29 ageagle 's key growth objectives are centered on three primary areas of focus : 1 ) ag solutions : leveraging our reputation as one of the leading technology solutions providers to the agriculture industry to increase market share through delivery of best-in-class drones , sensors and data analytics for hemp and other commercial crops ; 2 ) drone manufacturing : establishing ageagle as the dominant commercial drone design , engineering , manufacturing , assembly and testing company in the united states ; and 3 ) drone solutions : establishing the company as one of the industry 's leading american-made trusted source for turnkey , end-to-end , tailored drone solutions to the world . we intend to grow our business by preserving a leadership position in our core ag solutions business ; providing quality contract manufacturing , assembly and testing services ; and innovating new customer-focused drone systems and solutions to capture significant share of the broader commercial drone market . in addition , we expect to accelerate our growth and expansion through strategic acquisitions of drone-related companies offering distinct technological and competitive advantages and have defensible ip protection in place , if applicable . key growth strategies we intend to grow our business by achieving greater market penetration of the growing precision agriculture marketplace ; by promoting our new service targeting the sustainable agriculture marketplace for the 2021 growing season ; and by creating new , easier to use and higher value products that position ageagle as a leading innovator and trusted solutions provider in high growth markets where advanced aerial imaging and data capture and analytics technologies can be used to achieve specific business and sustainability objectives . currently , our management is actively exploring new vertical expansion opportunities in other industries outside of agriculture and its related areas , including drone-enabled package delivery . in addition to drone package deliveries , we believe that our solutions and services may also be well suited for use in decontamination , mapping and surveying , mining/resource exploration , insurance inspection and infrastructure/asset inspection , among other industrial applications . key components of our growth strategy include the following : ● achieving greater market penetration of the u.s. industrial hemp industry by working to establish hempoverview and other related products and services as the gold industry standard for hemp cultivation oversight , compliance , enforcement and commerce . ageagle is – and intends to remain – at the leading edge of leveraging best-in-class technology to provide turnkey solutions for state and tribal regulatory departments of agriculture , industrial hemp and hemp-derived cbd growers and processors . at this time , ageagle believes that it is the only company in the nation with extensive experience in agriculture that is effectively addressing the emerging needs and challenges of the domestic hemp cultivation industry through the application of advanced technology – a key competitive differential that the company hopes to continue capitalizing on in the coming year . ● deliver new and innovative solutions . ageagle 's research and development efforts are the foundation of the company , and we intend to continue investing in our own innovations , pioneering new and enhanced products and solutions that enable us to satisfy the company 's customers – both in response to and in anticipation of their needs . ageagle believes that by investing in research and development , the company can be a leader in delivering innovative drone systems and solutions that address market needs within our current target markets , enabling us to create new opportunities for growth . ● continue to expand the ageagle platform of drone systems and solutions into other industries beyond agriculture and commercial package delivery . the company is actively pursuing opportunities outside of agriculture as we continue to expand and grow the ageagle platform . we are confident in the uav systems , services and solutions we offer today and believe that these systems , services and solutions could provide other drone industry sectors the same kind of optimization we are currently providing the agriculture industry . expansion initiatives include the provision of quality contract manufacturing , design and engineering , assembly and testing of advanced drones and drone-related equipment , as well as turnkey drone solutions for the broader drone market . 30 ● growth through acquisition . through successful execution of our growth-through-acquisition strategies , we intend to acquire technologically-advanced drone-related companies and intellectual property that complement and strengthen our value proposition to the market . we believe that by investing in complementary acquisitions , we can accelerate our revenue growth and deliver a broader array of innovative drone systems and solutions that address specialized market needs within our current target markets and in emerging drone industry sectors . competitive strengths ageagle believes the following attributes and capabilities provide us with long-term competitive advantages : ● proprietary technologies , in-house capabilities and industry experience - we believe our decade of experience in commercial drone design and engineering ; in-house manufacturing , assembly and testing capabilities ; and advanced technology development skillset serve to differentiate ageagle in the marketplace . as of today , we develop and manufacture all the drone systems and solutions we produce in the united states , which allows us to avoid many of the potential difficulties that could arise if our engineering and manufacturing operations were otherwise located outside of the country . in addition , ageagle is committed to meeting and exceeding quality and safety standards for manufacturing , assembly , design and engineering and testing of drones , drone subcomponents and related drone equipment in our wichita-based manufacturing operations . story_separator_special_tag 34 during the year ended december 31 , 2020 , cost of sales totaled $ 711,650 , a $ 509,601 , or 252 % , increase when compared to $ 202,049 in the year ended december 31 , 2019. we had a gross profit of $ 573,733 , or 45 % gross profit margin , during the year ended december 31 , 2020 compared to $ 94,628 , or 32 % gross profit margin , for the year ended december 31 , 2019. the primary factors contributing to the increase in our cost of sales and gross profit margin was due to the continued shift in mix of products and services we now offer customers in the new markets we serve that have resulted in higher margin for our sales . we recorded total operating expenses of $ 5,505,040 during 2020 , a 110 % increase as compared to operating expenses of $ 2,616,821 in the same period of 2019. our operating expenses are comprised of general and administrative expenses , professional fees , and selling expenses . general and administrative expenses totaled $ 2,732,274 in 2020 compared to $ 1,850,225 in 2019 , an increase of 48 % . the increase was primarily due to recruiting fees associated with the search for new ceo , costs for public relations services , payments to directors as compensation fees , additional payroll and bonus payments associated with new hires and existing employees , stock compensation expenses , and added annual shareholder meeting costs . professional fees also increased 308 % as we had $ 2,703,371 of expenses for the current period versus $ 662,633 in the comparable prior period . the increase was mainly due to additional consulting service fees related to additional operational and business development consultants required to expand our growth opportunities , fractional cto services , along with incremental legal expenses mainly associated with our capital raising activities and an estimated contingent liability accrual associated with a consultant agreement . also included in operating expenses was selling costs that decreased 38 % to $ 40,003 versus $ 65,015 in the prior year 's comparable period due to less travel and conference expenses for the purposes of new business development as a result of covid-19 . lastly , we recorded $ 29,392 and $ 38,498 related to research and development expenses during the years ended december 31 , 2020 and 2019 , respectively . other income ( expenses ) for the year ended december 31 , 2020 was ( $ 594 ) as we recorded a loss on disposal of fixed assets due to our moving to wichita . there was no other income ( expenses ) recorded for the comparable period during 2019. interest expense for the year ended december 31 , 2020 was $ 549 related to the paycheck protection plan ( ppp ) loan as compared to $ 501 in the prior year related to a promissory note that was repaid in march 2019. our net loss was $ 4,932,450 in 2020. this represents a $ 2,409,756 increase over our net loss of $ 2,522,694 in 2019. overall , the increase in net loss is due to greater operating costs which includes additional general and administrative costs along with added professional expenses as a result of the shift in our sales and long-term growth strategies that required increase business development resources , offset by approximately $ 163,000 charge of a goodwill impairment that occurred in 2019. we are in the process of continuing to address these shifts by developing new platforms , products and services that support prevailing growth opportunities in domestic industrial hemp and sustainable agriculture and growing our drone-enabled package delivery business . for the year ended december 31 , 2020 and 2019 , our net loss available to common stockholders was $ 14,043,777 and $ 2,684,916 , respectively an increase of $ 11,358,861. the increase is due to non-cash charges stemming from required deemed dividend accounting for modifications to certain preferred stock , redemption of preferred stock and the trigger of down round provisions on certain preferred stock and warrants . story_separator_special_tag text-align : justify ; text-indent : 0.5in `` > the company has continued to realize losses from operations . however , as a result of our capital raise efforts , we believe we will have sufficient cash to meet our anticipated operating costs and capital expenditure requirements through december 2022. our primary need for liquidity is to fund working capital requirements of our business , capital expenditures , acquisitions , debt service , and for general corporate purposes . our primary source of liquidity is funds generated by financing activities and from private placements . our ability to fund our operations , to make planned capital expenditures , to make planned acquisitions , to make scheduled debt payments , and to repay or refinance indebtedness depends on our future operating performance and cash flows , which are subject to prevailing economic conditions and financial , business and other factors , some of which are beyond our control . if the company is unable to generate significant sales growth in the near term and raise additional capital , there is a risk that the company could default on additional obligations ; and could be required to discontinue or significantly reduce the scope of its operations if no other means of financing operations are available . the consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amount and classification of liabilities or any other adjustment that might be necessary should the company be unable to continue as a going concern . off-balance sheet arrangements on december 31 , 2020 , we did not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition , changes in financial condition , revenue or expenses , results of operations , liquidity , capital

cash flows december 31 , 2020 as compared to december 31 , 2019 cash on hand was $ 23,940,333 on december 31 , 2020 , an increase of $ 23,222,336 compared to the $ 717,997 on hand at december 31 , 2019. cash used in operations for 2020 was $ 2,256,571 compared to $ 1,818,290 of cash used by operations for 2019. the increase in cash used in operating activities was driven largely decrease in deferred revenue offset by an increase mainly in accounts payables and accrued expenses related to purchases of inventories and payments for professional services and other costs associated the growth of the business . cash used by investing activities during 2020 was $ 779,023compared to $ 24,445 in 2019. the increase in cash used in our investing activities resulted from the addition of note receivable agreements executed for the purposes of a strategic partnership and a letter of intent associated with an acquisition . in addition , we made purchases of property and equipment and building improvements related to the new leased warehouse and corporate offices along with recording capitalized costs associated with the development of the hempoverview platform . 35 cash provided in financing activities during the 12 months ended december 31 , 2020 was $ 26,257,930 compared to cash used in financing activities of $ 40,998 as of december 31 , 2019. the increase in cash provided by our financing activities was due to sales of our preferred stock , common stock , warrants , and promissory note proceeds as part of coronavirus aid , relief and economic security act 's paycheck protection plan ( ppp ) . liquidity and capital resources as of december 31 , 2020 , we had working capital of $ 22,615,624 and a loss from operations of $ 4,932,450 for the period then ended . while there can be no guarantees , we believe cash on hand , in connection with cash generated from revenue , will be sufficient to fund the next year of operations . in addition , we intend to pursue other opportunities of raising capital with outside investors .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flows december 31 , 2020 as compared to december 31 , 2019 cash on hand was $ 23,940,333 on december 31 , 2020 , an increase of $ 23,222,336 compared to the $ 717,997 on hand at december 31 , 2019. cash used in operations for 2020 was $ 2,256,571 compared to $ 1,818,290 of cash used by operations for 2019. the increase in cash used in operating activities was driven largely decrease in deferred revenue offset by an increase mainly in accounts payables and accrued expenses related to purchases of inventories and payments for professional services and other costs associated the growth of the business . cash used by investing activities during 2020 was $ 779,023compared to $ 24,445 in 2019. the increase in cash used in our investing activities resulted from the addition of note receivable agreements executed for the purposes of a strategic partnership and a letter of intent associated with an acquisition . in addition , we made purchases of property and equipment and building improvements related to the new leased warehouse and corporate offices along with recording capitalized costs associated with the development of the hempoverview platform . 35 cash provided in financing activities during the 12 months ended december 31 , 2020 was $ 26,257,930 compared to cash used in financing activities of $ 40,998 as of december 31 , 2019. the increase in cash provided by our financing activities was due to sales of our preferred stock , common stock , warrants , and promissory note proceeds as part of coronavirus aid , relief and economic security act 's paycheck protection plan ( ppp ) . liquidity and capital resources as of december 31 , 2020 , we had working capital of $ 22,615,624 and a loss from operations of $ 4,932,450 for the period then ended . while there can be no guarantees , we believe cash on hand , in connection with cash generated from revenue , will be sufficient to fund the next year of operations . in addition , we intend to pursue other opportunities of raising capital with outside investors .
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 Suspicious Activity Report : 29 ageagle 's key growth objectives are centered on three primary areas of focus : 1 ) ag solutions : leveraging our reputation as one of the leading technology solutions providers to the agriculture industry to increase market share through delivery of best-in-class drones , sensors and data analytics for hemp and other commercial crops ; 2 ) drone manufacturing : establishing ageagle as the dominant commercial drone design , engineering , manufacturing , assembly and testing company in the united states ; and 3 ) drone solutions : establishing the company as one of the industry 's leading american-made trusted source for turnkey , end-to-end , tailored drone solutions to the world . we intend to grow our business by preserving a leadership position in our core ag solutions business ; providing quality contract manufacturing , assembly and testing services ; and innovating new customer-focused drone systems and solutions to capture significant share of the broader commercial drone market . in addition , we expect to accelerate our growth and expansion through strategic acquisitions of drone-related companies offering distinct technological and competitive advantages and have defensible ip protection in place , if applicable . key growth strategies we intend to grow our business by achieving greater market penetration of the growing precision agriculture marketplace ; by promoting our new service targeting the sustainable agriculture marketplace for the 2021 growing season ; and by creating new , easier to use and higher value products that position ageagle as a leading innovator and trusted solutions provider in high growth markets where advanced aerial imaging and data capture and analytics technologies can be used to achieve specific business and sustainability objectives . currently , our management is actively exploring new vertical expansion opportunities in other industries outside of agriculture and its related areas , including drone-enabled package delivery . in addition to drone package deliveries , we believe that our solutions and services may also be well suited for use in decontamination , mapping and surveying , mining/resource exploration , insurance inspection and infrastructure/asset inspection , among other industrial applications . key components of our growth strategy include the following : ● achieving greater market penetration of the u.s. industrial hemp industry by working to establish hempoverview and other related products and services as the gold industry standard for hemp cultivation oversight , compliance , enforcement and commerce . ageagle is – and intends to remain – at the leading edge of leveraging best-in-class technology to provide turnkey solutions for state and tribal regulatory departments of agriculture , industrial hemp and hemp-derived cbd growers and processors . at this time , ageagle believes that it is the only company in the nation with extensive experience in agriculture that is effectively addressing the emerging needs and challenges of the domestic hemp cultivation industry through the application of advanced technology – a key competitive differential that the company hopes to continue capitalizing on in the coming year . ● deliver new and innovative solutions . ageagle 's research and development efforts are the foundation of the company , and we intend to continue investing in our own innovations , pioneering new and enhanced products and solutions that enable us to satisfy the company 's customers – both in response to and in anticipation of their needs . ageagle believes that by investing in research and development , the company can be a leader in delivering innovative drone systems and solutions that address market needs within our current target markets , enabling us to create new opportunities for growth . ● continue to expand the ageagle platform of drone systems and solutions into other industries beyond agriculture and commercial package delivery . the company is actively pursuing opportunities outside of agriculture as we continue to expand and grow the ageagle platform . we are confident in the uav systems , services and solutions we offer today and believe that these systems , services and solutions could provide other drone industry sectors the same kind of optimization we are currently providing the agriculture industry . expansion initiatives include the provision of quality contract manufacturing , design and engineering , assembly and testing of advanced drones and drone-related equipment , as well as turnkey drone solutions for the broader drone market . 30 ● growth through acquisition . through successful execution of our growth-through-acquisition strategies , we intend to acquire technologically-advanced drone-related companies and intellectual property that complement and strengthen our value proposition to the market . we believe that by investing in complementary acquisitions , we can accelerate our revenue growth and deliver a broader array of innovative drone systems and solutions that address specialized market needs within our current target markets and in emerging drone industry sectors . competitive strengths ageagle believes the following attributes and capabilities provide us with long-term competitive advantages : ● proprietary technologies , in-house capabilities and industry experience - we believe our decade of experience in commercial drone design and engineering ; in-house manufacturing , assembly and testing capabilities ; and advanced technology development skillset serve to differentiate ageagle in the marketplace . as of today , we develop and manufacture all the drone systems and solutions we produce in the united states , which allows us to avoid many of the potential difficulties that could arise if our engineering and manufacturing operations were otherwise located outside of the country . in addition , ageagle is committed to meeting and exceeding quality and safety standards for manufacturing , assembly , design and engineering and testing of drones , drone subcomponents and related drone equipment in our wichita-based manufacturing operations . story_separator_special_tag 34 during the year ended december 31 , 2020 , cost of sales totaled $ 711,650 , a $ 509,601 , or 252 % , increase when compared to $ 202,049 in the year ended december 31 , 2019. we had a gross profit of $ 573,733 , or 45 % gross profit margin , during the year ended december 31 , 2020 compared to $ 94,628 , or 32 % gross profit margin , for the year ended december 31 , 2019. the primary factors contributing to the increase in our cost of sales and gross profit margin was due to the continued shift in mix of products and services we now offer customers in the new markets we serve that have resulted in higher margin for our sales . we recorded total operating expenses of $ 5,505,040 during 2020 , a 110 % increase as compared to operating expenses of $ 2,616,821 in the same period of 2019. our operating expenses are comprised of general and administrative expenses , professional fees , and selling expenses . general and administrative expenses totaled $ 2,732,274 in 2020 compared to $ 1,850,225 in 2019 , an increase of 48 % . the increase was primarily due to recruiting fees associated with the search for new ceo , costs for public relations services , payments to directors as compensation fees , additional payroll and bonus payments associated with new hires and existing employees , stock compensation expenses , and added annual shareholder meeting costs . professional fees also increased 308 % as we had $ 2,703,371 of expenses for the current period versus $ 662,633 in the comparable prior period . the increase was mainly due to additional consulting service fees related to additional operational and business development consultants required to expand our growth opportunities , fractional cto services , along with incremental legal expenses mainly associated with our capital raising activities and an estimated contingent liability accrual associated with a consultant agreement . also included in operating expenses was selling costs that decreased 38 % to $ 40,003 versus $ 65,015 in the prior year 's comparable period due to less travel and conference expenses for the purposes of new business development as a result of covid-19 . lastly , we recorded $ 29,392 and $ 38,498 related to research and development expenses during the years ended december 31 , 2020 and 2019 , respectively . other income ( expenses ) for the year ended december 31 , 2020 was ( $ 594 ) as we recorded a loss on disposal of fixed assets due to our moving to wichita . there was no other income ( expenses ) recorded for the comparable period during 2019. interest expense for the year ended december 31 , 2020 was $ 549 related to the paycheck protection plan ( ppp ) loan as compared to $ 501 in the prior year related to a promissory note that was repaid in march 2019. our net loss was $ 4,932,450 in 2020. this represents a $ 2,409,756 increase over our net loss of $ 2,522,694 in 2019. overall , the increase in net loss is due to greater operating costs which includes additional general and administrative costs along with added professional expenses as a result of the shift in our sales and long-term growth strategies that required increase business development resources , offset by approximately $ 163,000 charge of a goodwill impairment that occurred in 2019. we are in the process of continuing to address these shifts by developing new platforms , products and services that support prevailing growth opportunities in domestic industrial hemp and sustainable agriculture and growing our drone-enabled package delivery business . for the year ended december 31 , 2020 and 2019 , our net loss available to common stockholders was $ 14,043,777 and $ 2,684,916 , respectively an increase of $ 11,358,861. the increase is due to non-cash charges stemming from required deemed dividend accounting for modifications to certain preferred stock , redemption of preferred stock and the trigger of down round provisions on certain preferred stock and warrants . story_separator_special_tag text-align : justify ; text-indent : 0.5in `` > the company has continued to realize losses from operations . however , as a result of our capital raise efforts , we believe we will have sufficient cash to meet our anticipated operating costs and capital expenditure requirements through december 2022. our primary need for liquidity is to fund working capital requirements of our business , capital expenditures , acquisitions , debt service , and for general corporate purposes . our primary source of liquidity is funds generated by financing activities and from private placements . our ability to fund our operations , to make planned capital expenditures , to make planned acquisitions , to make scheduled debt payments , and to repay or refinance indebtedness depends on our future operating performance and cash flows , which are subject to prevailing economic conditions and financial , business and other factors , some of which are beyond our control . if the company is unable to generate significant sales growth in the near term and raise additional capital , there is a risk that the company could default on additional obligations ; and could be required to discontinue or significantly reduce the scope of its operations if no other means of financing operations are available . the consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amount and classification of liabilities or any other adjustment that might be necessary should the company be unable to continue as a going concern . off-balance sheet arrangements on december 31 , 2020 , we did not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition , changes in financial condition , revenue or expenses , results of operations , liquidity , capital

