{"id":380316,"date":"2020-11-12T16:09:38","date_gmt":"2020-11-12T21:09:38","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=380316"},"modified":"2020-11-12T16:09:38","modified_gmt":"2020-11-12T21:09:38","slug":"kubient-reports-third-quarter-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/kubient-reports-third-quarter-2020-results\/","title":{"rendered":"Kubient Reports Third Quarter 2020 Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">Nov. 12, 2020<\/span> \/PRNewswire\/ &#8212;\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2980585-1&amp;h=3201931662&amp;u=https%3A%2F%2Fkubient.com%2F&amp;a=Kubient%2C+Inc.\" rel=\"nofollow noopener noreferrer\"><b>Kubient, Inc.<\/b><\/a> (NasdaqCM: KBNT, KBNTW) (&#8220;Kubient&#8221; or the &#8220;Company&#8221;), a cloud-based software platform for digital advertising, today reported financial results for the third quarter and nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>. <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1227266\/kubient_Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1227266\/kubient_Logo.jpg\" title=\"(PRNewsfoto\/Kubient)\" alt=\"(PRNewsfoto\/Kubient)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\n        <b>Third Quarter 2020 and Recent Operational Highlights<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>\n          <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2980585-1&amp;h=261063487&amp;u=https%3A%2F%2Fir.kubient.com%2Fnews-events%2Fpress-releases%2Fdetail%2F23%2Fkubient-names-ryan-adams-senior-vice-president-of&amp;a=Onboarded\" rel=\"nofollow noopener noreferrer\">Onboarded<\/a> former Director at Centro, advertising technology and publishing veteran, <span class=\"xn-person\">Ryan Adams<\/span>, as Senior Vice President of Partnerships <\/li>\n<li>\n          <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2980585-1&amp;h=1818581678&amp;u=https%3A%2F%2Fir.kubient.com%2Fnews-events%2Fpress-releases%2Fdetail%2F21%2Fkubient-appoints-chairman-founder-and-chief-strategy&amp;a=Appointed\" rel=\"nofollow noopener noreferrer\">Appointed<\/a> Chairman, Founder, and Chief Strategy Officer (&#8220;CSO&#8221;), <span class=\"xn-person\">Paul Roberts<\/span>, as Interim Chief Executive Officer (&#8220;CEO&#8221;) <\/li>\n<li>\n          <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2980585-1&amp;h=1608074351&amp;u=https%3A%2F%2Fir.kubient.com%2Fnews-events%2Fpress-releases%2Fdetail%2F20%2Fkubient-optimizes-the-associated-press-digital-advertising&amp;a=Evaluated\" rel=\"nofollow noopener noreferrer\">Evaluated<\/a> and streamlined The Associated Press&#8217; (&#8220;AP&#8221;) digital advertising supply chain, resulting in a reduction in half of its non-essential vendors and a more optimized and cost-effective infrastructure <\/li>\n<li>\n          <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2980585-1&amp;h=3075906459&amp;u=https%3A%2F%2Fir.kubient.com%2Fnews-events%2Fpress-releases%2Fdetail%2F19%2Fkubient-discovers-new-weasel-injection-ad-fraud-scheme&amp;a=Discovered\" rel=\"nofollow noopener noreferrer\">Discovered<\/a> new &#8220;Weasel Injection&#8221; ad fraud scheme or fake traffic being purchased by Demand Side Platforms (&#8220;DSP&#8221;) and Supply Side Platforms (&#8220;SSP&#8221;) of major brands <\/li>\n<li>Publisher inventory that Kubient can monetize, or ad impression opportunities, for the Audience Cloud, Kubient&#8217;s flexible open marketplace for advertisers and publishers to reach, monetize and connect their audiences, increased 428% from September to October <\/li>\n<li>\n          <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2980585-1&amp;h=2996931207&amp;u=https%3A%2F%2Fir.kubient.com%2Fnews-events%2Fpress-releases%2Fdetail%2F13%2Fkubient-announces-exercise-of-overallotment-option-and&amp;a=Closed\" rel=\"nofollow noopener noreferrer\">Closed<\/a> an initial public offering (IPO) of 2,500,000 units, resulting in gross proceeds of approximately <span class=\"xn-money\">$12.5 million<\/span>, before deducting underwriting discounts and commissions and other offering expenses<\/li>\n<\/ul>\n<p>\n        <b>Management Commentary<\/b>\n      <\/p>\n<p>&#8220;Our results for the third quarter were an encouraging step forward, driven by a number of key developments including our successful optimization of the AP&#8217;s ad infrastructure as well as our noteworthy detection of the Weasel Injection fraud through our Kubient Artificial Intelligence (KAI) pre-bid ad-fraud prevention tool,&#8221; said Kubient Founder, Chairman, CSO, and Interim CEO <span class=\"xn-person\">Paul Roberts<\/span>. &#8220;As the digital advertising industry began to pick back up during the period, we witnessed an influx of &#8216;supply&#8217; or publisher inventory connected to our audience cloud platform. To address this unmet and growing need, we&#8217;ve brought on a senior level ad veteran in <span class=\"xn-person\">Ryan Adams<\/span>, who will be focused on maximizing this new monetization opportunity. Our plan with his new team will be to attract more brands and ad agencies to our audience cloud, ultimately driving demand-side revenue and supporting the ready-made supply-side inventory.<\/p>\n<p>&#8220;The additional data points of progress we&#8217;re seeing with our ad fraud prevention tool KAI are also encouraging. The Weasel Injection scheme proved to be a major issue for a number of global enterprises, underscoring just how prevalent this issue is and highlighting how important we believe our product can be. In an industry where speed is crucial, KAI is the fastest tool in a <span class=\"xn-money\">$42 billion<\/span> ad fraud market. Thanks to the success of our initial beta tests in the first half of the year, we have received an increase in demand for KAI from a number of prospective customers. We also plan on rolling out KAI as a stand-alone application in the coming months, providing more optionality and expanding our potential customer base. In parallel, we are also looking to launch a self-serve DSP for a number of brands that have been requesting an alternative to the outdated mode of driving their campaigns through a third-party DSP or agency trading desk. With a number of major events on the horizon and a steadily recovering market, we look forward to driving continued growth and increasing share in the digital advertising industry.&#8221;<\/p>\n<p>\n        <b>Third Quarter 2020 Financial Results<\/b>\n      <\/p>\n<p>Net revenues increased to <span class=\"xn-money\">$280,000<\/span> compared to <span class=\"xn-money\">$92,000<\/span> in the prior quarter and from <span class=\"xn-money\">$56,000<\/span> in the equivalent quarter in 2019. The sequential and year-over-year increase in net revenue was due to increased engagement from two customers in the quarter.<\/p>\n<p>Total operating expenses increased to <span class=\"xn-money\">$1.7 million<\/span> compared to <span class=\"xn-money\">$1.2 million<\/span> in the previous quarter and <span class=\"xn-money\">$1.0 million<\/span> in the same period last year. The increase in total operating expenses was primarily due to higher technology expenses related to amortization expense of intangible assets and higher general and administrative expenses related to one-time compensation expenses related to the company&#8217;s IPO.<\/p>\n<p>GAAP net loss attributable to common shareholders was <span class=\"xn-money\">$5.8 million<\/span>, or <span class=\"xn-money\">$(1.03)<\/span> loss per share, compared to a net loss of <span class=\"xn-money\">$1.5 million<\/span>, or <span class=\"xn-money\">$(0.42)<\/span> loss per share, in the prior quarter and net loss of <span class=\"xn-money\">$1.4 million<\/span>, or <span class=\"xn-money\">$(0.38)<\/span> loss per share, in the same year-ago period. The year-over-year increase in net loss was primarily due to higher non-cash other expenses of approximately <span class=\"xn-money\">$2.4 million<\/span> as well as a non-cash deemed dividend of <span class=\"xn-money\">$1.7 million<\/span> related to a warrant down round adjustment in the period. <\/p>\n<p>As of <span class=\"xn-chron\">September 30, 2020<\/span>, the Company had cash of <span class=\"xn-money\">$8.4 million<\/span>. <\/p>\n<p>\n        <b>Nine Month 2020 Financial Results<\/b>\n      <\/p>\n<p>Net revenues increased to <span class=\"xn-money\">$1.8 million<\/span> from <span class=\"xn-money\">$162,000<\/span> in the same period last year. The increase was primarily due to revenue generated in connection with the beta testing of KAI, in addition to increased engagement from two customers in the quarter.<\/p>\n<p>Total operating expenses increased to <span class=\"xn-money\">$4.1 million<\/span> from <span class=\"xn-money\">$2.6 million<\/span> in the same period last year. The increase in total operating expenses was primarily due to higher technology expenses related to amortization expense of intangible assets and higher general and administrative expenses related to one-time compensation expenses related to the company&#8217;s IPO.<\/p>\n<p>GAAP net loss attributable to common shareholders was <span class=\"xn-money\">$7.4 million<\/span>, or <span class=\"xn-money\">$(1.72)<\/span> loss per share, compared to <span class=\"xn-money\">$3.0 million<\/span>, or <span class=\"xn-money\">$(0.82)<\/span> loss per share, in the same year-ago period. The higher net loss was due to higher non-cash other expenses of approximately <span class=\"xn-money\">$3.1 million<\/span>, a non-cash deemed dividend of <span class=\"xn-money\">$1.7 million<\/span> related to a warrant down round adjustment in the period and higher operating expenses, partially offset by higher net revenues. <\/p>\n<p>\n        <b>Conference Call<\/b>\n      <\/p>\n<p>Kubient will hold a conference call today (<span class=\"xn-chron\">November 12, 2020<\/span>) at <span class=\"xn-chron\">5:00 p.m. Eastern time<\/span> (<span class=\"xn-chron\">2:00 p.m. Pacific time<\/span>) to discuss these results. <\/p>\n<p>Kubient management will host the conference call, followed by a question and answer period. <\/p>\n<p>U.S. dial-in: 1-877-407-9208<br \/>International dial-in: 1-201-493-6784<\/p>\n<p>Please call the conference telephone number 10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.<\/p>\n<p>The conference call will be broadcast live and available for replay <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2980585-1&amp;h=3061378613&amp;u=http%3A%2F%2Fpublic.viavid.com%2Fplayer%2Findex.php%3Fid%3D142272&amp;a=here\" rel=\"nofollow noopener noreferrer\">here<\/a> and via the Investor Relations section of Kubient&#8217;s website.<\/p>\n<p>A telephonic replay of the conference call will be available after <span class=\"xn-chron\">8:00 p.m. Eastern time<\/span> through <span class=\"xn-chron\">November 19, 2020<\/span>.<\/p>\n<p>Toll-free replay number: 1-844-512-2921<br \/>International replay number: 1-412-317-6671<br \/>Replay ID: 13712644<\/p>\n<p>\n        <b>About Kubient<\/b>\n      <\/p>\n<p>Kubient is a technology company with a mission to transform the digital advertising industry to audience-based marketing. Kubient&#8217;s next generation cloud-based infrastructure enables efficient marketplace liquidity for buyers and sellers of digital advertising. The Kubient Audience Cloud is a flexible open marketplace for advertisers and publishers to reach, monetize and connect their audiences. The Company&#8217;s platform provides a transparent programmatic environment with proprietary artificial intelligence-powered pre-bid ad fraud prevention, and proprietary real-time bidding (RTB) marketplace automation for the digital out of home industry. The Audience Cloud is the solution for brands and publishers that demand transparency and the ability to reach audiences across all channels and ad formats. For additional information, please visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2980585-1&amp;h=2896306439&amp;u=https%3A%2F%2Fkubient.com%2F&amp;a=https%3A%2F%2Fkubient.com%2F\" rel=\"nofollow noopener noreferrer\">https:\/\/kubient.com\/<\/a>. <\/p>\n<p>\n        <b>Forward-Looking Statements<\/b>\n      <\/p>\n<p>The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.<\/p>\n<p>\n        <b>Kubient Investor Relation<br \/><\/b>Gateway Investor Relations<br \/><span class=\"xn-person\">Matt Glover<\/span> and <span class=\"xn-person\">Tom Colton<\/span><br \/>T: 1-949-574-3860<br \/><a target=\"_blank\" href=\"mailto:Kubient@gatewayir.com\" rel=\"nofollow noopener noreferrer\">Kubient@gatewayir.com<\/a><\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"9\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Kubient, Inc.<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Condensed Consolidated Statements of Operations<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>For the Three Months Ended<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>For the Nine Months Ended<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>September 30,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>September 30,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net Revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 280,401<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 55,872<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a01,753,851<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 161,828<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Operating Expenses:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Technology<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">545,639<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">315,824<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,577,197<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,070,561<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">General and administrative<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,167,861<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">703,238<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,489,867<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,494,609<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total Operating Expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,713,500<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,019,062<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,067,064<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,565,170<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loss From Operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,433,099)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(963,190)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,313,213)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,403,342)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Other (Expense) Income:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Interest expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(389,319)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(362,179)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,118,614)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(522,278)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Interest expense &#8211; related parties<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(200,821)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(29,551)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(403,372)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(29,666)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amortization of beneficial conversion feature<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,984,322)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,984,322)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gain on settlement of notes and other payables<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">139,333<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">139,333<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gain on forgiveness of accounts payable &#8211; supplier<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">236,248<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loss on extinguishment of convertible note payable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(297,272)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(297,272)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other income\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,294<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">256<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total Other Expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,731,401)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(391,718)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,414,705)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(551,688)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net Loss<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,164,500)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,354,908)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,727,918)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,955,030)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deemed dividend related to warrant down round adjustment<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,682,000)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,682,000)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net Loss Attributable to Common Shareholders<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0(5,846,500)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0(1,354,908)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0(7,409,918)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0(2,955,030)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net Loss Per Share &#8211; Basic and Diluted<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (1.03)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (0.38)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (1.72)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (0.82)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Weighted Average Common Shares Outstanding &#8211;\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Basic and Diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,676,561<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,599,300<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,300,905<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,599,909<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prntar prnpl40 prnsbl1 prnpr8\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p><\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"4\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Kubient, Inc.<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Condensed Consolidated Balance Sheets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>September 30,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>December 31,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Assets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Current Assets:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cash<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a08,356,834<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 33,785<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts receivable, net\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">797,422<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38,704<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Prepaid expenses and other current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">117,085<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28,072<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total Current Assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,271,341<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100,561<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Intangible assets, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,357,726<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">83,333<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Property and equipment, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,088<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,549<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred offering costs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">285,196<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total Assets<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a010,647,155<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 473,639<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Liabilities and Stockholders&#8217; Equity (Deficiency)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Current Liabilities:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts payable &#8211; suppliers<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 319,484<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 785,180<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts payable &#8211; trade<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,531,084<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">867,554<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accrued expenses and other current liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">766,621<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">478,674<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accrued interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,001<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">117,912<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accrued interest &#8211; related parties<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,204<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Due to related party<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Notes payable, current portion<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">136,242<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">113,967<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Convertible notes payable, current portion, net of discount of $0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0 and $630,994 as of September 30, 2020 and December 31, 2019, respectively<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,569,006<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Convertible notes payable &#8211; related parties, current portion, net of discount of $0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">and $281,701 as of September 30, 2020 and December 31, 2019, respectively<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">548,799<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total Current Liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,785,432<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,514,296<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Notes payable, non-current portion<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">269,848<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total Liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,055,280<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,514,296<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Commitments and contingencies<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Stockholders&#8217; Equity (Deficiency):<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Preferred stock, $0.00001 par value; 5,000,000 shares authorized;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">No shares issued and outstanding\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">as of September 30, 2020 and December 31, 2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Common stock, $0.00001 par value; 95,000,000 shares authorized;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,661,300 and 3,601,521 shares issued and outstanding\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">as of September 30, 2020 and December 31, 2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">77<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">36<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Additional paid-in capital<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,723,133<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,362,724<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accumulated deficit<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14,131,335)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(8,403,417)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total Stockholders&#8217; Equity (Deficiency)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,591,875<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,040,657)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total Liabilities and Stockholders&#8217; Equity (Deficiency)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a010,647,155<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 473,639<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prntar prnpl60 prnsbl1 prnpr8\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p \/>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"4\" class=\"prngen2\">\n<p class=\"prnews_p\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>Kubient, Inc. <\/b><br \/>\n                  <\/span>\n                <\/p>\n<p class=\"prnews_p\" \/>\n<p class=\"prnews_p\" \/>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Condensed Consolidated Statements of Cash Flows<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>For the Nine Months Ended<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>September 30,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash Flows From Operating Activities:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net loss<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0(5,727,918)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0(2,955,030)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjustments to reconcile net loss to net cash used in operating activities:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Depreciation and amortization<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">227,355<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,303<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Bad debt expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,734<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(10,670)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gain on forgiveness of accounts payable &#8211; supplier<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(236,248)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Allowance for other asset<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">200,000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Stock-based compensation:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Stock options<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,993<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,894<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Common stock<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">62,484<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30,800<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amortization of debt discount and debt issuance costs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">915,994<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">444,928<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amortization of debt discount and debt issuance costs &#8211; related parties<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">357,201<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,541<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amortization of beneficial conversion feature<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,984,322<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loss on extinguishment of convertible note payable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">297,272<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gain on settlement of notes and other payables<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(139,333)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Changes in operating assets and liabilities:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts receivable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(762,452)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">288,830<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Prepaid expenses and other current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(89,013)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(36,967)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other asset<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(200,000)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts payable &#8211; suppliers<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(193,334)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(180,514)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts payable &#8211; trade<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">68,002<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">403,470<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accrued expenses and other current liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">492,372<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,304<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accrued interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">195,596<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accrued interest &#8211; related parties<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">53,026<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net Cash Used In Operating Activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,474,947)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,954,111)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash Flows From Investing Activities:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Purchase of intangible assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(855,019)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(70,000)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Purchase of property and equipment<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,287)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,449)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Advances to related party<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(75,000)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Repayment of related party advances<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">75,000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net Cash Used In Investing Activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(860,306)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(72,449)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash Flows From Financing Activities:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Proceeds from sale of common stock and warrants in initial\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">public offering, net [1]<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,503,488<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Payment of initial public offering issuance costs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(841,376)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Proceeds from issuance of convertible notes payable and<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">investor warrants [2]<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,127,401<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Advances from related party<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,250<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Repayment of advance from related party<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(45,000)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Proceeds from issuance of notes payable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">656,190<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Repayment of notes payable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(95,000)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(90,427)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Proceeds from issuance of notes payable &#8211; related parties<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">585,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Repayment of note payable &#8211; related party<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(150,000)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net Cash Provided By Financing Activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,658,302<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,021,224<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net Increase (Decrease) In Cash<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,323,049<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,336)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash &#8211; Beginning of the Period<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,785<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,518<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash &#8211; End of the Period<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a08,356,834<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2,182<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen22\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[1] Includes gross proceeds of $12,503,750, less underwriting discounts and commissions of $1,000,262.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[2] Includes gross proceeds of $2,500,000, less issuance costs of $372,599 deducted directly from the offering proceeds.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p \/>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY90506&amp;sd=2020-11-12\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/kubient-reports-third-quarter-2020-results-301172377.html\">http:\/\/www.prnewswire.com\/news-releases\/kubient-reports-third-quarter-2020-results-301172377.html<\/a><\/p>\n<p>SOURCE  Kubient<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NY90506&amp;Transmission_Id=202011121605PR_NEWS_USPR_____NY90506&amp;DateId=20201112\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire NEW YORK, Nov. 12, 2020 \/PRNewswire\/ &#8212;\u00a0Kubient, Inc. (NasdaqCM: KBNT, KBNTW) (&#8220;Kubient&#8221; or the &#8220;Company&#8221;), a cloud-based software platform for digital advertising, today reported financial results for the third quarter and nine months ended September 30, 2020. Third Quarter 2020 and Recent Operational Highlights Onboarded former Director at Centro, advertising technology and publishing veteran, Ryan Adams, as Senior Vice President of Partnerships Appointed Chairman, Founder, and Chief Strategy Officer (&#8220;CSO&#8221;), Paul Roberts, as Interim Chief Executive Officer (&#8220;CEO&#8221;) Evaluated and streamlined The Associated Press&#8217; (&#8220;AP&#8221;) digital advertising supply chain, resulting in a reduction in half of its non-essential vendors and a more optimized and cost-effective infrastructure Discovered new &#8220;Weasel Injection&#8221; ad fraud scheme or fake traffic being purchased &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/kubient-reports-third-quarter-2020-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Kubient Reports Third Quarter 2020 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-380316","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Kubient Reports Third Quarter 2020 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/kubient-reports-third-quarter-2020-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kubient Reports Third Quarter 2020 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire NEW YORK, Nov. 12, 2020 \/PRNewswire\/ &#8212;\u00a0Kubient, Inc. (NasdaqCM: KBNT, KBNTW) (&#8220;Kubient&#8221; or the &#8220;Company&#8221;), a cloud-based software platform for digital advertising, today reported financial results for the third quarter and nine months ended September 30, 2020. Third Quarter 2020 and Recent Operational Highlights Onboarded former Director at Centro, advertising technology and publishing veteran, Ryan Adams, as Senior Vice President of Partnerships Appointed Chairman, Founder, and Chief Strategy Officer (&#8220;CSO&#8221;), Paul Roberts, as Interim Chief Executive Officer (&#8220;CEO&#8221;) Evaluated and streamlined The Associated Press&#8217; (&#8220;AP&#8221;) digital advertising supply chain, resulting in a reduction in half of its non-essential vendors and a more optimized and cost-effective infrastructure Discovered new &#8220;Weasel Injection&#8221; ad fraud scheme or fake traffic being purchased &hellip; Continue reading &quot;Kubient Reports Third Quarter 2020 Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/kubient-reports-third-quarter-2020-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-12T21:09:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1227266\/kubient_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kubient-reports-third-quarter-2020-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kubient-reports-third-quarter-2020-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Kubient Reports Third Quarter 2020 Results\",\"datePublished\":\"2020-11-12T21:09:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kubient-reports-third-quarter-2020-results\\\/\"},\"wordCount\":1977,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kubient-reports-third-quarter-2020-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/1227266\\\/kubient_Logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kubient-reports-third-quarter-2020-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kubient-reports-third-quarter-2020-results\\\/\",\"name\":\"Kubient Reports Third Quarter 2020 Results - 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