equipment, payroll and other related equipment and various logistical expenses for the purposes of evaluating and testing the Company’s AOT prototypes.

During the six-month periods ended June 30, 2019 and 2018, the Company incurred total expenses of $489,000 and $1,000, respectively, in the manufacture, delivery and testing of the AOT prototype equipment. During the three-month periods ended June 30, 2019 and 2018, the Company incurred total expenses of $384,000 and $1,000, respectively, in the manufacture, delivery and testing of the AOT prototype equipment. Included in this amount, were costs related to a $500,000 work order for work to be performed by a pipeline operator. During the period ended June 30, 2019, the Company amortized $450,000 of such amount as a research and development cost based on the progress of work performed as required by the contract, and has reflected the $50,000 remaining amount as Prepaid expenses and other current assets in the accompanying consolidated balance sheet as of June 30, 2019. There were no such expenses for the comparable period in 2018.

Temple University Licensing Agreement

On August 1, 2011, the Company and Temple University (“Temple”) entered into two (2) Exclusive License Agreements (collectively, the “License Agreements”) relating to Temple’s patent applications, patents and technical information pertaining to technology associated with an electric and/or magnetic field assisted fuel injector system (the “First Temple License”), and to technology to reduce crude oil viscosity (the “Second Temple License”). The License Agreements are exclusive, and the territory licensed to the Company is worldwide and replace previously issued License Agreements.

Pursuant to the two licensing agreements, the Company paid Temple a non-refundable license maintenance fee of $300,000 and agreed to pay (i) annual maintenance fees of $187,500; (ii) royalty fee ranging from 4% up to 7% from revenues generated from the licensing agreements; and (iii) 25% of all revenues generated from sub-licensees to secure or maintain the sub-license or option thereon. The term of the licenses commenced in August 2011 and will expire upon expiration of the patents. The agreements can also be terminated by either party upon notification under terms of the licensing agreements or if the Company ceases the development of the patent or fails to commercialize the patent rights.

Total expenses recognized during each six-month periods ended June 30, 2019 and 2018 pursuant to these two License Agreements amounted to $94,000 and $94,000, respectively. Total expenses recognized during each three-month periods ended June 30, 2019 and 2018 pursuant to these two License Agreements amounted to $47,000 and $47,000, respectively. Total expenses have been reflected in Research and Development expenses on the accompanying consolidated statements of operations. In the six-month periods ended June 30, 2019 and 2018, the Company also recognized penalty interest on past-due balances of $33,000 and $26,000, respectively, which is included as part of interest and financing expense in the accompanying statements of operations.

As of June 30, 2019 and December 31, 2018, total unpaid fees due to Temple pursuant to these agreements are $1,137,000 and $1,073,000, respectively, which are included as part of Accounts Payable – license agreements in the accompanying consolidated balance sheets. With regards to the unpaid fees to Temple, a total of $135,000 are deferred until such time the Company achieves a revenue milestone of $835,000 or upon termination of the licensing agreements and the remaining $1,002,000 are deemed past due. The Company is currently in negotiations with Temple to settle or cure the past due balance.

No revenues were earned from the two License Agreements during the six-month periods ended June 30, 2019 and June 30, 2018.

Common Stock

During the six months ended June 30, 2019, the Company issued 42,333,676 shares of its common stock as follows:

The Company issued 38,406,486 shares of its common stock upon the conversion of $2,045,000 in convertible notes pursuant to the convertible notes conversion prices of $0.05 to $0.15 per share.

The Company issued 3,138,993 shares of its common stock upon the exercise of warrants for proceeds of $202,000 at exercise prices of $0.05 to $0.18 per share.

The Company issued 538,197 shares of its common stock upon the exercise of options for proceeds of $71,000 at exercise prices of $0.08 to $0.18 per share.

The Company issued 250,000 shares of its common stock in exchange for $68,000 for services valued at $0.27 per share.

Stock Options and Warrants

The Company periodically issues stock options and warrants to employees and non-employees in capital raising transactions, for services and for financing costs. Options vest and expire according to terms established at the grant date.

Options

Options vest according to the terms of the specific grant and expire from 2 to 10 years from date of grant. The weighted-average, remaining contractual life of employee and non-employee options outstanding at June 30, 2019 was 5.2 years. Stock option activity for the period January 1, 2019 up to June 30, 2019, was as follows:

	Options			Weighted Avg. Exercise Price
January 1, 2019		35,301,300		$	0.22
Granted		4,687,500			0.08
Exercised		(538,197	)		0.13
Forfeited		–			–
June 30, 2019		39,450,603		$	0.20

The weighted average exercise prices, remaining contractual lives for options granted, exercisable, and expected to vest as of June 30, 2019 were as follows:

	Outstanding Options				Exercisable Options
Option Exercise Price Per Share	Shares	Life (Years)		Weighted Average Exercise Price	Shares		Weighted Average Exercise Price
$0.05 - $0.24	17,915,553	8.0	$	0.10	15,702,013	$	0.10
$0.25 - $0.49	20,913,552	2.8		0.27	20,913,552		0.27
$0.50 - $0.99	471,052	4.8		0.85	471,052		0.85
$1.00 - $2.00	150,446	4.1		1.18	150,446		1.18
	39,450,603	5.2	$	0.20	37,237,063	$	0.21

During the six-month period ending June 30, 2019, and pursuant to the Company’s Board Compensation policy approved by the Board June 19, 2015, the Company granted options to purchase 4,687,500 shares of common stock to members of the Company’s Board of Directors. The options are exercisable at $0.08 share, vest monthly over a twelve-month period, and expire ten years from the date granted. Total fair value of these options at grant date was $328,000 using the Black-Scholes Option Pricing model with the following assumptions: life of 5 years; risk free interest rate of 2.5%; volatility of 122% and dividend yield of 0%.

During the six-month periods ended June 30, 2019 and 2018, the Company recognized compensation costs based on the fair value of options that vested of $183,000 and $535,000 respectively. During the three-month periods ended June 30, 2019 and 2018, the Company recognized compensation costs based on the fair value of options that vested of $85,000 and $102,000 respectively.

At June 30, 2019, the Company’s closing stock price was $0.24 per share. The aggregate intrinsic value of the options outstanding at June 30, 2019 was $2,553,000. Future unamortized compensation expense on the unvested outstanding options at June 30, 2019 is approximately $164,000 to be recognized through December 2019.

Warrants

The following table summarizes certain information about the Company’s stock purchase warrants activity for the period starting January 1, 2019 up to June 30, 2019.

	Warrants			Weighted Avg. Exercise Price
January 1, 2019		21,055,355		$	0.09
Granted		9,099,204			0.08
Exercised		(3,138,993	)		0.07
Cancelled		(1,302,362	)		0.19
June 30, 2019		25,713,204		$	0.08

The weighted average exercise prices, remaining contractual lives for warrants granted, exercisable, and expected to vest as of June 30, 2019 were as follows:

	Outstanding Warrants				Exercisable Warrants
Warrant Exercise Price Per Share	Shares	Life (Years)		Weighted Average Exercise Price	Shares		Weighted Average Exercise Price
$0.05 - $0.24	23,643,204	0.6	$	0.06	23,577,204	$	0.06
$0.25 - $0.49	2,000,000	2.3		0.30	2,000,000		0.30
$0.50 - $1.00	70,000	4.8		0.80	70,000		0.80
	25,713,204	0.7	$	0.08	25,647,204	$	0.08

In the six-month period ending June 30, 2019, pursuant to terms of convertible notes issued, the Company granted warrants to purchase 8,999,205 shares of common stock with an exercise price of $.05 to $0.18 per share, vesting immediately upon grant and expiring one year from the date of grant (see Note 5, above).

In the six-month period ending June 30, 2019, the Company issued warrants to purchase 99,999 shares of common stock with an exercise price of $0.24 per share, vesting over three months and expiring two years from the date of grant as compensation under an independent consulting agreement. Total fair value of the warrants at grant date was $17,000 using the Black-Scholes model with the following assumptions: life of 2.3 years; risk free interest rate of 1.75%; volatility of 153% and dividend yield of 0%.

During the six-month period ended June 30, 2019, warrants to acquire 3,138,993 shares of common stock were exercised resulting in net proceeds to the Company of $202,000.

At June 30, 2019, the aggregate intrinsic value of the warrants outstanding was $4,231,000.

Commitments and Contingencies

There is no current or pending litigation of any significance with the exception of the matters that have arisen under, and are being handled in, the normal course of business.

10.

Subsequent Events

Conversion of Convertible Notes

From July 1, 2019 up to August 13, 2019, Company issued 329,560 shares of common stock upon conversion of previously issued convertible notes in aggregate value of $50,000.

Exercise of Warrants

From July 1, 2019 up to August 13, 2019, Company issued 362,500 shares of common stock upon the exercise of previously issued warrants for aggregate cash proceeds of $19,000.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and supplementary data referred to in this Form 10-Q.

This discussion contains forward-looking statements that involve risks and uncertainties. Such statements, which include statements concerning future revenue sources and concentration, selling, general and administrative expenses, research and development expenses, capital resources, additional financings and additional losses, are subject to risks and uncertainties, including, but not limited to, those discussed elsewhere in this Form 10-Q, and in the “Risk Factors” section filed with the SEC on April 1, 2019, that could cause actual results to differ materially from those projected. Unless otherwise expressly indicated, the information set forth in this Form 10-Q is as of June 30, 2019, and we undertake no duty to update this information.

Overview

QS Energy, Inc. (“QS Energy” or “Company” or “we” or “us” or “our”) develops and commercializes energy efficiency technologies that assist in meeting increasing global energy demands, improving the economics of oil transport, and reducing greenhouse gas emissions. The Company's intellectual properties include a portfolio of domestic and international patents and patents pending, a substantial portion of which have been developed in conjunction with and exclusively licensed from Temple University of Philadelphia, PA (“Temple”). QS Energy's primary technology is called Applied Oil Technology (AOT), a commercial-grade crude oil pipeline transportation flow-assurance product. Engineered specifically to reduce pipeline pressure loss, increase pipeline flow rate and capacity, and reduce shippers’ reliance on diluents and drag reducing agents to meet pipeline maximum viscosity requirements, AOT is a 100% solid-state system that reduces crude oil viscosity by applying a high intensity electrical field to crude oil while in transit. AOT technology delivers reductions in crude oil viscosity and pipeline pressure loss as demonstrated in independent third-party tests performed by the U.S. Department of Energy, the PetroChina Pipeline R&D Center, and ATS RheoSystems, a division of CANNON™, at full-scale test facilities in the U.S. and China, and under commercial operating conditions on one of North America’s largest high-volume crude oil pipelines. Prior testing on a commercial crude oil condensate pipeline demonstrated high correlation between laboratory analysis and full-scale AOT operations under commercial operating conditions with onsite measurements and data collected by the pipeline operator on its supervisory control and data acquisition (“SCADA”) system. The AOT product has transitioned from laboratory testing and ongoing research and development to initial production and continued testing in advance of our goal of seeking commercial acceptance and adoption by the upstream and midstream pipeline marketplace. We continue to devote the bulk of our efforts to the promotion, design, testing and the commercial manufacturing and operations of our crude oil pipeline products in the upstream and midstream energy sector. We anticipate that these efforts will continue during 2019.

Our Company was incorporated on February 18, 1998, as a Nevada Corporation under the name Mandalay Capital Corporation. The Company changed its name to Save the World Air, Inc. on February 11, 1999. Effective August 11, 2015, the Company changed its name to QS Energy, Inc. The name change was affected through a short-form merger pursuant to Section 92A.180 of the Nevada Revised Statutes. Additionally, QS Energy Pool, Inc., a California corporation, was formed as a wholly-owned subsidiary of the Company on July 6, 2015 to serve as a vehicle for the Company to explore, review and consider acquisition opportunities. To date, QS Energy Pool has not entered into any acquisition transaction. However, the Company will still consider entering into potential beneficial acquisitions. The Company is considering dissolving QS Energy Pool to reduce costs associated with operating this subsidiary. The Company’s common stock is quoted under the symbol “QSEP” on the Over-the-Counter Bulletin Board. More information including the Company’s fact sheet, logos and media articles are available at our corporate website, www.qsenergy.com.

Between 2011 and 2012, the Company transitioned from prototype testing of its AOT technology at the U.S. Department of Energy Rocky Mountain Oilfield Testing Center, Midwest, Wyoming (“RMOTC”), to the design and production of full-scale commercial prototype units. The Company worked in a collaborative engineering environment with multiple energy industry companies to refine the AOT Midstream commercial design to comply with the stringent standards and qualification processes as dictated by independent engineering audit groups and North American industry regulatory bodies. In May 2013, the Company’s first commercial prototype unit known as AOT Midstream, was completed.

In 2013, the Company entered into an Equipment Lease/Option to Purchase Agreement (“TransCanada Lease”) with TransCanada Keystone Pipeline, L.P. by its agent TC Oil Pipeline Operations, Inc. ("TransCanada") which agreed to lease and test the effectiveness of the Company’s AOT technology and equipment on one of TransCanada’s operating pipelines. As previously reported in our 10-K report filed with the SEC on March 16, 2015, in June 2014, the equipment was accepted by TransCanada and the lease commenced and the first full test of the AOT equipment on the Keystone pipeline was performed in July 2014 by Dr. Rongjia Tao of Temple University, with subsequent testing performed by an independent laboratory, ATS RheoSystems, a division of CANNON™ (“ATS”) in September 2014. Upon review of the July 2014 test results and preliminary report by Dr. Tao, QS Energy and TransCanada mutually agreed that this initial test was flawed due to, among other factors, the short-term nature of the test, the inability to isolate certain independent pipeline operating factors such as fluctuations in upstream pump station pressures, and limitations of the AOT device to produce a sufficient electric field to optimize viscosity reduction. Subsequent testing by ATS in September 2014 demonstrated viscosity reductions of 8% to 23% depending on flow rates and crude oil types in transit. In its summary report, ATS concluded that i) data indicated a decrease in viscosity of crude oil flowing through the TransCanada pipeline due to AOT treatment of the crude oil; and ii) the power supply installed on our equipment would need to be increased to maximize reduction in viscosity and take full advantage of the AOT technology. While more testing is required to establish the commercial efficacy of our AOT technology, we are encouraged by the findings of these field tests performed under commercial operating conditions. The TransCanada Lease was terminated by TransCanada, effective October 15, 2014. Upon termination of the TransCanada Lease, all equipment was uninstalled, returned, inspected and configured for re-deployment.

On July 15, 2014, the Company entered into an Equipment Lease/Option to Purchase Agreement (“Kinder Morgan Lease”) with Kinder Morgan Crude & Condensate, LLC (“Kinder Morgan”) under which Kinder Morgan agreed to lease and test the effectiveness of the Company’s AOT technology and equipment on one of Kinder Morgan’s operating crude oil condensate pipelines. Equipment provided under the Lease includes a single AOT Midstream pressure vessel with a maximum flow capacity of 5,000 gallons per minute. The equipment was delivered to Kinder Morgan in December 2014 and installed in March 2015. In April 2015, during pre-start testing, low electrical impedance was measured in the unit, indicating an electrical short. A replacement unit was installed May 2015. The second unit also presented with low impedance when flooded with crude condensate from Kinder Morgan’s pipeline. Subsequent to design modifications, a remanufactured AOT unit was installed and tested at Kinder Morgan’s pipeline facility in August 2015. Initial results were promising, with the unit operating generally as expected. However, voltage dropped as preliminary tests continued, indicating decreased impedance within the AOT pressure vessel. QS Energy personnel and outside consultants performed a series of troubleshooting assessments and determined that, despite modifications made to the AOT, conductive materials present in the crude oil condensate appeared to be the root cause of the decreased impedance. Based on these results, QS Energy and Kinder Morgan personnel mutually agreed to put a hold on final acceptance of equipment under the lease and suspended in-field testing to provide time to re-test crude oil condensate in a laboratory setting, and thoroughly review and test selected AOT component design and fabrication. Subsequent analysis and testing led to changes in electrical insulation, inlet flow improvements and other component modifications. These design changes were implemented and tested by Industrial Screen and Maintenance (ISM), one of QS Energy's supply chain partners in Casper, Wyoming. Tests performed by ISM at its Wyoming facility indicated significant improvements to system impedance and efficiency of electric field generation.

In February 2016, the modified AOT equipment was installed at Kinder Morgan’s facility. Pre-acceptance testing was performed in April 2016, culminating in more than 24 hours of continuous operations. In-field viscosity measurements and pipeline data collected during this test indicated the AOT equipment operated as expected, demonstrating viscosity reductions equivalent to those measured under laboratory conditions. Supervisory Control And Data Acquisition (“SCADA”) pipeline operating data collected by Kinder Morgan during this test indicated a pipeline pressure drop reduction consistent with expectations. Results of this test were promising, however due to the short duration of the test and limited data collection, definitive conclusions regarding the AOT performance and its impact on pipeline operations could not be reached. Based on final analysis of in-field test results, SCADA operating data and subsequent analysis of crude oil condensate samples at Temple University, it is unlikely Kinder Morgan would use the AOT at the original test location or other condensate pipeline. Kinder Morgan has expressed interest in AOT operations at one of their heavy crude pipeline locations subject to results of other AOT demonstration projects and has provided the Company with additional crude oil samples which have been tested at Temple University for future test correlation and operational planning purposes. The Kinder Morgan Lease is currently in suspension and lease payments have not yet commenced.

Southern Research Institute (SRI) was engaged by QS Energy in 2015 to investigate the root cause of the crude oil condensate impedance issue by replicating conditions experienced in the field utilizing a laboratory-scaled version of the AOT and crude oil condensate samples provided by Kinder Morgan. In addition, QS Energy retained an industry expert petroleum pipeline engineer to review the AOT design and suggest design modifications to resolve the crude oil condensate impedance issue. This engineer has studied design details, staff reports and forensic photographs of each relevant AOT installation and test. Based on these investigations, specific modifications were proposed to resolve the impedance issue, and improve the overall efficiency of the AOT device, resulting in a new value-engineered design of certain AOT internal components.

During the third quarter 2016, the Company developed an onsite testing program to demonstrate AOT viscosity reduction at prospective customer sites. This program utilized a laboratory-scale AOT device designed and developed by the Company and tested at the Southern Research Institute. Under this program, Company engineers set up a temporary lab at the customer’s site to test a full range of crude oils. Fees charged for providing this service were dependent on scope of services, crude oil sample to be tested, and onsite time requirements. In the fourth quarter 2016, the Company entered a contract to provide these onsite testing services to a North American oil producer and pipeline operator over a one-week period in early 2017 at a fixed price of $50,000. This test was performed in January 2017; data analysis and final report was completed in March 2017. Test results demonstrated viscosity reduction under limited laboratory conditions. The oil producer has since requested access to observe a full-scale demonstration facility and view operating data when they become available.

In 2014, the Company began development of a new suite of products based around the new electrical heat system which reduces oil viscosity through a process known as joule heat (“Joule Heat”). The Company built and tested its first Joule Heat prototype in June 2015. The system was operational; however, changes to the prototype configuration will be required to determine commercial effectiveness of this unit. In December 2015, we suspended Joule Heat development activities to focus Company resources on finalizing commercial development of the AOT. We plan to resume Joule Heat development in the future depending on the availability of sufficient capital and other resources.

In July 2017, the Company filed for trademark protection for the word “eDiluent” in advance of rolling out a new marketing and revenue strategy based on the concept of using AOT to reduce pipeline dependence upon diluent to reduce viscosity of crude oils. A primary function of AOT is to reduce viscosity by means of its solid-state electronics technology, in essence providing an electronic form of diluent, or “eDiluent”. The Company plans to market and sell a value-added service under the name eDiluent, designed to be upsold by the Company’s midstream pipeline customers in an effort to provide the Company with long-term recurring revenues.

During the third quarter 2017, the Company built a dedicated laboratory space at its Tomball Texas facility, and now has the capability to perform onsite testing utilizing our laboratory-scale AOT device, among other equipment. Development of an AOT unit for use in crude oil upstream and gathering operations was restarted in September 2017 utilizing resources at the Tomball facility, and the Company plans to resume Joule Heat development in the future depending on the availability of sufficient capital and other resources. Also, during the third quarter 2017, the Company built an outdoor facility at its Tomball Texas facility for onsite storage of AOT inventory and other large equipment. The Tomball facility is owned by the Company’s CEO as described in our Form 10-K filed with the SEC on April 1, 2019.

Throughout 2018 our primary strategic goal was focused on installing and operating a demonstration AOT project on a commercial crude oil pipeline. Much of our time was spent meeting with industry executives and engineers in North and South America and working with local representatives in the Asian and the Middle Eastern markets. In December 2018, we reached mutual agreement with a major U.S.-based pipeline operator on a demonstration project under which we will install and operate our AOT equipment on a crude oil pipeline located in the Southern United States in 2019. We believe the selected project site should be ideal for demonstration purposes, delivering heavy crudes which, based on samples tested at Temple University, and, subject to the discussion below, should experience significant viscosity reduction when treated with our AOT technology.

While management focused on finding a partner and finalizing terms of the demonstration project, and in our continuing efforts to commercialize our AOT technology, our engineering team worked throughout 2018 to prepare one of our inventoried AOT units for deployment. All system upgrade, inspections and testing protocols were completed in December 2018. The pipeline operator finalized site selection and began site design and engineering in January 2019, completing site preparation and equipment installation in June 2019. The project was installed within budget, quality compliant, and without safety incidents. The system passed the pre-start safety review, data acquisition signal verifications, and mechanical inspections. Under full crude oil flow, the system was confirmed to have no leaks and no environmental issues were noted. Data collected during the full-flow startup phase confirmed internal differential pressures to be negligible and consistent with design specifications. However, when the system was energized, and the unit was run-up to high-voltage operations, the primary power supply began to operate erratically and had to be taken offline. Subsequent inspection determined the primary power supply had failed.

After removing the primary power supply, our engineers reconfigured the system to run off a smaller secondary power supply. Although this unit was not capable of achieving target treatment voltage, we performed limited testing and troubleshooting measures, after which the damaged power supply was shipped to the manufacturer for expedited repair and reconditioning; a process expected to take approximately 4-6 weeks. Inspections performed during the repair process indicated internal components had been physically damaged. Though not definitive, it appears that damage may have occurred during transit prior to initial installation at the demonstration site. Repairs were completed in early August 2019 and have been shipped to the site for installation.

While the demonstration project was offline for power supply repairs, our engineering team worked with oil samples pulled from the operating pipeline for testing at our Tomball laboratory facility. These tests were designed to confirm our target power requirements as accurately as possible and help us fine-tune enhancements planned for a new optimized AOT internal grid pack design we plan to test at the demonstration site as part of our continuing value engineering effort.

During initial testing with the small power supply current draw was greater than prior field deployments. While it was expected that the small power supply would not achieve treatment voltage, as voltage was increased, actual current draw experienced under test conditions exceeded the operating limit of the power supply. This was an unexpected result. Initial concerns were the potential for current leakage inside the AOT and water in in the treatment cell of the AOT.

We performed an engineering review of drawings to look for possible leakage pathways, but none were indicated. We conducted electrical testing and could not find any shorts from the anode to the chassis or to the cathode. With this, and other tests performed onsite, we believe the unit does not have an electrical issue.

After the AOT passed all testing, unit was put online with full crude oil flow established. The constant flow of oil would allow any water that may have accumulated in the AOT to be flushed out of the system. Oil samples were also obtained for testing at the Company’s laboratory in Tomball, Texas.

Subsequent laboratory testing performed at our Tomball facility showed the electrical conductivity of the oil to be quite high and in line with field observations. This is further indication that the unit is likely functioning properly and does not have a current leak. It was decided to return to the field and test the AOT and obtain new samples for lab testing to verify previous results. During the field test we were able to verify the high conductivity. We believe this eliminated the possibility the original result was due to water in the cell. We are continuing to test new samples in the lab, but all tests performed to-date indicate high conductivity.

Repairs to the power supply were completed in early August 2019. We plan to install the repaired power supply and test the AOT unit at higher power in August 2019; however, based on recent laboratory tests, we expect conductivity of the crude oil to inhibit the AOT’s ability to reach sufficient voltage to fully treat the crude oil. We are also working with the power supply vendor to assess power supply configurations to increase the power output and to match a new power supply to the design of a new grid pack and the target oil. We are also working on modifications to the internal configuration of the AOT grid pack to reduce power requirements when treating highly conductive crude oil. Once we complete the next round of full-scale testing at the demonstration site, we will determine if modifications are required. Our next course of action will be determined at that time. Based on current plans, required modifications, if any, should be installed and ready for testing in the fourth quarter of 2019.

Once the corrective actions discussed above are achieved, our plans moving forward are centered on achieving commercial adoption of our AOT device. Over the past year, we have met with many industry executives who expressed interest in AOT subject to seeing and evaluating commercial operations and data. Assuming successful operations, we believe the demonstration AOT project should provide data requested such as real-time changes in viscosity, pipeline pressure drop reduction and increases in pipeline operating flowrates. All collected data will be normalized such that it can be used to evaluate the financial and operational benefits across a wide range of commercial operating scenarios without disclosing confidential details of our demonstration partner’s operations. We believe that real-world data from our demonstration AOT project may be used to accelerate our desire to achieve commercial adoption of our AOT technology, positioning us to re-engage with industry executives, targeting sales in 2020.

The Company is currently pursuing AOT testing in several countries in South America related to upstream, midstream, barge, and tanker truck applications. Oil samples from multiple clients have been shipped from South America for testing at Temple University. There is a vast amount of heavy oil in these countries and we believe the Ministers of Hydrocarbons have standing orders to increase production and transportation capacity. We are also in discussions with an exploration and production company regarding AOT operations on a West Coast heavy crude gathering line that relies heavily on diluent to achieve required viscosity. This project could be designed to demonstrate AOT for upstream and trucking applications. We continued work with an existing client in Asia on a potential AOT demonstration project; however, progress on this project slowed from our original targets. In August 2018, we were informed by our Asian client the project would be suspended and reassessed in 2019 subject to budget and project approval requirements imposed by new management. In August 2018, we were approached by a prospective customer with operations in Russia and other regions in the former Soviet Union with expressed interest in receiving a proposal to install AOTs on a new 2,000 km pipeline. We are maintaining communications with energy companies in Europe and the Middle East as we seek to finalize AOT demonstration project operations. Our ability to do business in some of these and other potential target markets, specifically including Russia, China and Venezuela are now, or may in be future become, restricted or impacted by sanctions, tariffs and other government actions imposed by the United States or foreign governments.

Our expenses to date have been funded through the sale of shares of common stock and convertible debt, as well as proceeds from the exercise of stock purchase warrants and options. We will need to raise substantial additional capital through 2019, and beyond, to fund our sales and marketing efforts, continuing research and development, and certain other expenses, until we are able to achieve a revenue base.

There are significant risks associated with our business, our Company and our stock. See Part II Item 1A, “Risk Factors,” below.

I. Six months ended June 30, 2019 and 2018

Results of Operations for six months ended June 30, 2019 and 2018

	Six months ended
	June 30,
	2019			2018			Change
Revenues	$	–		$	–		$	–
Costs and Expenses
Operating expenses		1,133,000			956,000			177,000
Research and development expenses		583,000			95,000			488,000
Loss before other income (expense)		(1,716,000	)		(1,015,000	)		(665,000	)
Other income (expense)
Interest and financing expense		(2,024,000	)		(407,000	)		(1,617,000	)
Net Loss	$	(3,740,000	)	$	(1,458,000	)	$	(2,282,000	)

Operating expenses were $1,133,000 for the six-month period ended June 30, 2019, compared to $956,000 for the six-month period ended June 30, 2018, an increase of $177,000. This is due to a decrease in non-cash expenses of $10,000 and an increase in cash expenses of $187,000. Specifically, the decrease in non-cash expenses is attributable to decreases in depreciation of $14,000, and stock compensation expense attributable to options granted to employees and directors of $62,000, offset by an increase in common stock and warrants issued as compensation for services of $66,000. The increase in cash expense is attributable increases in consulting fees of $18,000, freight costs of $4,000, insurance of $20,000, office expenses of $33,000, legal and accounting of $6,000, public and investor relations of $65,000, rent and utilities of $11,000, travel expenses of $36,000, and other expenses of $10,000, offset by a decrease in salaries and benefits of $16,000.

Research and development expenses were $583,000 for the six-month period ended June 30, 2019, compared to $95,000 for the six-month period ended June 30, 2018, an increase of $488,000. This increase is attributable an increase in prototype product development costs of $488,000.

Other income and expense were $2,024,000 expense for the six-month period ended June 30, 2019, compared to $407,000 expense for the three-month period ended June 30, 2018, a net increase in other expenses of $1,617,000. This increase is attributable to an increase in non-cash other expenses of $1,617,000. The increase in non-cash other expense is due to increases in expense attributable to interest, beneficial conversion factors and warrants associated with convertible notes issued in the amount of $1,612,000, and other non-cash interest of $5,000.

The Company had a net loss of $3,740,000, or $0.01 per share, for the six-month period ended June 30, 2019, compared to a net loss of $1,458,000, or $0.01 per share, for the six-month period ended June 30, 2018.

II. Three months ended June 30, 2019 and 2018

	Three months ended
	June 30
	2019			2018			Change
Revenues	$	–		$	–		$	–
Costs and expenses
Operating expenses		655,000			462,000			193,000
Research and development expenses		432,000			48,000			384,000
Loss before other income (expense)		(1,087,000	)		(510,000	)		(577,000	)
Other income (expense)
Interest and financing expense		(371,000	)		(248,000	)		(123,000	)
Net Loss	$	(1,458,000	)	$	(758,000	)	$	(700,000	)

The Company had no revenues in the three month-periods ended June 30, 2019 and 2018.

Operating expenses were $655,000 for the three-month period ended June 30, 2019, compared to $462,000 for the three-month period ended June 30, 2018, an increase of $193,000. This is due to an increase in non-cash expenses of $54,000, and an increase in cash expenses of $139,000. Specifically, the increase in non-cash expenses is attributable to decreases in depreciation of $7,000, and in stock compensation expenses attributable to the fair value of options granted to directors and employees of $17,000, offset by an increase in common stock and warrants issued as compensation for services of $78,060. The increase in cash expense is attributable increases in consulting fees of $18,000, freight costs of $2,000, insurance of $11,000, office expenses of $19,000, legal and accounting of $16,000, public and investor relations of $44,000, rent and utilities of $11,000, travel expenses of $34,000, and other expenses of $2,000, offset by a decrease in salaries and benefits of $18,000.

Research and development expenses were $432,000 for the three-month period ended June 30, 2019, compared to $48,000 for the three-month period ended June 30, 2018, an increase of $383,000. This decrease is attributable to decreases in prototype product development costs of $383,000.

Other income and expense were $371,000 expense for the three-month period ended June 30, 2019, compared to $248,000 expense for the three-month period ended June 30, 2018, a net increase in other expenses of $123,000. This increase is attributable to an increase in non-cash other expenses of $123,000. The increase in non-cash other expense is due to an increase in expense attributable to interest, beneficial conversion factors and warrants associated with convertible notes issued in the amount of $123,000.

The Company had a net loss of $1,458,000, or $0.00 per share, for the three-month period ended June 30, 2019, compared to a net loss of $758,000, or $0.00 per share, for the three-month period ended June 30, 2018.

Liquidity and Capital Resources

General

As reflected in the accompanying condensed consolidated financial statements, the Company has not yet generated significant revenues and has incurred recurring net losses. We have incurred negative cash flow from operations since our inception in 1998 and a stockholders’ deficit of $1,524,000 as of June 30, 2019. Our negative operating cash flow for the periods ended June 30, 2019 was funded primarily through issuance of convertible notes and execution of options and warrants to purchase common stock.

The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying condensed consolidated financial statements, the Company had a net loss of $3,740,000 and a negative cash flow from operations of $1,833,000 for the six-month period ended June 30, 2019. These factors raise substantial doubt about our ability to continue as a going concern.

In addition, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2018 financial statements, has raised substantial doubt about the Company’s ability to continue as a going concern. Our ability to continue as a going concern is dependent upon our ability to raise additional funds and implement our business plan. The consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.

Summary

During the period ended June 30, 2019, we received cash totaling $1,118,000 from issuance of our convertible notes payable and exercise of options and warrants to purchase common stock and used cash in operations of $273,000. At June 30, 2019, we had cash on hand in the amount of $711,000. We will need additional funds to operate our business, including without limitation the expenses we will incur in connection with the license agreements with Temple University; costs associated with product development and commercialization of the AOT and related technologies; costs to manufacture and ship our products; costs to design and implement an effective system of internal controls and disclosure controls and procedures; costs of maintaining our status as a public company by filing periodic reports with the SEC and costs required to protect our intellectual property. In addition, as discussed above, we have substantial contractual commitments, including without limitation salaries to our executive officers pursuant to employment agreements, certain severance payments to a former officer and consulting fees, during the remainder of 2019 and beyond.

No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company.

Licensing Fees to Temple University

For details of the licensing agreements with Temple University, see Financial Statements attached hereto, Note 6 (Research and Development).

Critical Accounting Policies and Estimates

Our discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these consolidated financial statements and related disclosures requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, expenses, and related disclosure of contingent assets and liabilities. We evaluate, on an on-going basis, our estimates and judgments, including those related to the useful life of the assets. We base our estimates on historical experience and assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The methods, estimates and judgments we use in applying our most critical accounting policies have a significant impact on the results that we report in our consolidated financial statements. The SEC considers an entity’s most critical accounting policies to be those policies that are both most important to the portrayal of a company’s financial condition and results of operations and those that require management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about matters that are inherently uncertain at the time of estimation. For a more detailed discussion of the accounting policies of the Company, see Note 1 of the Notes to the Condensed Consolidated Financial Statements, “Summary of Significant Accounting Policies”.

We believe the following critical accounting policies, among others, require significant judgments and estimates used in the preparation of our consolidated financial statements.

Estimates

The preparation of consolidated financial statements in conformity with generally accepted accounting principles 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Certain significant estimates were made in connection with preparing our consolidated financial statements as described in Note 1 to Notes to the Condensed Consolidated Financial Statements. Actual results could differ from those estimates.

Stock-Based Compensation

The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for stock option and warrant grants issued and vesting to employees based on the authoritative guidance provided by the Financial Accounting Standards Board whereas the value of the award is measured on the date of grant and recognized over the vesting period. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date.

The fair value of the Company's common stock option grants is estimated using the Black-Scholes Option Pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the common stock options, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes Option Pricing model, and based on actual experience. The assumptions used in the Black-Scholes Option Pricing model could materially affect compensation expense recorded in future periods.

Going Concern

Recent Accounting Polices

See Footnote 2 in the accompanying financial statements for a discussion of recent accounting policies.

Item 3. Quantitative and Qualitative Disclosure about Market Risk

We issue from time to time fixed rate discounted convertible notes. Our convertible notes and our equity securities are exposed to risk as set forth below, in Part II Item 1A, “Risk Factors.” Please also see Item 2, above, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Item 4. Controls and Procedures

Disclosure Controls and Procedures

The Company's management, with the participation of the Company's chief executive officer and chief financial officer, evaluated, as of June 30, 2019, the effectiveness of the Company's disclosure controls and procedures, which were designed to be effective at the reasonable assurance level. The term "disclosure controls and procedures," as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of the Company's disclosure controls and procedures as of June 30, 2019, management, the chief executive officer and the chief financial officer concluded that the Company's disclosure controls and procedures were effective at the reasonable assurance level at that date.

(a) Changes in Internal Control over Financial Reporting

No change in the Company's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the six-month period ended June 30, 2019 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

There is no litigation of any significance with the exception of the matters that have arisen under, and are being handled in, the normal course of business.

Item 1A. Risk Factors

There have been no material changes in the risk factors previously disclosed in Form 10-K for the period ended December 31, 2018, which we filed with the SEC on April 1, 2019.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuances

In private offerings exempt from registration, during the six months ended June 30, 2019, the Company issued 38,406,486 shares of its common stock upon the conversion of $2,045,000 in convertible notes at $0.05 to $0.15 per share. In connection with the issuances of the foregoing securities, the Company relied on the exemption, among other exemptions, from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, for transactions not involving a public offering.

The proceeds received by the Company in connection with the above issuances of shares were used and continue to be used for general corporate purposes including without limitation the demonstration project described in Part I, Item 2.

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

None

Item 5. Other Information

None

Item 6. Exhibits

Exhibit No.		Description

31.1		Certification of Chief Executive Officer of Quarterly Report Pursuant to Rule 13(a)-15(e) or Rule 15(d)-15(e)

31.2		Certification of Chief Financial Officer of Quarterly Report pursuant to Rule 13(a)-15(e) or Rule 15(d)-15(e)

32		Certification of Chief Executive Officer and Chief Financial Officer of Quarterly Report Pursuant to 18 U.S.C. Section 1350

101.INS		XBRL Instance Document

101.SCH		XBRL Schema Document

101.CAL		XBRL Calculation Linkbase Document

101.LAB		XBRL Label Linkbase Document

101.PRE		XBRL Presentation Linkbase Document

101.DEF		XBRL Definition Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized.

	QS ENERGY, INC.


Date: August 14, 2019	By:	/s/ Michael McMullen
		Michael McMullen
		Chief Financial Officer

EXHIBITS

Exhibit No.		Description

31.1		Certification of Chief Executive Officer of Quarterly Report Pursuant to Rule 13(a)-15(e) or Rule 15(d)-15(e)

31.2		Certification of Chief Financial Officer of Quarterly Report Pursuant to Rule 13(a)-15(e) or Rule 15(d)-15(e)

32		Certification of Chief Executive Officer and Chief Financial Officer of Quarterly Report Pursuant to 18 U.S.C. Section 1350

101.INS		XBRL Instance Document

101.SCH		XBRL Schema Document

101.CAL		XBRL Calculation Linkbase Document

101.LAB		XBRL Label Linkbase Document

101.PRE		XBRL Presentation Linkbase Document

101.DEF		XBRL Definition Linkbase Document

EX-31.1 2 qs_ex3101.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

AND RULES 13A-14 AND 15D-14 UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, Jason Lane, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of QS Energy, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) or 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(d)-15(f) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its condensed consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2019	/s/ Jason Lane
	Jason Lane
	Chief Executive Officer

EX-31.2 3 qs_ex3102.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

AND RULES 13A-14 AND 15D-14 UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, Michael McMullen, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of QS Energy, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2019	/s/ Michael McMullen
	Michael McMullen
	Chief Financial Officer

EX-32 4 qs_ex3200.htm CERTIFICATION OF PERIODIC FINANCIAL REPORT BY THE CHIEF EXECUTIVE

EXHIBIT 32

CERTIFICATION OF PERIODIC FINANCIAL REPORT BY THE CHIEF EXECUTIVE

OFFICER AND CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Solely for the purposes of complying with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, we, the undersigned Acting Chief Executive Officer and the Chief Financial Officer of QS Energy, Inc. (the “Company”), hereby certify, based on our knowledge, that the Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2019 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 14, 2019	/s/ Jason Lane
	Jason Lane
	Chief Executive Officer

Date: August 14, 2019	/s/ Michael McMullen
	Michael McMullen
	Chief Financial Officer

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450000

299149251 QS Energy, Inc. Yes NV 0-29185

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 48px">1.</td> <td style="text-align: justify">Description of Business</td></tr> </table>   QS Energy, Inc. (“QS Energy”, “Company”) was incorporated on February 18, 1998, as a Nevada Corporation under the name Mandalay Capital Corporation. The Company changed its name to Save the World Air, Inc. on February 11, 1999. Effective August 11, 2015, the Company changed its name to QS Energy, Inc. The Company’s common stock is quoted under the symbol “QSEP” on the Over-the-Counter Bulletin Board. More information including the Company’s fact sheet, logos and media articles are available at our corporate website, www.qsenergy.com.   QS Energy develops and commercializes energy efficiency technologies that assist in meeting increasing global energy demands, improving the economics of oil extraction and transport, and reducing greenhouse gas emissions. The Company's intellectual properties include a portfolio of domestic and international patents and patents pending, a substantial portion of which have been developed in conjunction with and exclusively licensed from Temple University of Philadelphia, PA (“Temple”). QS Energy's primary technology is called Applied Oil Technology (AOT), a commercial-grade crude oil pipeline transportation flow-assurance product. Engineered specifically to reduce pipeline pressure loss, increase pipeline flow rate and capacity, and reduce shippers’ reliance on diluents and drag reducing agents to meet pipeline maximum viscosity requirements, AOT is a 100% solid-state system that reduces crude oil viscosity by applying a high intensity electrical field to crude oil feedstock while in transit. The AOT product is seeking to transition from the research and development stage to initial production for continued testing in advance of our goal of seeking acceptance and adoption by the midstream pipeline marketplace.   Basis of Presentation   The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed with the SEC. The condensed consolidated balance sheet as of December 31, 2018 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including notes, required by GAAP.   In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to fairly present the Company's financial position and results of operations for the interim periods reflected. Except as noted, all adjustments contained herein are of a normal recurring nature. Results of operations for the fiscal periods presented herein are not necessarily indicative of fiscal year-end results.

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 48px">2.</td> <td style="text-align: justify">Summary of Significant Accounting Policies</td></tr> </table>   Consolidation Policy   The accompanying consolidated financial statements of QS Energy Inc. include the accounts of QS Energy Inc. (the Parent) and its wholly owned subsidiaries, QS Energy Pool, Inc. and STWA Asia Pte. Limited. Intercompany transactions and balances have been eliminated in consolidation. Going Concern   The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying consolidated financial statements, during the six-months ended June 30, 2019, the Company incurred a net loss of $3,740,000, used cash in operations of $1,833,000 and had a stockholders’ deficit of $1,524,000 as of that date. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to raise additional funds and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.   In addition, the Company's independent registered public accounting firm, in its report on the Company's December 31, 2018 financial statements, has raised substantial doubt about the Company's ability to continue as a going concern.   At June 30, 2019, the Company had cash on hand in the amount of $711,000. Management estimates that the current funds on hand will be sufficient to continue operations through November 2019, or, subject to actual costs incurred implementing design modifications to our AOT demonstration project described in Part I, Item 2, October 2019. Management is currently seeking additional funds, primarily through the issuance of debt and equity securities for cash to operate our business, including without limitation the expenses it will incur in connection with the license agreements with Temple; costs associated with product development and commercialization of the AOT technologies; costs to manufacture and ship the products; costs to design and implement an effective system of internal controls and disclosure controls and procedures; costs of maintaining our status as a public company by filing periodic reports with the SEC and costs required to protect our intellectual property. In addition, as discussed below, the Company has substantial contractual commitments, including without limitation salaries to our executive officers pursuant to employment agreements, certain payments to a former officer and consulting fees, during the remainder of 2019 and beyond.   No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stockholders in case of equity financing.    Basic and Diluted Income (loss) per share   Our computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) available to common stockholders divided by the weighted average common shares outstanding for the period. Diluted income (loss) per share reflects the potential dilution, using the treasury stock method, that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the income (loss) of the Company as if they had been converted at the beginning of the periods presented, or issuance date, if later. In computing diluted income (loss) per share, the treasury stock method assumes that outstanding options and warrants are exercised and the proceeds are used to purchase common stock at the average market price during the period. Options and warrants may have a dilutive effect under the treasury stock method only when the average market price of the common stock during the period exceeds the exercise price of the options and warrants. Potential common shares that have an antidilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.   Income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted (loss) per common share is the same for periods in which the Company reported an operating loss because all warrants and stock options outstanding are anti-dilutive. At June 30, 2019 and 2019, we excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock as their effect would have been anti-dilutive.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%">Options</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">39,450,603</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">37,301,300</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,713,204</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,006,355</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Common stock issuable upon conversion of notes payable</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">12,784,543</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">5,287,502</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">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">77,948,350</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">47,595,157</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Estimates   The preparation of financial statements in conformity with generally accepted accounting principles 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 revenues and expenses during the reporting period. Significant estimates include those related to accruals for potential liabilities, assumptions used in valuing equity instruments issued for financing and services and realization of deferred tax assets, among others. Actual results could differ from those estimates.   Revenue Recognition Policy   Under its business plan, the Company anticipates the leasing of its primary technology. The Company will recognize lease revenue ratably over the life of the lease upon commencement of the lease. Revenue on future product sales will be recognized in accordance with Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive revenue recognition standard that supersedes nearly all existing revenue recognition guidance under current U.S. GAAP and replaces it with a principle-based approach or determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.   Research and Development Costs   Research and development costs are expensed as incurred and consist primarily of fees paid to consultants and outside service providers, and other expenses relating to the acquisition, design, development and testing of the Company’s products. Certain research and development activities are incurred under contract. In those instances, research and development costs are charged to operations ratably over the life of the underlying contracts, unless the achievement of milestones, the completion of contracted work, or other information indicates that a different expensing schedule is more appropriate. Payments made pursuant to research and development contracts are initially recorded as advances on research and development contract services in the Company’s consolidated balance sheet and then charged to research and development costs in the Company’s consolidated statement of operations as those contract services are performed.   In January 2019, the Company paid $500,000 as a deposit under terms of a work order for work to be performed by a pipeline operator. During the period ended June 30, 2019, the Company amortized $450,000 of such amount as a research and development cost based on the progress of work performed as required by the contract, and has reflected the $50,000 remaining amount as Prepaid expenses and other current assets in the accompanying consolidated balance sheet as of June 30, 2019.   For the six-month periods ended June 30, 2019 and 2018 research and development costs were $583,000 and $95,000, respectively. For the three-month periods ended June 30, 2019 and 2018 research and development costs were $432,000 and $48,000, respectively.   Patent Costs   Patent costs consist of patent-related legal and filing fees. Due to the uncertainty associated with the successful development of our AOT and Joule Heat products, all patent costs are expensed as incurred. During the six-month periods ended June 30, 2019 and 2018, patent costs were $9,000 and $12,000, respectively, which is included as part of operating expenses in the accompanying consolidated statements of operations.   Recent Accounting Pronouncements   Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statement presentation or disclosures.

Consolidation Policy   The accompanying consolidated financial statements of QS Energy Inc. include the accounts of QS Energy Inc. (the Parent) and its wholly owned subsidiaries, QS Energy Pool, Inc. and STWA Asia Pte. Limited. Intercompany transactions and balances have been eliminated in consolidation.

Basic and Diluted Income (loss) per share   Our computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) available to common stockholders divided by the weighted average common shares outstanding for the period. Diluted income (loss) per share reflects the potential dilution, using the treasury stock method, that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the income (loss) of the Company as if they had been converted at the beginning of the periods presented, or issuance date, if later. In computing diluted income (loss) per share, the treasury stock method assumes that outstanding options and warrants are exercised and the proceeds are used to purchase common stock at the average market price during the period. Options and warrants may have a dilutive effect under the treasury stock method only when the average market price of the common stock during the period exceeds the exercise price of the options and warrants. Potential common shares that have an antidilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.   Income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted (loss) per common share is the same for periods in which the Company reported an operating loss because all warrants and stock options outstanding are anti-dilutive. At June 30, 2019 and 2019, we excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock as their effect would have been anti-dilutive.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%">Options</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">39,450,603</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">37,301,300</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,713,204</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,006,355</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Common stock issuable upon conversion of notes payable</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">12,784,543</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">5,287,502</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">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">77,948,350</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">47,595,157</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Estimates   The preparation of financial statements in conformity with generally accepted accounting principles 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 revenues and expenses during the reporting period. Significant estimates include those related to accruals for potential liabilities, assumptions used in valuing equity instruments issued for financing and services and realization of deferred tax assets, among others. Actual results could differ from those estimates.

Patent Costs   Patent costs consist of patent-related legal and filing fees. Due to the uncertainty associated with the successful development of our AOT and Joule Heat products, all patent costs are expensed as incurred. During the six-month periods ended June 30, 2019 and 2018, patent costs were $9,000 and $12,000, respectively, which is included as part of operating expenses in the accompanying consolidated statements of operations.

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 48px">4.</td> <td style="text-align: justify">Property and Equipment</td></tr> </table>   At June 30, 2019 and December 31, 2018, property and equipment consists of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Office equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">30,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">30,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Furniture and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Testing Equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Leasehold Improvements</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">25,000</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">25,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">97,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">97,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation</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">(76,000</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">(73,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Depreciation expense for the six-month periods ended June 30, 2019 and 2018 was $3,000 and $17,000, respectively. Depreciation expense for the three-month periods ended June 30, 2019 and 2018 was $1,000 and $9,000, respectively.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Office equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">30,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">30,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Furniture and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Testing Equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Leasehold Improvements</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">25,000</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">25,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">97,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">97,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation</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">(76,000</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">(73,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">June 30, 2019 (unaudited)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Balance due on convertible notes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,073,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,886,000</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">Accrued interest</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">151,000</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">123,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,224,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,009,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Convertible note discount</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">(369,000</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">(1,100,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Balance on convertible notes, net of note discounts</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">855,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">909,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 48px">8.</td> <td style="text-align: justify">Stock Options and Warrants</td></tr> </table>   The Company periodically issues stock options and warrants to employees and non-employees in capital raising transactions, for services and for financing costs. Options vest and expire according to terms established at the grant date.   Options   Options vest according to the terms of the specific grant and expire from 2 to 10 years from date of grant. The weighted-average, remaining contractual life of employee and non-employee options outstanding at June 30, 2019 was 5.2 years. Stock option activity for the period January 1, 2019 up to June 30, 2019, was as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Avg. Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 65%; text-align: left">January 1, 2019</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">35,301,300</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">0.22</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,687,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Exercised</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(538,197</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.13</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Forfeited</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><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: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-align: left">June 30, 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">39,450,603</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">0.20</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The weighted average exercise prices, remaining contractual lives for options granted, exercisable, and expected to vest as of June 30, 2019 were as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; background-color: White"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Outstanding Options</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercisable Options</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Option Exercise Price Per Share</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Life (Years)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 14%; text-align: center">$0.05 - $0.24 </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">17,915,553</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: center">8.0</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">0.10</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">15,702,013</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">0.10</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">$0.25 - $0.49 </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,913,552</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">2.8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.27</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,913,552</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.27</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: center">$0.50 - $0.99 </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">471,052</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">4.8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.85</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">471,052</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.85</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: center">$1.00 - $2.00 </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150,446</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: center">4.1</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">1.18</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150,446</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">1.18</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">39,450,603</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: center">5.2</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">0.20</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">37,237,063</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">0.21</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   During the six-month period ending June 30, 2019, and pursuant to the Company’s Board Compensation policy approved by the Board June 19, 2015, the Company granted options to purchase 4,687,500 shares of common stock to members of the Company’s Board of Directors. The options are exercisable at $0.08 share, vest monthly over a twelve-month period, and expire ten years from the date granted. Total fair value of these options at grant date was $328,000 using the Black-Scholes Option Pricing model with the following assumptions: life of 5 years; risk free interest rate of 2.5%; volatility of 122% and dividend yield of 0%.   During the six-month periods ended June 30, 2019 and 2018, the Company recognized compensation costs based on the fair value of options that vested of $183,000 and $535,000 respectively. During the three-month periods ended June 30, 2019 and 2018, the Company recognized compensation costs based on the fair value of options that vested of $85,000 and $102,000 respectively.   At June 30, 2019, the Company’s closing stock price was $0.24 per share. The aggregate intrinsic value of the options outstanding at June 30, 2019 was $2,553,000. Future unamortized compensation expense on the unvested outstanding options at June 30, 2019 is approximately $164,000 to be recognized through December 2019.   Warrants   The following table summarizes certain information about the Company’s stock purchase warrants activity for the period starting January 1, 2019 up to June 30, 2019.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Warrants</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Avg. Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 67%; text-align: left">January 1, 2019</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">21,055,355</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">0.09</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,099,204</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Exercised</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,138,993</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.07</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Cancelled</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">(1,302,362</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">0.19</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-align: left">June 30, 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">25,713,204</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">0.08</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The weighted average exercise prices, remaining contractual lives for warrants granted, exercisable, and expected to vest as of June 30, 2019 were as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; background-color: White"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Outstanding Warrants</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercisable Warrants</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrant Exercise Price Per Share</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Life (Years)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 14%; text-align: center">$0.05 - $0.24</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">23,643,204</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: center">0.6</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">0.06</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">23,577,204</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">0.06</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">$0.25 - $0.49</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">2.3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.30</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.30</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt; text-align: center">$0.50 - $1.00</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">70,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: center">4.8</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">0.80</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">70,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">0.80</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td><td style="text-align: right; border-bottom: Black 2.5pt double">25,713,204</td><td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="text-align: center; padding-bottom: 2.5pt">0.7</td><td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt">$</td><td style="text-align: right; padding-bottom: 2.5pt">0.08</td><td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td><td style="text-align: right; border-bottom: Black 2.5pt double">25,647,204</td><td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt">$</td><td style="text-align: right; padding-bottom: 2.5pt">0.08</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   In the six-month period ending June 30, 2019, pursuant to terms of convertible notes issued, the Company granted warrants to purchase 8,999,205 shares of common stock with an exercise price of $.05 to $0.18 per share, vesting immediately upon grant and expiring one year from the date of grant (see Note 5, above).   In the six-month period ending June 30, 2019, the Company issued warrants to purchase 99,999 shares of common stock with an exercise price of $0.24 per share, vesting over three months and expiring two years from the date of grant as compensation under an independent consulting agreement. Total fair value of the warrants at grant date was $17,000 using the Black-Scholes model with the following assumptions: life of 2.3 years; risk free interest rate of 1.75%; volatility of 153% and dividend yield of 0%.   During the six-month period ended June 30, 2019, warrants to acquire 3,138,993 shares of common stock were exercised resulting in net proceeds to the Company of $202,000.   At June 30, 2019, the aggregate intrinsic value of the warrants outstanding was $4,231,000.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Avg. Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 65%; text-align: left">January 1, 2019</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">35,301,300</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">0.22</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,687,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Exercised</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(538,197</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.13</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Forfeited</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><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: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-align: left">June 30, 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">39,450,603</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">0.20</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; background-color: White"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Outstanding Options</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercisable Options</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Option Exercise Price Per Share</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Life (Years)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 14%; text-align: center">$0.05 - $0.24 </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">17,915,553</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: center">8.0</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">0.10</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">15,702,013</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">0.10</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">$0.25 - $0.49 </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,913,552</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">2.8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.27</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,913,552</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.27</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: center">$0.50 - $0.99 </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">471,052</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">4.8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.85</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">471,052</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.85</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: center">$1.00 - $2.00 </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150,446</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: center">4.1</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">1.18</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150,446</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">1.18</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">39,450,603</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: center">5.2</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">0.20</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">37,237,063</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">0.21</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Warrants</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Avg. Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 67%; text-align: left">January 1, 2019</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">21,055,355</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">0.09</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,099,204</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Exercised</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,138,993</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.07</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Cancelled</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">(1,302,362</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">0.19</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-align: left">June 30, 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">25,713,204</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">0.08</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; background-color: White"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Outstanding Warrants</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercisable Warrants</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrant Exercise Price Per Share</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Life (Years)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 14%; text-align: center">$0.05 - $0.24</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">23,643,204</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: center">0.6</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">0.06</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">23,577,204</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">0.06</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">$0.25 - $0.49</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">2.3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.30</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.30</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt; text-align: center">$0.50 - $1.00</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">70,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: center">4.8</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">0.80</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">70,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">0.80</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td><td style="text-align: right; border-bottom: Black 2.5pt double">25,713,204</td><td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="text-align: center; padding-bottom: 2.5pt">0.7</td><td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt">$</td><td style="text-align: right; padding-bottom: 2.5pt">0.08</td><td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td><td style="text-align: right; border-bottom: Black 2.5pt double">25,647,204</td><td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt">$</td><td style="text-align: right; padding-bottom: 2.5pt">0.08</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

1153000

711000

204000

493000

-1482000

-1524000

-1874000

-1772000

256123

298456

111429877

115085544

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234077

251448

108000923

109543552

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294805

236752

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-1458000

-758000

-0.01

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0.00

279658273

238825606

293284367

242994163

256123515

298457191

234076907

251448515

294805488

236751367

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2045000

337000

38406

2006594

4624

332376

209000

238000

1686

3345

207314

234655

1118000

319000

1118000

319000

450000

74000

450000

74000

194000

245000

194000

245000

95000

102000

95000

102000

250000

50000

250000

68000

12000

250

67750

11950

68000

250

67750

68000

12000

1991000

381000

3000

17000

205000

-6000

-153000

-13000

64000

122000

-55000

12000

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1118000

318000

1391000

965000

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289000

1600

1230000

50000

Going Concern   The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying consolidated financial statements, during the six-months ended June 30, 2019, the Company incurred a net loss of $3,740,000, used cash in operations of $1,833,000 and had a stockholders’ deficit of $1,524,000 as of that date. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to raise additional funds and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.   In addition, the Company's independent registered public accounting firm, in its report on the Company's December 31, 2018 financial statements, has raised substantial doubt about the Company's ability to continue as a going concern.   At June 30, 2019, the Company had cash on hand in the amount of $711,000. Management estimates that the current funds on hand will be sufficient to continue operations through November 2019, or, subject to actual costs incurred implementing design modifications to our AOT demonstration project described in Part I, Item 2, October 2019. Management is currently seeking additional funds, primarily through the issuance of debt and equity securities for cash to operate our business, including without limitation the expenses it will incur in connection with the license agreements with Temple; costs associated with product development and commercialization of the AOT technologies; costs to manufacture and ship the products; costs to design and implement an effective system of internal controls and disclosure controls and procedures; costs of maintaining our status as a public company by filing periodic reports with the SEC and costs required to protect our intellectual property. In addition, as discussed below, the Company has substantial contractual commitments, including without limitation salaries to our executive officers pursuant to employment agreements, certain payments to a former officer and consulting fees, during the remainder of 2019 and beyond.   No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stockholders in case of equity financing.

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Description of Business link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - 2. Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - 3. Accrued Expenses and Accounts Payable - Related Parties link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - 4. Property and Equipment link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - 5. Convertible Notes link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - 6. Research and Development link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - 7. Common Stock link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - 8. Stock Options and Warrants link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - 9. 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Summary of Significant Accounting Policies (Details) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - 2. Summary of Significant Accounting Policies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - 3. Accrued Expenses and Accounts Payable (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - 4. Property and Equipment (Details) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - 4. Property and Equipment (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - 5. Convertible Notes (Details) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - 5. Convertible Notes (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - 6. Research and Development (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - 7. Common Stock (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - 8. Stock Options and Warrants (Details-Options Outstanding) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - 8. Stock Options and Warrants (Details-Options by Exercise Price Per Share) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - 8. Stock Options and Warrants (Details-Warrants Outstanding) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - 8. Stock Options and Warrants (Details-Warrant Exercise Price per Share) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - 8. Stock options and Warrants (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 qsep-20190630_cal.xml XBRL CALCULATION FILE EX-101.DEF 8 qsep-20190630_def.xml XBRL DEFINITION FILE EX-101.LAB 9 qsep-20190630_lab.xml XBRL LABEL FILE Equity Components [Axis] Common Stock Additional Paid-In Capital Accumulated Deficit Antidilutive Securities [Axis] Options [Member] Warrants [Member] Convertible Notes [Member] Income Statement Location [Axis] Patent Costs [Member] Counterparty Name [Axis] Former Executive [Member] Property, Plant and Equipment, Type [Axis] Office equipment [Member] Furniture and fixtures [Member] Testing equipment [Member] Leasehold Improvements [Member] Research and Development Arrangement, Contract to Perform for Others, Type [Axis] AOT Prototypes [Member] Temple University License Agreements [Member] Balance Sheet Location [Axis] Accounts payable deferred [Member] Accounts payable past due [Member] Stock Conversion Description [Axis] Convertible Notes Payable [Member] Warrant Exercises [Member] Options Exercises [Member] Award Type [Axis] Exercise Price Range [Axis] $0.05 - $0.24 [Member] $0.05-$0.24 Price Per Share [Member] $0.25-$0.49 Price Per Share [Member] Board of Directors [Member] $0.25 - $0.49 [Member] $0.50 - $0.99 [Member] $1.00 - $2.00 [Member] $0.50-$1.00 Price Per Share [Member] Nonmonetary Transaction Type [Axis] Stock issued for services [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity's Reporting Status Current? Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Entity Small Business Entity Emerging Growth Entity Interactive Data Current Entity Incorporation State Country Code Entity File Number Statement of Financial Position [Abstract] ASSETS Current assets: Cash Prepaid expenses and other current assets Total current assets Property and equipment, net of accumulated depreciation of $76,000 and $73,000 at June 30, 2019 and December 31, 2018, respectively Other assets Total assets LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable-license agreements Accounts payable and accrued expenses Accrued expenses and accounts payable-related parties Convertible debentures, net of discounts of $369,000 and $1,100,000 at June 30, 2019 and December 31, 2018, respectively Total current liabilities Commitments and contingencies Stockholders' deficit Common stock, $.001 par value: 500,000,000 shares authorized, 298,457,191 and 256,123,515 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively Additional paid-in capital Accumulated deficit Total stockholders' deficit Total liabilities and stockholders' deficit Accumulated depreciation Discounts on convertible debentures Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Revenues Costs and Expenses Operating expenses Research and development expenses Loss before other expenses Other expense Interest and financing expense Net loss Net loss per common share, basic and diluted Weighted average common shares outstanding, basic and diluted Statement [Table] Statement [Line Items] Beginning balance, shares Beginning balance, value Common stock issued on exercise of warrants and options, shares Common stock issued on exercise of warrants and options, value Common stock issued on conversion of notes payable, shares Common stock issued on conversion of notes payable, value Fair value of warrants and beneficial conversion feature of issued convertible notes Fair value of options and warrants issued as compensation Common stock issued for services, shares Common stock issued for services, value Net loss Ending balance, shares Ending balance, value Statement of Cash Flows [Abstract] Cash flows from operating activities Net Loss Adjustments to reconcile net loss to net cash used in operating activities: Stock based compensation expense Issuance of common stock for services Amortization of debt discount and of interest expense Depreciation and amortization Changes in operating assets and liabilities: Prepaid expenses and other assets Accounts payable and accrued expenses Accounts payable - license agreements Accounts payable and accrued expenses - related parties Deposits and other current liabilities Net cash used in operating activities Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities Net proceeds from issuance of convertible notes and warrants Net proceeds from exercise of warrants Net cash provided by financing activities Net increase (decrease) in cash Cash, beginning of period Cash, end of period Supplemental disclosures of cash flow information Cash paid during the year for: Interest Cash paid during the year for: Income taxes Non-cash investing and financing activities Conversion of convertible debentures to common stock Fair value of warrants and beneficial conversion feature associated with issued convertible notes Organization, Consolidation and Presentation of Financial Statements [Abstract] Description of Business Accounting Policies [Abstract] Summary of Significant Accounting Policies Payables and Accruals [Abstract] Accrued Expenses and Accounts Payable - Related Parties Property, Plant and Equipment [Abstract] Property and Equipment Debt Disclosure [Abstract] Convertible Notes Research and Development [Abstract] Research and Development Stockholders' Equity Note [Abstract] Common Stock Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] Stock Options and Warrants Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Subsequent Events [Abstract] Subsequent Events Consolidation Policy Going Concern Basic and Diluted Income (Loss) per Share Estimates Revenue Recognition Policy Research and Development Costs Patent Costs Recent Accounting Pronouncements Antidilutive shares Property and equipment Convertible Notes and Warrants Stock options outstanding Options outstanding by Per Share Price Warrants outstanding Warrants outstanding by Per Share Price Antidilutive shares excluded from EPS Cash flow from operations Stockholders' deficit Cash on Hand Payment for deposit for work to be performed Amortization of prepaid deposit Research and development costs Severance payable Accrued salaries of officers and fees due to members of the Board of Directors Property and equipment, gross Less: accumulated depreciation Property and equipment, net Depreciation expense Balance due on convertible notes Accrued Interest Convertible notes payable, gross Convertible note discount Balance on convertible notes, net of note discount Notes payable balance Unamortized discount Convertible notes, face amount Proceeds from convertible notes Discount on notes issued Warrants issued with notes, shares Discount on fair value of warrants, BCF and OID EX-101.PRE 10 qsep-20190630_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2019	Aug. 13, 2019
Document And Entity Information
Entity Registrant Name	QS Energy, Inc.
Entity Central Index Key	0001103795
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		299,149,251
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019
Entity Small Business	true
Entity Emerging Growth	false
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	NV
Entity File Number	0-29185

XML 12 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash	$ 711,000	$ 1,153,000
Prepaid expenses and other current assets	239,000	34,000
Total current assets	950,000	1,187,000
Property and equipment, net of accumulated depreciation of $76,000 and $73,000 at June 30, 2019 and December 31, 2018, respectively	21,000	24,000
Other assets	2,000	2,000
Total assets	973,000	1,213,000
Current liabilities:
Accounts payable-license agreements	1,137,000	1,073,000
Accounts payable and accrued expenses	505,000	658,000
Accrued expenses and accounts payable-related parties	0	55,000
Convertible debentures, net of discounts of $369,000 and $1,100,000 at June 30, 2019 and December 31, 2018, respectively	855,000	909,000
Total current liabilities	2,497,000	2,695,000
Commitments and contingencies
Stockholders' deficit
Common stock, $.001 par value: 500,000,000 shares authorized, 298,457,191 and 256,123,515 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	298,456	256,123
Additional paid-in capital	115,085,544	111,429,877
Accumulated deficit	(116,908,000)	(113,168,000)
Total stockholders' deficit	(1,524,000)	(1,482,000)
Total liabilities and stockholders' deficit	$ 973,000	$ 1,213,000

XML 13 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 76,000	$ 73,000
Discounts on convertible debentures	$ 369,000	$ 1,100,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	298,457,191	256,123,515
Common stock, shares outstanding	298,457,191	256,123,515

XML 14 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Revenues	$ 0	$ 0	$ 0	$ 0
Costs and Expenses
Operating expenses	655,000	462,000	1,133,000	956,000
Research and development expenses	432,000	48,000	583,000	95,000
Loss before other expenses	(1,087,000)	(510,000)	(1,716,000)	(1,051,000)
Other expense
Interest and financing expense	(371,000)	(248,000)	(2,024,000)	(407,000)
Net loss	$ (1,458,000)	$ (758,000)	$ (3,740,000)	$ (1,458,000)
Net loss per common share, basic and diluted	$ (0.00)	$ 0.00	$ (0.01)	$ (0.01)
Weighted average common shares outstanding, basic and diluted	293,284,367	242,994,163	279,658,273	238,825,606

XML 15 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT (UNAUDITED) - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning balance, shares at Dec. 31, 2017	234,076,907
Beginning balance, value at Dec. 31, 2017	$ 234,077	$ 108,000,923	$ (110,109,000)	$ (1,874,000)
Common stock issued on exercise of warrants and options, shares	12,697,483
Common stock issued on exercise of warrants and options, value	$ 12,697	634,303		647,000
Common stock issued on conversion of notes payable, shares	4,624,125
Common stock issued on conversion of notes payable, value	$ 4,624	332,376		337,000
Fair value of warrants and beneficial conversion feature of issued convertible notes		319,000		319,000
Fair value of options and warrants issued as compensation		245,000		245,000
Common stock issued for services, shares	50,000
Common stock issued for services, value	$ 50	11,950		12,000
Net loss			(1,458,000)	(1,458,000)
Ending balance, shares at Jun. 30, 2018	251,448,515
Ending balance, value at Jun. 30, 2018	$ 251,448	109,543,552	(111,567,000)	(1,772,000)
Beginning balance, shares at Mar. 31, 2018	236,751,367
Beginning balance, value at Mar. 31, 2018	$ 236,752	108,568,248	(110,809,000)	(2,004,000)
Common stock issued on exercise of warrants and options, shares	11,351,773
Common stock issued on exercise of warrants and options, value	$ 11,351	564,649		576,000
Common stock issued on conversion of notes payable, shares	3,345,375
Common stock issued on conversion of notes payable, value	$ 3,345	234,655		238,000
Fair value of warrants and beneficial conversion feature of issued convertible notes		74,000		74,000
Fair value of options and warrants issued as compensation		102,000		102,000
Net loss			(758,000)	(758,000)
Ending balance, shares at Jun. 30, 2018	251,448,515
Ending balance, value at Jun. 30, 2018	$ 251,448	109,543,552	(111,567,000)	(1,772,000)
Beginning balance, shares at Dec. 31, 2018	256,123,515
Beginning balance, value at Dec. 31, 2018	$ 256,123	111,429,877	(113,168,000)	(1,482,000)
Common stock issued on exercise of warrants and options, shares	3,677,190
Common stock issued on exercise of warrants and options, value	$ 3,677	269,323		273,000
Common stock issued on conversion of notes payable, shares	38,406,486
Common stock issued on conversion of notes payable, value	$ 38,406	2,006,594		2,045,000
Fair value of warrants and beneficial conversion feature of issued convertible notes		1,118,000		1,118,000
Fair value of options and warrants issued as compensation		194,000		194,000
Common stock issued for services, shares	250,000
Common stock issued for services, value	$ 250	67,750		68,000
Net loss			(3,740,000)	(3,740,000)
Ending balance, shares at Jun. 30, 2019	298,457,191
Ending balance, value at Jun. 30, 2019	$ 298,456	115,085,544	(116,908,000)	(1,524,000)
Beginning balance, shares at Mar. 31, 2019	294,805,488
Beginning balance, value at Mar. 31, 2019	$ 294,805	114,166,195	(115,450,000)	(989,000)
Common stock issued on exercise of warrants and options, shares	1,715,037
Common stock issued on exercise of warrants and options, value	$ 1,715	99,285		101,000
Common stock issued on conversion of notes payable, shares	1,686,666
Common stock issued on conversion of notes payable, value	$ 1,686	207,314		209,000
Fair value of warrants and beneficial conversion feature of issued convertible notes		450,000		450,000
Fair value of options and warrants issued as compensation		95,000		95,000
Common stock issued for services, shares	250,000
Common stock issued for services, value	$ 250	67,750		68,000
Net loss			(1,458,000)	(1,458,000)
Ending balance, shares at Jun. 30, 2019	298,457,191
Ending balance, value at Jun. 30, 2019	$ 298,456	$ 115,085,544	$ (116,908,000)	$ (1,524,000)

XML 16 R6.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
Net Loss	$ (3,740,000)	$ (1,458,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation expense	194,000	245,000
Issuance of common stock for services	68,000	12,000
Amortization of debt discount and of interest expense	1,991,000	381,000
Depreciation and amortization	3,000	17,000
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(205,000)	6,000
Accounts payable and accrued expenses	(153,000)	(13,000)
Accounts payable - license agreements	64,000	122,000
Accounts payable and accrued expenses - related parties	(55,000)	12,000
Deposits and other current liabilities	0	0
Net cash used in operating activities	(1,833,000)	(676,000)
Cash flows from financing activities
Net proceeds from issuance of convertible notes and warrants	1,118,000	318,000
Net proceeds from exercise of warrants	273,000	647,000
Net cash provided by financing activities	1,391,000	965,000
Net increase (decrease) in cash	(442,000)	289,000
Cash, beginning of period	1,153,000	204,000
Cash, end of period	711,000	493,000
Supplemental disclosures of cash flow information
Cash paid during the year for: Interest	0	0
Cash paid during the year for: Income taxes	1,600	1,600
Non-cash investing and financing activities
Conversion of convertible debentures to common stock	2,045,000	337,000
Fair value of warrants and beneficial conversion feature associated with issued convertible notes	$ 1,118,000	$ 319,000

XML 17 R7.htm IDEA: XBRL DOCUMENT

1. Description of Business

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

Description of Business

Basis of Presentation

XML 18 R8.htm IDEA: XBRL DOCUMENT

2. Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Consolidation Policy

Going Concern

Basic and Diluted Income (loss) per share

	June 30, 2019		June 30, 2018
Options		39,450,603		37,301,300
Warrants		25,713,204		5,006,355
Common stock issuable upon conversion of notes payable		12,784,543		5,287,502
Total		77,948,350		47,595,157

Estimates

Revenue Recognition Policy

Research and Development Costs

Patent Costs

Recent Accounting Pronouncements

XML 19 R9.htm IDEA: XBRL DOCUMENT

3. Accrued Expenses and Accounts Payable - Related Parties

6 Months Ended

Jun. 30, 2019

Payables and Accruals [Abstract]

Accrued Expenses and Accounts Payable - Related Parties

Accrued Expenses and Accounts Payable

Accrued Expenses

Accrued Expenses and Accounts Payable – Related Parties

XML 20 R10.htm IDEA: XBRL DOCUMENT

4. Property and Equipment

6 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

At June 30, 2019 and December 31, 2018, property and equipment consists of the following:

	June 30, 2019			December 31, 2018
Office equipment	$	30,000		$	30,000
Furniture and fixtures		5,000			5,000
Testing Equipment		37,000			37,000
Leasehold Improvements		25,000			25,000
Subtotal		97,000			97,000
Less accumulated depreciation		(76,000	)		(73,000	)
Total	$	21,000		$	24,000

XML 21 R11.htm IDEA: XBRL DOCUMENT

5. Convertible Notes

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Convertible Notes

Convertible Notes

	June 30, 2019 (unaudited)			December 31, 2018
Balance due on convertible notes	$	1,073,000		$	1,886,000
Accrued interest		151,000			123,000
Subtotal		1,224,000			2,009,000
Convertible note discount		(369,000	)		(1,100,000	)
Balance on convertible notes, net of note discounts	$	855,000		$	909,000

As of December 31, 2018, total outstanding notes payable amounted to $1,886,000 which are due through December 2019 and unamortized note discount of $1,100,000.

XML 22 R12.htm IDEA: XBRL DOCUMENT

6. Research and Development

6 Months Ended

Jun. 30, 2019

Research and Development [Abstract]

Research and Development

Research and Development

AOT Product Development and Testing

The Company constructs, develops and tests the AOT technologies with internal resources and through the assistance of various third-party entities. Costs incurred and expensed include fees such as prototype equipment fabrication and installation, testing fees, purchase of test equipment, pipeline pumping equipment, crude oil tank batteries, viscometers, SCADA systems, computer equipment, payroll and other related equipment and various logistical expenses for the purposes of evaluating and testing the Company’s AOT prototypes.

Temple University Licensing Agreement

No revenues were earned from the two License Agreements during the six-month periods ended June 30, 2019 and June 30, 2018.

XML 23 R13.htm IDEA: XBRL DOCUMENT

7. Common Stock

6 Months Ended

Jun. 30, 2019

Stockholders' Equity Note [Abstract]

Common Stock

Common Stock

During the six months ended June 30, 2019, the Company issued 42,333,676 shares of its common stock as follows:

The Company issued 38,406,486 shares of its common stock upon the conversion of $2,045,000 in convertible notes pursuant to the convertible notes conversion prices of $0.05 to $0.15 per share.

The Company issued 3,138,993 shares of its common stock upon the exercise of warrants for proceeds of $202,000 at exercise prices of $0.05 to $0.18 per share.

The Company issued 538,197 shares of its common stock upon the exercise of options for proceeds of $71,000 at exercise prices of $0.08 to $0.18 per share.

The Company issued 250,000 shares of its common stock in exchange for $68,000 for services valued at $0.27 per share.

XML 24 R14.htm IDEA: XBRL DOCUMENT

8. Stock Options and Warrants

6 Months Ended

Jun. 30, 2019

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

Stock Options and Warrants

Stock Options and Warrants

Options

	Options			Weighted Avg. Exercise Price
January 1, 2019		35,301,300		$	0.22
Granted		4,687,500			0.08
Exercised		(538,197	)		0.13
Forfeited		–			–
June 30, 2019		39,450,603		$	0.20

The weighted average exercise prices, remaining contractual lives for options granted, exercisable, and expected to vest as of June 30, 2019 were as follows:

	Outstanding Options				Exercisable Options
Option Exercise Price Per Share	Shares	Life (Years)		Weighted Average Exercise Price	Shares		Weighted Average Exercise Price
$0.05 - $0.24	17,915,553	8.0	$	0.10	15,702,013	$	0.10
$0.25 - $0.49	20,913,552	2.8		0.27	20,913,552		0.27
$0.50 - $0.99	471,052	4.8		0.85	471,052		0.85
$1.00 - $2.00	150,446	4.1		1.18	150,446		1.18
	39,450,603	5.2	$	0.20	37,237,063	$	0.21

Warrants

The following table summarizes certain information about the Company’s stock purchase warrants activity for the period starting January 1, 2019 up to June 30, 2019.

	Warrants			Weighted Avg. Exercise Price
January 1, 2019		21,055,355		$	0.09
Granted		9,099,204			0.08
Exercised		(3,138,993	)		0.07
Cancelled		(1,302,362	)		0.19
June 30, 2019		25,713,204		$	0.08

The weighted average exercise prices, remaining contractual lives for warrants granted, exercisable, and expected to vest as of June 30, 2019 were as follows:

	Outstanding Warrants				Exercisable Warrants
Warrant Exercise Price Per Share	Shares	Life (Years)		Weighted Average Exercise Price	Shares		Weighted Average Exercise Price
$0.05 - $0.24	23,643,204	0.6	$	0.06	23,577,204	$	0.06
$0.25 - $0.49	2,000,000	2.3		0.30	2,000,000		0.30
$0.50 - $1.00	70,000	4.8		0.80	70,000		0.80
	25,713,204	0.7	$	0.08	25,647,204	$	0.08

During the six-month period ended June 30, 2019, warrants to acquire 3,138,993 shares of common stock were exercised resulting in net proceeds to the Company of $202,000.

At June 30, 2019, the aggregate intrinsic value of the warrants outstanding was $4,231,000.

XML 25 R15.htm IDEA: XBRL DOCUMENT

9. Commitments and Contingencies

6 Months Ended

Jun. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

There is no current or pending litigation of any significance with the exception of the matters that have arisen under, and are being handled in, the normal course of business.

XML 26 R16.htm IDEA: XBRL DOCUMENT

10. Subsequent Events

6 Months Ended

Jun. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

10.

Subsequent Events

Conversion of Convertible Notes

From July 1, 2019 up to August 13, 2019, Company issued 329,560 shares of common stock upon conversion of previously issued convertible notes in aggregate value of $50,000.

Exercise of Warrants

From July 1, 2019 up to August 13, 2019, Company issued 362,500 shares of common stock upon the exercise of previously issued warrants for aggregate cash proceeds of $19,000.

XML 27 R17.htm IDEA: XBRL DOCUMENT

2. Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Consolidation Policy

Consolidation Policy

Going Concern

Going Concern

Basic and Diluted Income (Loss) per Share

Basic and Diluted Income (loss) per share

	June 30, 2019		June 30, 2018
Options		39,450,603		37,301,300
Warrants		25,713,204		5,006,355
Common stock issuable upon conversion of notes payable		12,784,543		5,287,502
Total		77,948,350		47,595,157

Estimates

Estimates

Revenue Recognition Policy

Revenue Recognition Policy

Research and Development Costs

Research and Development Costs

Patent Costs

Patent Costs

Recent Accounting Pronouncements

Recent Accounting Pronouncements

XML 28 R18.htm IDEA: XBRL DOCUMENT

2. Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Antidilutive shares

	June 30, 2019		June 30, 2018
Options		39,450,603		37,301,300
Warrants		25,713,204		5,006,355
Common stock issuable upon conversion of notes payable		12,784,543		5,287,502
Total		77,948,350		47,595,157

XML 29 R19.htm IDEA: XBRL DOCUMENT

4. Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

Property and equipment

	June 30, 2019			December 31, 2018
Office equipment	$	30,000		$	30,000
Furniture and fixtures		5,000			5,000
Testing Equipment		37,000			37,000
Leasehold Improvements		25,000			25,000
Subtotal		97,000			97,000
Less accumulated depreciation		(76,000	)		(73,000	)
Total	$	21,000		$	24,000

XML 30 R20.htm IDEA: XBRL DOCUMENT

5. Convertible Notes (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Convertible Notes and Warrants

	June 30, 2019 (unaudited)			December 31, 2018
Balance due on convertible notes	$	1,073,000		$	1,886,000
Accrued interest		151,000			123,000
Subtotal		1,224,000			2,009,000
Convertible note discount		(369,000	)		(1,100,000	)
Balance on convertible notes, net of note discounts	$	855,000		$	909,000

XML 31 R21.htm IDEA: XBRL DOCUMENT

8. Stock Options and Warrants (Tables)

6 Months Ended

Jun. 30, 2019

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

Stock options outstanding

	Options			Weighted Avg. Exercise Price
January 1, 2019		35,301,300		$	0.22
Granted		4,687,500			0.08
Exercised		(538,197	)		0.13
Forfeited		–			–
June 30, 2019		39,450,603		$	0.20

Options outstanding by Per Share Price

	Outstanding Options				Exercisable Options
Option Exercise Price Per Share	Shares	Life (Years)		Weighted Average Exercise Price	Shares		Weighted Average Exercise Price
$0.05 - $0.24	17,915,553	8.0	$	0.10	15,702,013	$	0.10
$0.25 - $0.49	20,913,552	2.8		0.27	20,913,552		0.27
$0.50 - $0.99	471,052	4.8		0.85	471,052		0.85
$1.00 - $2.00	150,446	4.1		1.18	150,446		1.18
	39,450,603	5.2	$	0.20	37,237,063	$	0.21

Warrants outstanding

	Warrants			Weighted Avg. Exercise Price
January 1, 2019		21,055,355		$	0.09
Granted		9,099,204			0.08
Exercised		(3,138,993	)		0.07
Cancelled		(1,302,362	)		0.19
June 30, 2019		25,713,204		$	0.08

Warrants outstanding by Per Share Price

	Outstanding Warrants				Exercisable Warrants
Warrant Exercise Price Per Share	Shares	Life (Years)		Weighted Average Exercise Price	Shares		Weighted Average Exercise Price
$0.05 - $0.24	23,643,204	0.6	$	0.06	23,577,204	$	0.06
$0.25 - $0.49	2,000,000	2.3		0.30	2,000,000		0.30
$0.50 - $1.00	70,000	4.8		0.80	70,000		0.80
	25,713,204	0.7	$	0.08	25,647,204	$	0.08

XML 32 R22.htm IDEA: XBRL DOCUMENT

2. Summary of Significant Accounting Policies (Details) - shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Antidilutive shares excluded from EPS	77,948,350	47,595,157
Options [Member]
Antidilutive shares excluded from EPS	39,450,603	37,301,300
Warrants [Member]
Antidilutive shares excluded from EPS	25,713,204	5,006,355
Convertible Notes [Member]
Antidilutive shares excluded from EPS	12,784,543	5,287,502

XML 33 R23.htm IDEA: XBRL DOCUMENT

2. Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Net loss	$ (1,458,000)	$ (758,000)	$ (3,740,000)	$ (1,458,000)
Cash flow from operations			(1,833,000)	(676,000)
Stockholders' deficit	(1,524,000)	(1,772,000)	(1,524,000)	(1,772,000)	$ (989,000)	$ (1,482,000)	$ (2,004,000)	$ (1,874,000)
Cash on Hand	711,000	493,000	711,000	493,000		$ 1,153,000		$ 204,000
Payment for deposit for work to be performed			500,000
Amortization of prepaid deposit			450,000
Research and development costs	432,000	48,000	583,000	95,000
Operating expenses	$ 655,000	$ 462,000	1,133,000	956,000
Patent Costs [Member]
Operating expenses			$ 9,000	$ 12,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 34 R24.htm IDEA: XBRL DOCUMENT

3. Accrued Expenses and Accounts Payable (Details Narrative) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Accrued salaries of officers and fees due to members of the Board of Directors	$ 0	$ 55,000
Former Executive [Member]
Severance payable	$ 267,000	$ 327,000

XML 35 R25.htm IDEA: XBRL DOCUMENT

4. Property and Equipment (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Property and equipment, gross	$ 97,000	$ 97,000
Less: accumulated depreciation	(76,000)	(73,000)
Property and equipment, net	21,000	24,000
Office equipment [Member]
Property and equipment, gross	30,000	30,000
Furniture and fixtures [Member]
Property and equipment, gross	5,000	5,000
Testing equipment [Member]
Property and equipment, gross	37,000	37,000
Leasehold Improvements [Member]
Property and equipment, gross	$ 25,000	$ 25,000

XML 36 R26.htm IDEA: XBRL DOCUMENT

4. Property and Equipment (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
4. Property and Equipment (Details Narrative) - USD ($)	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,000	$ 9,000	$ 3,000	$ 17,000

XML 37 R27.htm IDEA: XBRL DOCUMENT

5. Convertible Notes (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Balance due on convertible notes	$ 1,073,000	$ 1,886,000
Accrued Interest	151,000	123,000
Convertible notes payable, gross	1,224,000	2,009,000
Convertible note discount	(369,000)	(1,100,000)
Balance on convertible notes, net of note discount	$ 855,000	$ 909,000

XML 38 R28.htm IDEA: XBRL DOCUMENT

5. Convertible Notes (Details Narrative) - USD ($)	6 Months Ended
5. Convertible Notes (Details Narrative) - USD ($)	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Debt Disclosure [Abstract]
Notes payable balance	$ 1,073,000		$ 1,886,000
Unamortized discount	369,000		1,100,000
Convertible notes, face amount	1,230,000
Proceeds from convertible notes	1,118,000	$ 318,000
Discount on notes issued	$ 112,000
Warrants issued with notes, shares	9,000,000
Discount on fair value of warrants, BCF and OID	$ 1,118,000
Debt converted, amount converted	$ 2,045,000
Debt converted, shares issued	38,406,486
Accrued penalty interest	$ 151,000		123,000
Convertible notes outstanding, net	855,000		$ 909,000
Debt in default	$ 491,000

XML 39 R29.htm IDEA: XBRL DOCUMENT

6. Research and Development (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development expenses	$ 432,000	$ 48,000	$ 583,000	$ 95,000
Accounts payable - licensing agreement	1,137,000		1,137,000		$ 1,073,000
License revenue generated	0	0	0	0
Interest and financing expense	371,000	248,000	2,024,000	407,000
Amortization of prepaid deposit			450,000
AOT Prototypes [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development expenses	384,000	1,000	489,000	1,000
Amortization of prepaid deposit	450,000
Prepaid expenses	50,000		50,000
Temple University License Agreements [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development expenses	47,000	$ 47,000	94,000	94,000
Accounts payable - licensing agreement	1,137,000		1,137,000		$ 1,073,000
Interest and financing expense			33,000	$ 26,000
Temple University License Agreements [Member] \| Accounts payable deferred [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Accounts payable - licensing agreement	135,000		135,000
Temple University License Agreements [Member] \| Accounts payable past due [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Accounts payable - licensing agreement	$ 1,002,000		$ 1,002,000

XML 40 R30.htm IDEA: XBRL DOCUMENT

7. Common Stock (Details Narrative) - USD ($)	3 Months Ended	6 Months Ended
7. Common Stock (Details Narrative) - USD ($)	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018
Debt converted, shares issued		38,406,486
Debt converted, amount converted		$ 2,045,000
Proceeds from warrant exercises		273,000	$ 647,000
Stock issued for services, value	$ 68,000	$ 68,000	$ 12,000
Stock issued for services [Member]
Stock issued for services, shares issued		250,000
Stock issued for services, value		$ 68,000
Convertible Notes Payable [Member]
Debt converted, shares issued		38,406,486
Debt converted, amount converted		$ 205,000
Warrant Exercises [Member]
Stock issued upon the exercise of options or warrants, shares issued		3,138,992
Proceeds from warrant exercises		$ 202,000
Options Exercises [Member]
Stock issued upon the exercise of options or warrants, shares issued		538,197
Proceeds from options exercised		$ 71,000

XML 41 R31.htm IDEA: XBRL DOCUMENT

8. Stock Options and Warrants (Details-Options Outstanding) - Options [Member]	6 Months Ended
	Jun. 30, 2019 $ / shares shares
Beginning Balance \| shares	35,301,300
Granted \| shares	4,687,500
Exercised \| shares	(538,197)
Forfeited \| shares	0
Ending Balance \| shares	39,450,603
Weighted Average Exercise Price, Outstanding Beginning Balance \| $ / shares	$ 0.22
Weighted Average Exercise Price, Granted \| $ / shares	0.08
Weighted Average Exercise Price, Exercised \| $ / shares	0.13
Weighted Average Exercise Price, Forfeited \| $ / shares
Weighted Average Exercise Price, Outstanding Ending Balance \| $ / shares	$ 0.20

XML 42 R32.htm IDEA: XBRL DOCUMENT

8. Stock Options and Warrants (Details-Options by Exercise Price Per Share) - Options [Member] - $ / shares	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Outstanding Options
Options outstanding	39,450,603	35,301,300
Life (Years), options outstanding	5 years 2 months 12 days
Weighted Average Exercise Price, options outstanding	$ 0.20	$ 0.22
Exercisable Options
Options exercisable	37,237,063
Weighted Average Exercise Price, options exercisable	$ 0.21
$0.05 - $0.24 [Member]
Outstanding Options
Options outstanding	17,915,553
Life (Years), options outstanding	8 years
Weighted Average Exercise Price, options outstanding	$ 0.10
Exercisable Options
Options exercisable	15,702,013
Weighted Average Exercise Price, options exercisable	$ 0.10
$0.25 - $0.49 [Member]
Outstanding Options
Options outstanding	20,913,552
Life (Years), options outstanding	2 years 9 months 18 days
Weighted Average Exercise Price, options outstanding	$ 0.27
Exercisable Options
Options exercisable	20,913,552
Weighted Average Exercise Price, options exercisable	$ 0.27
$0.50 - $0.99 [Member]
Outstanding Options
Options outstanding	471,052
Life (Years), options outstanding	4 years 9 months 18 days
Weighted Average Exercise Price, options outstanding	$ 0.85
Exercisable Options
Options exercisable	471,052
Weighted Average Exercise Price, options exercisable	$ 0.85
$1.00 - $2.00 [Member]
Outstanding Options
Options outstanding	150,446
Life (Years), options outstanding	4 years 1 month 6 days
Weighted Average Exercise Price, options outstanding	$ 1.18
Exercisable Options
Options exercisable	150,446
Weighted Average Exercise Price, options exercisable	$ 1.18

XML 43 R33.htm IDEA: XBRL DOCUMENT

8. Stock Options and Warrants (Details-Warrants Outstanding) - Warrants [Member]	6 Months Ended
	Jun. 30, 2019 $ / shares shares
Warrants outstanding, beginning balance \| shares	21,055,355
Warrants granted \| shares	9,099,204
Warrants exercised \| shares	(3,138,993)
Warrants cancelled \| shares	(1,302,362)
Warrants outstanding, ending balance \| shares	25,713,204
Weighted Average Exercise Price, Outstanding Beginning Balance \| $ / shares	$ 0.09
Weighted Average Exercise Price, Granted \| $ / shares	0.08
Weighted Average Exercise Price, Exercised \| $ / shares	0.07
Weighted Average Exercise Price, Cancelled \| $ / shares	.19
Weighted Average Exercise Price, Outstanding Ending Balance \| $ / shares	$ 0.08

XML 44 R34.htm IDEA: XBRL DOCUMENT

8. Stock Options and Warrants (Details-Warrant Exercise Price per Share) - Warrants [Member] - $ / shares	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Outstanding Warrants
Warrants outstanding	25,713,204	21,055,355
Life (Years), warrants outstanding	8 months 12 days
Weighted Average Exercise Price, warrants outstanding	$ .07
Exercisable Warrants
Warrants exercisable	25,647,204
Weighted Average Exercise Price, warrants exercisable	$ 0.08
$0.05-$0.24 Price Per Share [Member]
Outstanding Warrants
Warrants outstanding	23,643,204
Life (Years), warrants outstanding	7 months 6 days
Weighted Average Exercise Price, warrants outstanding	$ .06
Exercisable Warrants
Warrants exercisable	23,577,204
Weighted Average Exercise Price, warrants exercisable	$ .06
$0.25-$0.49 Price Per Share [Member]
Outstanding Warrants
Warrants outstanding	2,000,000
Life (Years), warrants outstanding	2 years 3 months 19 days
Weighted Average Exercise Price, warrants outstanding	$ 0.30
Exercisable Warrants
Warrants exercisable	2,000,000
Weighted Average Exercise Price, warrants exercisable	$ 0.30
$0.50-$1.00 Price Per Share [Member]
Outstanding Warrants
Warrants outstanding	70,000
Life (Years), warrants outstanding	4 years 9 months 18 days
Weighted Average Exercise Price, warrants outstanding	$ 0.80
Exercisable Warrants
Warrants exercisable	70,000
Weighted Average Exercise Price, warrants exercisable	$ 0.80

XML 45 R35.htm IDEA: XBRL DOCUMENT

8. Stock options and Warrants (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share based compensation expense			$ 194,000	$ 245,000
Proceeds from warrant exercises			273,000	647,000
Warrants [Member]
Aggregate intrinsic value of warrants outstanding	$ 4,231,000		$ 4,231,000
Warrants exercised			3,138,993
Proceeds from warrant exercises			$ 202,000
Options [Member]
Options granted			4,687,500
Option exercise price			$ 0.08
Share based compensation expense	85,000	$ 102,000	$ 183,000	$ 535,000
Aggregate intrinsic value of options outstanding	2,553,000		2,553,000
Unamortized compensation expense	$ 164,000		$ 164,000
Weighted average life of options			5 years 2 months 12 days
Options [Member] \| Board of Directors [Member]
Options granted			4,687,500
Option exercise price			$ 0.08
Fair value of options at grant date			$ 328,000

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