Throughout this Annual Report on Form 10-K Advantego Corporation is referred to as "we," "our," "us," the "Company," or "Advantego."

Advantego Corporation ("Advantego," formerly Golden Eagle International, Inc., or "GEII") was incorporated in Colorado on July 21, 1988. GEII had previously engaged in contract gold milling operations primarily in the state of Nevada in the United States. Advantego Technologies, Inc. is a California corporation formed on July 29, 2016. On October 27, 2016, the Company acquired 100% stock ownership of Advantego Technologies, Inc. in exchange for 11,628,636 (post-split) shares of the Company's common stock. The stock exchange was deemed a reverse merger, as the management and operations of Advantego continued; and Advantego's management received in the aggregate a majority ownership in GEII as a result of the stock exchange.

On February 1, 2018, we changed our name from GEII to Advantego Corporation and our trading symbol from MYNG to ADGO. On January 31, 2018, our shareholders approved a 1-for-11 reverse stock split, which was effective February 22, 2018. Unless otherwise indicated, all per-share information in this report has been adjusted to reflect this reverse stock split. All references to "the Company," "we," "us," or "our," include the operations of Advantego Technologies, Inc. consolidated with Advantego.



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The Company empowers business innovation as a technical solutions provider developing stand-alone digital and enterprise software products to capitalize on niche opportunities within a specific market. The Company leverages a proprietary Intelligent Solution Platform combining leading third-party technologies with existing data and systems to deliver a turnkey specialized Business Process as a Services (BPaaS) that is both scalable and cost effective.

The Company offers a variety of stand-alone products tailored specifically to targeted industries as well as combining these with multiple software applications for large enterprises, affiliate networks and franchise operators delivering comprehensive, all-inclusive, managed bundled solutions.

Additional services include Product Design, Engineering and Manufacturing services; Custom Enterprise Software development, and Licensing of Intellectual Property from its vast library of strategic partners. This provides a "one-stop-shop" for our customers.

We maintain a small core group of employees and outsource most of our Product Development, Product Maintenance, Sales and Marketing, Accounting, Investor Relations, Legal, and Project Management services. We feel this approach is more cost-effective, provides greater flexibility, and resources can be applied quickly to specific projects and tasks as needed.

We launched our field testing of various products and services in May 2017 and commenced fulfillment of a revenue generating contract of our digital signage product to a network of certified auto care collision centers in March of 2018 throughout the United States during the year ended December 31, 2018. The digital signage allows the auto care collision centers to display, on a large television screen or counter displays, information concerning the center, their certifications and other informational and promotional content associated with the automotive industry.

We also provide subscription-based online directory listing services; and we are a reseller of software that allows potential customers to better locate an auto collision center or any business on the internet. As of March 31, 2020, 25 auto care collision centers were using this software.

Beginning in March of 2018 and continuing through the end of 2019, management began a campaign to attract and associate with certain companies that had proprietary and patented technology in the hopes that if the opportunity arose, the Company could utilize these technologies in the development of new products internally or help facilitate the development of new products that these new strategic partners might like to develop and distribute.

This approach continued throughout 2019 until it became apparent that the Company's strategic technical partners had limited capital capabilities and fell short of the potential of what management thought could be achieved with them. We learned that a catastrophe, such as Covid 19, would devastate many small private and public companies because of their limited surplus capital. Since that time, no further strategic partnership agreements have been sought by the Company because of the lack of financial capability in most of the potential associates. Any and all commitments that Advantego had agreed to with its strategic partners have since been terminated or run their course. The Company, therefore, has no obligations or contingent liabilities from its relationship with these strategic partners moving forward.

The Company did use proprietary technology owned by Badu Networks to develop a revenue producing service ("eLobby"). eLobby was a digital signage solution that was delivered to a network of 1,250 auto care collision centers around the US. The client, however, decided not to renew the recurring licenses or to purchase any additional ones thus eliminating any recurring revenue the Company had expected to realize.



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As of March 31, 2020, the Company does not expect anything of substance to develop in the future from the relationships it has established with its strategic partners. The Company will not be expending any further resources to enhance any existing service or try to adapt the present technologies of its strategic partners to new opportunities.

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic, which continues to spread throughout the world. While the disruption is currently expected to be temporary, there is uncertainty around its duration. As a result of COVID-19 mobility restrictions globally, there have been changes in consumer behavior. We expect these changes in behavior to continue to evolve as the pandemic progresses. The impacts seen to date may continue to create a wider range of outcomes as consumer behaviors and mobility restrictions continue to evolve.

The Covid 19 pandemic has impacted our business resulting in the cancellation of certain business contracts and hindered our ability to raise additional capital.

Results of Operations

During the three months ended March 31, 2020 and 2019, we had revenues of $5,773 and $8,325, respectively. The related cost of sales for the three months ended March 31, 2020 and 2019 was $0 and $10,838, respectively. The decrease in revenue was the result of the wind down of renewal fees for our digital signage service and service for our digital signage product to a network of certified auto care collision centers in the United States during the later parts of 2019. Similarly, our cost of sales decreased as we had no renewal costs. As a result, gross margin for the three months ended March 31, 2019 increased to $5,773 from ($2,513) during the same period during 2019. Our general and administrative expenses totaled $10,885 and $347,749 for the three months ended March 31, 2020 and 2019, respectively. The decrease in general and administrative expenses was primarily the result of the winding down of operations as a result of the lack of cash and the onset of the Covid pandemic. Interest expense was $146,920 and $250,152 during the three months ended March 31, 2020 and 2019, respectively. The decrease during 2020 was due to the conversion of a portion of our convertible notes payable into common stock, resulting in a lower principal balance on which to accrue interest.

Liquidity and Capital Resources

Our primary sources and (uses) of cash for the three months ended March 31, 2020 and 2019 were as follows:



                                                2020           2019

Cash provided (used) by operating activities $ 554 $ (557,454 ) Cash from investing activities

                 $   -     $        -

Cash provided by financing activities $ - $ 889,250

During the three months ended March 31, 2020, operating activities provided $554, which consisted of a net loss of $152,032, offset by non-cash expenses of $42,325 in debt discount amortization and preferred stock issued for $50 in services, as well as a net change in operating assets and liabilities of $110,211.

During the three months ended March 31, 2019, we used $557,454 in operating activities, which consisted of a net loss of $600,414, offset by $70,465 in debt discount amortization and net change in operating assets and liabilities of $27,505. Also during the three months ended March 31, 2019, we received $889,250 from financing activities, consisting of $1,142,250 in proceeds from convertible notes, offset by repayments of convertible notes of $253,000. We did not have any investing activities during the three months ended March 31, 2019.



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See Note B to the March 31, 2020 financial statements included as part of this report, for a description of our significant accounting policies.

See Note C to the March 31, 2020 financial statements, which are a part of this report, for a discussion of our convertible notes payable.

Off-Balance Sheet Arrangements

None.

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