Effects of COVID-19

The COVID-19 pandemic had a discernable short-term negative impact on the ability of our company to obtain capital needed to accelerate the development of our business, as well as to obtain needed inventory, due to supply chain delays. While these limitations have eased, we are unable to predict when such limitations will be entirely resolved.

Overall, our company is not of a size that required us to implement "company-wide" policies in response to the COVID-19 pandemic. Further, our product manufacturing operations have experienced no negative consequences attributable to the COVID-19 pandemic, inasmuch as these operations involve a limited number of persons.

For purposes of the discussion below, except where otherwise indicated, the descriptions of our business, our strategies, our risk factors and any other forward-looking statements, including regarding us, our business and the market generally, do not reflect the potential impact of the COVID-19 pandemic or our responses thereto.





Basis of Presentation

This Management's Discussion and Analysis of Financial Condition and Results of Operations section includes financial results of our company, Black Bird Biotech, Inc., including its subsidiaries, Black Bird Potentials Inc. (BB Potentials), Big Sky American Dist., LLC (Big Sky American) and Black Bird Hemp Manager, LLC, for the three months ended March 31, 2022 and 2021.





Cautionary Statement

The following discussion and analysis should be read in conjunction with our financial statements and related notes, beginning on page F-1 of this Offering Circular.

Our actual results may differ materially from those anticipated in the following discussion, as a result of a variety of risks and uncertainties, including those described herein under "Disclosure Regarding Forward-Looking Statements." We assume no obligation to update any of the forward-looking statements included herein.

Implications of Being an Emerging Growth Company

We qualify as an "emerging growth company" under the JOBS Act. As a result, we are permitted to, and intend to, rely on exemptions from certain disclosure requirements. For so long as we are an emerging growth company, we will not be required to:





       ·   have an auditor report on our internal controls over financial
           reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;
       ·   comply with any requirement that may be adopted by the Public Company
           Accounting Oversight Board regarding mandatory audit firm rotation or a
           supplement to the auditor's report providing additional information
           about the audit and the financial statements (i.e., an auditor
           discussion and analysis);
       ·   submit certain executive compensation matters to shareholder advisory
           votes, such as "say-on-pay" and "say-on-frequency;" and
       ·   disclose certain executive compensation related items such as the
           correlation between executive compensation and performance and
           comparisons of the CEO's compensation to median employee compensation.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We will remain an "emerging growth company" for up to five years, or until the earliest of (i) the last day of the first fiscal year in which our total annual gross revenues exceed $1.07 billion, (ii) the date that we become a "large accelerated filer" as defined in Rule 12b-2 under the Securities Exchange Act of 1934, which would occur if the market value of our ordinary shares that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter or (iii) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three year period.






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Critical Accounting Policies

In General. Our accounting policies are discussed in detail in the footnotes to our financial statements beginning on page F-1. We consider our critical accounting policies related to revenue recognition, inventory and fair value of financial instruments.

Change in Accounting Principle. In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-06-Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging- Contracts in Entity's Own Equity (Subtopic 815-40)-Accounting For Convertible Instruments and Contracts in an Entity's Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance is effective for annual and interim periods beginning after December 15, 2021, and early adoption is permitted for fiscal years beginning after December 15, 2020. Our company has early-adopted ASU 2020-06 for the year beginning January 1, 2021.





Overview and Outlook

Through BB Potentials, our company is the exclusive worldwide manufacturer and distributor of MiteXstream, an EPA-registered plant-based biopesticide (EPA Reg. No. 95366-1) effective in the eradication of mites and similar pests, including spider mites, a pest that destroys crops, especially cannabis, hops, coffee, and house plants, as well as molds and mildew. Also through BB Potentials, we manufacture and sell CBD products, including CBD Oils, gummies and pet treats, and CBD-infused personal care products, under the Grizzly Creek Naturals brand name. Big Sky American distributes our Grizzly Creek Naturals products, as well as an array of other consumer retail products, in Western Montana. In addition, for 2020 and 2021, BB Potentials was a licensed grower of industrial hemp under the Montana Hemp Pilot Program and, in connection therewith, established "Black Bird American Hemp" as the brand name under which these efforts were to be conducted. For the foreseeable future, we have suspended our hemp-related efforts.

Principal Factors Affecting Our Financial Performance

Our future operating results can be expected to be primarily affected by the following factors:





       ·   our ability to establish and maintain the value proposition of our
           MiteXstream biopesticide, vis-a-vis other available pest control
           products;
       ·   our ability to generate sales channels for MiteXstream; and
       ·   our ability to contain our operating costs.




Recent Developments

Spire+. In March 2022, our company launched the first major initiative in marketing our MiteXstream biopesticide on a national basis, when we entered into a consulting agreement with Spire+, a Cornelius, North Carolina-based leading sales and marketing agency that specializes in brand building, marketing, communications and business development. Spire+ has begun work to implement a comprehensive go-to-market strategy for MiteXstream, including e-commerce, traditional retail and a category-specific distribution model. Spire+, an affiliate of Spire Sports + Entertainment, LLC, has a long history of building and executing successful sales and marketing programs for brands, such as Toyota, 5-hour ENERGY, Auto-Owners Insurance, ENEOS Motor Oil, Petro-Canada, STP and Parker Hannifin.

New Sales Executive Officer. Following our executing the agreement with Spire+, in April 2022, we hired William J. LoBell to serve as our Executive Vice President of Sales and Development. In addition to working directly with Spire+ to expand sales of MiteXstream, Mr. LoBell seeks to establish additional sales channels for the biopesticide product.

Distribution Agreement. In August 2022, we entered into a distribution agreement with a Chicago-based distributor of spa-quality personal products for our Grizzly Creek NaturalsTM CBD product line.

CBD Marketing Program. In August 2022, we announced the establishment of an Affiliate Sales Program for our Grizzly Creek NaturalsTM CBD product line. This program is scheduled to launch in early September 2022.






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Results of Operations

Six Months Ended June 30, 2022 ("Interim 2022") and 2021 ("Interim 2021"). Our purchase of certain distribution-related assets pursuant to the Big Sky APA was made with an expectation that an immediately accessible larger number of retail locations would allow us to increase more quickly sales of our CBD products. Big Sky American, since beginning its consumer product distribution operations in Northwest Montana in April 2021, has had a positive impact on our operating results, when compared to our prior operating results. However, our anticipated increase in sales of our CBD products has not yet occurred. Rather, sales of non-CBD consumer products, in large measure, accounted for the overall increase in our product sales for Interim 2022. During Interim 2022, sales of MiteXstream improved from Interim 2022, but were not significant.

During Interim 2022, our business operations generated $44,745 (unaudited) in revenues from product sales with a cost of goods sold of $26,625 (unaudited), resulting in a gross profit of $18,120 (unaudited). During Interim 2021, our business operations generated $35,212 (unaudited) in revenues from product sales with a cost of goods sold of $23,631 (unaudited), resulting in a gross profit of $11,581 (unaudited).

During Interim 2022, we incurred operating expenses of $936,124 (unaudited), which were comprised of $246,030 (unaudited) in consulting services, $3,457 (unaudited) in website expenses, $7,200 (unaudited) in legal and professional services, $3,000 (unaudited) in rent, $202,287 (unaudited) in advertising and marketing expense, $16,998 (unaudited) in license fee and $457,152 (unaudited) in general and administrative expense, resulting in a net operating loss of $918,004 (unaudited). In addition, we incurred amortization expense of $63,333 (unaudited), interest expense of $209,378 (unaudited) and depreciation expense of $2,237 (unaudited), resulting in a net loss for Interim 2022 of $(1,192,952) (unaudited).

During Interim 2021, we incurred operating expenses of $378,453 (unaudited), which were comprised of $117,787 (unaudited) in consulting services ($68,391 (unaudited) of which was paid by the issuance of common stock), $9,927 (unaudited) in website expenses, $43,773 (unaudited) in legal and professional services, $1,669 (unaudited) for product license, $6,600 (unaudited) in rent, $5,078 (unaudited) in advertising and marketing expense and $193,559 (unaudited) in general and administrative expense, resulting in a net operating loss of $(366,872) (unaudited). In addition, we incurred amortization expense of $42,222 (unaudited), interest expense of $63,089 (unaudited) and depreciation expense of $1,864 (unaudited), resulting in a net loss for Interim 2021 of $(474,047) (unaudited).

We expect that our revenues will increase from quarter to quarter beginning with the third quarter of 2022, as sales of MiteXstream and Grizzly Creek Naturals products are expected to increase from our recently-initiated marketing efforts. There is no assurance that such will be the case, and we expect to incur operating losses through at least December 31, 2022. Further, because of our relative current lack of capital and the current lack of brand name awareness of MiteXstream, we cannot predict the levels of our future revenues.

Further, because of our relative current lack of capital and the current lack of brand name awareness of MiteXstream and Grizzly Creek Naturals, we cannot predict the levels of our future revenues. However, our management believes that MiteXstream will become the most dynamic, fastest growing part of our business.

Plans for the Remainder of 2022

Substantially all of our available capital, financial and human, will be devoted to increasing sales of MiteXstream. Through our agreement with Spire+, we will implement a comprehensive go-to-market strategy for MiteXstream, including e-commerce, traditional retail and a category-specific distribution model. In addition, our internal efforts will be focused on developing sales channels outside the scope of the Spire+ efforts. There is no assurance that we will be successful in increasing sales of MiteXstream.

In August 2022, we entered into a distribution agreement with a Chicago-based distributor of spa-quality personal products for our Grizzly Creek NaturalsTM CBD product line.

In August 2022, we announced the establishment of an Affiliate Sales Program for our Grizzly Creek NaturalsTM CBD product line. This program is scheduled to launch in early September 2022.

Financial Condition, Liquidity and Capital Resources

June 30, 2022. At June 30, 2022, our company had $52,522 (unaudited) in cash and a working capital deficit of $395,045 (unaudited), compared to $499,766 in cash and working capital of $574,165 at December 31, 2021. The change in our working capital position from December 31, 2021, to March 31, 2022, is attributable primarily our repayment of $200,000 in debt, the payment of increased marketing expenses and the payment of operating expenses.

Our company's current cash position of approximately $50,000 is not adequate for our company to maintain its present level of operations through the remainder of 2022. We must obtain additional capital from third parties to implement our full business plans. There is no assurance that we will be successful in obtaining such additional capital.






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Capital Sources. We have derived capital from sales of our common stock and from loans. Our capital sources are described below.

Regulation A Offerings. In May 2020, our company filed an Offering Statement on Form 1-A (File No. 054-11215) (the "Reg A #1") with the SEC with respect to 70,000,000 shares of common stock, as amended, which was qualified by the SEC on August 4, 2020. During the year ended December 31, 2021, we sold a total of 4,875,000 shares of common stock for a total of $195,000 in cash, under the Reg A #1, which expired by its terms on August 4, 2021. At the end of August 2021, our company filed a second Offering Statement on Form 1-A (File No. 024-11621) (the "Reg A #2") with the SEC with respect to 100,000,000 shares of common stock, as amended, which was qualified by the SEC on September 9, 2021. During the year ended December 31, 2021, we sold a total of 93,033,333 shares of common stock for a total of $1,395,500 in cash, under the Reg A #2.





Third-Party Loans.

GPL Ventures LLC. In April 2020, the Company obtained a loan in the amount of $25,000 from GPL Ventures LLC. In consideration of such loan, the Company issued a $25,000 face amount convertible promissory note (the "GPL Note") bearing interest at 10% per annum, with principal and interest due in January 2021. The GPL Note was convertible into shares of the Company's common stock at the rate of one share for each $.001 of debt converted anytime after August 30, 2020.

In November 2020, the GPL Note was repaid in full in the amount of $28,000, as follows: $25,000 in principal, $3,000 in interest.

Tri-Bridge Ventures LLC. In April 2020, the Company obtained a loan in the amount of $25,000 from Tri-Bridge Ventures LLC. In consideration of such loan, the Company issued a $25,000 face amount convertible promissory note (the "Tri-Bridge Note") bearing interest at 10% per annum, with principal and interest due in January 2021. Tri-Bridge Note is convertible into shares of the Company's common stock at the rate of one share for each $.001 of debt converted anytime after August 30, 2020.

In May 2022, the Tri-Bridge Note #1 was partially repaid through conversion into shares of the Company's common stock, as follows:





       Amount Converted              Conversion Price Per Share               Number Shares
$                       15,146     $                        0.001                        15,146,188
      Total Converted: $15,146                                             Total Shares: 15,146,188

At June 30, 2022, and December 31, 2021, accrued interest on the Tri-Bridge Note was $333 and $4,178, respectively.

At June 30, 2022, the Tri-Bridge Note was past due.

Subsequent to June 30, 2022, the Tri-Bridge Note #1 was repaid in full through conversion into shares of the Company's common stock, as follows:





       Amount Converted              Conversion Price Per Share               Number Shares
$                        9,854     $                        0.001                         9,853,810
      Total Converted:  $9,854                                             Total Shares:  9,853,810

EMA Financial, LLC. In December 2020, the Company obtained a loan from EMA Financial, LLC which netted us $50,000 in proceeds. In consideration of such loan, the Company issued a $58,600 face amount convertible promissory note (the "EMA Note"), with OID of $4,100, bearing interest at 10% per annum, with principal and interest due in September 2021. The Company had the right to repay the EMA Note at a premium ranging from 120% to 145% of the face amount. The EMA Note was convertible into shares of the Company's common stock at a conversion price equal to the lower of 60% of the market price of the Company's common stock on the date of issuance of the EMA Note and the date of conversion, any time after June 15, 2021.

In June 2021, the EMA Note was repaid in full in the amount of $93,697.70, as follows: $58,600 in principal; $3,499.30 in interest; and $31,598.40 as a prepayment premium.

Power Up Lending Group Ltd. In January 2021, the Company obtained a loan from Power Up Lending Group Ltd. which netted the Company $52,000 in proceeds. In consideration of such loan, the Company issued a $55,500 face amount convertible promissory note ("Power Up Note #1") bearing interest at 12% per annum, with principal and interest due in January 2022. The Company had the right to repay the Power Up Note #1 at a premium ranging from 125% to 145% of the face amount. The Power Up Note #1 was convertible into shares of the Company's common stock at a conversion price equal to the lower of 61% of the market price of the Company's common stock on the date of issuance of the Power Up Note #1 and the date of conversion, any time after July 14, 2021.






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During July 2021, the Power Up Note #1 was repaid in full through conversion into shares of the Company's common stock, as follows:





       Amount Converted             Conversion Price Per Share               Number Shares
$                       15,000     $                      0.0162                           925,926
$                       20,000     $                      0.0143                         1,398,601
$                       20,500     $                      0.0143                         1,666,434
      Total Converted: $55,500                                            Total Shares:  3,990,961

SE Holdings, LLC. In February 2021, the Company obtained a loan from SE Holdings LLC which netted the Company $106,000 in proceeds. In consideration of such loan, the Company issued a $121,000 face amount promissory note (the "SE Holdings Note"), with OID of $15,000, bearing interest at 9% per annum, with principal and interest payable in eight equal monthly payments of $15,125 beginning in July 2021. The Company had the right to repay the SE Holdings Note at any time. Should the Company have been in default on SE Holdings Note, the SE Holdings Note would have become convertible into shares of the Company's common stock at a conversion price equal to the lesser of the lowest closing bid price of the Company's commons stock for the trading day immediately preceding either (a) the delivery of a notice of default, (b) the delivery of a notice of conversion resulting from such default or (c) the issue date of the SE Holdings Note. In addition, the Company issued 2,000,000 shares of its common stock to SE Holdings as a commitment fee, which shares were valued at $0.065 with a 50% discount per share, or $65,000, in the aggregate.

Through September 2021, the Company had repaid $45,375 of the SE Holdings Note, in accordance with the terms of the SE Holdings Note. In October 2021, the remaining balance of the SE Holdings Note, $75,625, was repaid by the Company.

Power Up Lending Group Ltd. In February 2021, the Company obtained a loan from Power Up Lending Group Ltd. which netted the Company $43,500 in proceeds. In consideration of such loan, the Company issued a $43,500 face amount convertible promissory note ("Power Up Note #2") bearing interest at 12% per annum, with principal and interest due in January 2022. The Company had the right to repay the Power Up Note #2 at a premium ranging from 125% to 145% of the face amount. The Power Up Note #2 was convertible into shares of the Company's common stock at a conversion price equal to the lower of 61% of the market price of the Company's common stock on the date of issuance of the Power Up Note #2 and the date of conversion, any time after August 17, 2021.

During August and September 2021, the Power Up Note #2 was repaid in full through conversion into shares of the Company's common stock, as follows:





       Amount Converted             Conversion Price Per Share               Number Shares
$                       15,000     $                      0.0137                         1,094,891
$                       20,000     $                      0.0093                         2,150,538
$                       11,110 *   $                      0.0081                         1,371,605
      Total Converted:  46,110                                            Total Shares:  4,617,034

* This amount includes $2,610 of interest.

Power Up Lending Group Ltd. In April 2021, the Company obtained a loan from Power Up Lending Group Ltd. which netted the Company $68,750 in proceeds. In consideration of such loan, the Company issued a $68,750 face amount convertible promissory note ("Power Up Note #3") bearing interest at 12% per annum, with principal and interest due in April 2022. The Company had the right to repay the Power Up Note #3 at a premium ranging from 125% to 145% of the face amount. The Power Up Note #3 was convertible into shares of the Company's common stock at a conversion price equal to the lower of 61% of the market price of the Company's common stock on the date of issuance of the Power Up Note #3 and the date of conversion, any time after October 22, 2021.

In September 2021, the Power Up Note #3 was repaid in full by the Company, as follows: $68,750.00 in principal, $27,500.00 in additional principal as a prepayment premium and $5,063.01 in interest, a total repayment amount of $101,313.01.

Power Up Lending Group Ltd. In August 2021, the Company obtained a loan from Power Up Lending Group Ltd. which netted the Company $78,750 in proceeds. In consideration of such loan, the Company issued a $78,750 face amount convertible promissory note ("Power Up Note #4") bearing interest at 12% per annum, with principal and interest due in August 2022. The Company had the right to repay the Power Up Note #4 at a premium ranging from 125% to 145% of the face amount. The Power Up Note #3 was convertible into shares of the Company's common stock at a conversion price equal to the lower of 61% of the market price of the Company's common stock on the date of issuance of the Power Up Note #4 and the date of conversion, any time after October 22, 2021.






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In September 2021, the Power Up Note #4 was repaid in full by the Company, as follows: $78,750.00 in principal, $15,750.00 in additional principal as a prepayment premium and $5,393.84 in interest, a total repayment amount of $99,893.84.

FirstFire Global Opportunities Fund LLC. In September 2021, the Company obtained a loan from FirstFire Global Opportunities Fund LLC which netted the Company $125,000 in proceeds. In consideration of such loan, the Company issued a $250,000 face amount convertible promissory note ("FirstFire Note"), with OID of $125,000, due in September 2022. The Company had the right to repay the FirstFire Note at anytime, with a 20%, or $50,000, reduction in principal owed if repaid in full on or before November 30, 2021. The FirstFire Note was convertible into shares of the Company's common stock at a conversion price equal to $.015 per share, any time after December 1, 2021.

Prior to November 30, 2021, the FirstFire Note was repaid in full by the Company, in the amount of $200,000 (which included a $50,000 reduction in principal owed, due to the FirstFire Note's being repaid in full on or before November 30, 2021).

Tiger Trout Capital Puerto Rico, LLC. In September 2021, the Company obtained a loan from Tiger Trout Capital Puerto Rico, LLC which netted the Company $250,000 in proceeds. In consideration of such loan, the Company issued a $500,000 face amount convertible promissory note ("Tiger Trout Note"), with OID of $250,000, with principal due in September 2022. The Company has the right to repay the Tiger Trout Note at anytime, with a 10%, or $50,000, reduction in principal owed if repaid in full on or before November 30, 2021. The Tiger Trout Note is convertible into shares of the Company's common stock at a conversion price equal to $.015 per share, any time after December 1, 2021.

During the six months ended June 30, 2022, the Company repaid in full the remaining $200,000 balance of the Tiger Trout Note.

Sixth Street Lending LLC. In March 2022, we obtained a loan from Sixth Street Lending LLC which netted our company $200,000 in proceeds. In consideration of such loan, we issued a $228,200 face amount promissory note (the "Sixth Street Note #1"), with OID of $24,450 and a one-time interest charge of $25,102, with principal and interest payable in 10 equal monthly payments of $25,330.20 beginning in May 2022. We have the right to repay the Sixth Street Note #1 at any time, without penalty. Should we become in default on the Sixth Street Note #1 , the Sixth Street Note #1 becomes convertible into shares of our common stock at a conversion price equal to 75% multiplied by the lowest trading price of our common stock during the 10 trading days prior to the applicable conversion date.

Talos Victory Fund, LLC. In May 2022, we obtained a loan from Talos Victory Fund, LLC which netted our company $107,780 in proceeds. In consideration of such loan, we issued a $135,000 face amount promissory note (the "Talos Note #1"), with OID of $13,500, commissions of $9,720 and legal fees of $4,000. The Talos Note #1 is due in May 2023 and is convertible into shares of the Company's common stock at any time at a conversion price of $.005 per share, subject to a 4.99% equity blocker. In connection with the Talos Note #1, we issued to Talos Victory Fund 7,593,750 cashless warrants with an exercise price of $.008 per share.

Mast Hill Fund, L.P. In May 2022, we obtained a loan from Mast Hill Fund, L.P. which netted our company $200,000 in proceeds. In consideration of such loan, we issued a $250,000 face amount promissory note (the "Mast Hill Note #1"), with OID of $25,000, commissions of $18,000 and legal fees of $7,000. The Mast Hill Note #1 is due in May 2023 and is convertible into shares of the Company's common stock at any time at a conversion price of $.005 per share, subject to a 4.99% equity blocker. In connection with the Mast Hill Note #1, we issued to Mast Hill Fund 14,062,500 cashless warrants with an exercise price of $.008 per share.

GS Capital Partners, LLC. In June 2022, we obtained a loan from GS Capital Partners, LLC which netted our company $63,650 in proceeds. In consideration of such loan, we issued a $70,000 face amount promissory note (the "GS Capital Note #1"), with OID of $6,500, a finder's fee of $4,900 and legal fees of $3,000. The GS Capital Note #1 is due in June 2023 and is convertible into shares of the Company's common stock at any time at a per share conversion price equal to 70% of the then-market price, subject to a 4.99% equity blocker. In connection with the GS Capital Note #1, we issued to GS Capital 4,000,000 cashless warrants with an exercise price of $.008 per share.





Inflation

Current economic conditions include significant inflationary pressures. No prediction can be made in this regard and, further, no prediction can be made with respect to how this inflation will affect our future results of operations.





Seasonality

Our Big Sky American operations are subject to seasonal fluctuation, with the months of May through September providing approximately 70% of Big Sky American's sales revenues. We expect that our operating results with respect to MiteXstream will be impacted, in an indeterminate measure, by the seasonality of farming operations, including cannabis grow operations. However, we are currently unable to predict the level to which such seasonality will impact our MiteXstream business.






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Off Balance Sheet Arrangements

As of June 30, 2022, there were no off-balance sheet arrangements.





Contractual Obligations

In May 2020, BB Potentials entered into a facility lease with Grizzly Creek Farms, LLC, an entity owned by one our Directors, Fabian G. Deneault, with respect to approximately 2,000 square feet of manufacturing space located in Ronan, Montana. Monthly rent under such lease was $1,500 and the initial term of such lease expired in December 2025. This lease was terminated effective April 1, 2021. Since such date, Mr. Deneault permits BB Potentials to utilize the previously-leased facility for storage, at no charge.

Our sole operating lease relates to our corporate office, the term of which is month-to-month. Monthly rent for this space is $600.





Capital Expenditures

We made no capital expenditures during the six months ended June 30, 2022. We made capital expenditures of $185,702 during the year ended December 31, 2021, which included the purchase of distribution assets used by Big Sky American and the purchase of other distribution-related assets. Without obtaining additional capital, we will not be able to make any capital expenditures.

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