<SEC-DOCUMENT>0001554795-24-000063.txt : 20240318
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<ACCEPTANCE-DATETIME>20240318160644
ACCESSION NUMBER:		0001554795-24-000063
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20240315
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20240318
DATE AS OF CHANGE:		20240318

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Red Cat Holdings, Inc.
		CENTRAL INDEX KEY:			0000748268
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				880490034
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40202
		FILM NUMBER:		24759037

	BUSINESS ADDRESS:	
		STREET 1:		15 AVE. MUNOZ RIVERA
		STREET 2:		STE 2200
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00901-2510
		BUSINESS PHONE:		833-373-3228

	MAIL ADDRESS:	
		STREET 1:		15 AVE. MUNOZ RIVERA
		STREET 2:		STE 2200
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00901-2510

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TimefireVR Inc.
		DATE OF NAME CHANGE:	20161121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EnergyTEK Corp.
		DATE OF NAME CHANGE:	20140723

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROADLEAF CAPITAL PARTNERS INC
		DATE OF NAME CHANGE:	20040928
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: center"><span style="font-size: 11pt"><b>UNITED STATES</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-size: 11pt"><b>SECURITIES AND EXCHANGE
COMMISSION</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-size: 11pt"><b>Washington, D.C.
20549</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-size: 11pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-size: 11pt"><b>FORM&#160;<span id="xdx_909_edei--DocumentType_c20240315__20240315_zoQ3m8ce0ln4"><ix:nonNumeric contextRef="AsOf2024-03-15" name="dei:DocumentType" id="ixv-339">8-K</ix:nonNumeric></span></b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 11pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-size: 11pt"><b>CURRENT REPORT</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-size: 11pt; text-transform: uppercase"><b>P</b></span><b><span style="font-size: 11pt">ursuant
to Section&#160;13 or 15(d)&#160;of The Securities Exchange Act of 1934</span></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-size: 11pt">&#160;&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-size: 11pt">Date
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 11pt">&#160;</span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-size: 11pt">(Exact name of registrant
as specified in its charter)</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 11pt">&#160;</span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 11pt">&#160;&#160;&#160;&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-size: 11pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-size: 11pt">Registrant&#8217;s
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-size: 11pt"></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-size: 11pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><span style="font-size: 11pt">Check
the appropriate box below if the Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 11pt">&#160;</span></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span id="xdx_902_edei--WrittenCommunications_c20240315__20240315_zvhPX6YfTw44" style="font-family: Segoe UI Symbol,sans-serif; font-size: 11pt"><ix:nonNumeric contextRef="AsOf2024-03-15" format="ixt:booleanfalse" name="dei:WrittenCommunications" id="ixv-351">&#9744;</ix:nonNumeric></span><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;&#160;Written
communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span id="xdx_903_edei--SolicitingMaterial_c20240315__20240315_zhNBm4dD5cR3" style="font-family: Segoe UI Symbol,sans-serif; font-size: 11pt"><ix:nonNumeric contextRef="AsOf2024-03-15" format="ixt:booleanfalse" name="dei:SolicitingMaterial" id="ixv-352">&#9744;</ix:nonNumeric></span><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;&#160;Soliciting
material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12)</span><span style="font-size: 11pt">&#160;</span></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span id="xdx_90E_edei--PreCommencementTenderOffer_c20240315__20240315_zreWeAbjPo0c" style="font-family: Segoe UI Symbol,sans-serif; font-size: 11pt"><ix:nonNumeric contextRef="AsOf2024-03-15" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer" id="ixv-353">&#9744;</ix:nonNumeric></span><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;&#160;Pre-commencement
communications pursuant to Rule&#160;14d-2(b)&#160;under the Exchange Act (17 CFR 240.14d-2(b))</span></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span id="xdx_904_edei--PreCommencementIssuerTenderOffer_c20240315__20240315_zEimfVo90kK7" style="font-family: Segoe UI Symbol,sans-serif; font-size: 11pt"><ix:nonNumeric contextRef="AsOf2024-03-15" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer" id="ixv-354">&#9744;</ix:nonNumeric></span><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;&#160;Pre-commencement
communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 11pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
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    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Securities
    registered pursuant to Section 12(b) of the Act:</span></td></tr>
  </table>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-size: 11pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
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    <td style="border-top: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center; width: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Title
    of each class</span></td>
    <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center; width: 19%"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trading</span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Symbol(s)</span></p></td>
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    of each exchange on which registered</span></td></tr>
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    stock</ix:nonNumeric></span><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">, par value $0.001</span></td>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 11pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 11pt">Indicate by check mark
whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this
chapter) or Rule&#160;12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 1.5in 0 3in; text-align: right"><span style="font-size: 11pt">&#160;</span></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act.&#160;&#160;</span><span style="font-family: Segoe UI Symbol,sans-serif; font-size: 11pt">&#9744;</span></p>


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<p style="font: 11pt/11.75pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-size: 11pt"><b>&#160;</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Item 2.02 Results of
Operations and Financial Condition.</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>&#160;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt; text-align: justify; background-color: white"><b></b>On March 18, 2024, Red Cat Holdings, Inc. (the &#8220;Company&#8221;) issued a press release and
will hold a conference call regarding its financial results for the quarter ended January 31, 2024. A copy of the press release is furnished
as Exhibit&#160;99.1 to this report.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt; text-align: justify; background-color: white">The information furnished with this Item&#160;2.02, including Exhibit&#160;99.1, shall not be deemed
&#8220;filed&#8221; for purposes of Section&#160;18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;),
or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under
the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.</p>

<p style="font: 11pt/105% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt/105% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b></b></p>

<p style="font: 11pt/105% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>Item
5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.</b></span></p>

<p style="font: 11pt/105% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 11pt/105% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt; text-align: justify">On March 15, 2024, the Company
entered into an Addendum #2 to&#160;Executive Employment&#160;Agreement&#160;(the &#8220;Addendum&#8221;) with Joseph Hernon, the Company&#8217;s
Chief Financial Officer, in order to (i) terminate his&#160;employment&#160;agreement, dated July 1, 2021, as amended (the &#8220;Hernon
Employment Agreement&#8221;), (ii) enter into a Consulting Services Agreement between Mr. Hernon and the Company, effective as of March
15, 2024 (the &#8220;Hernon Consulting Agreement&#8221;), and (iii) extend the vesting and exercisability of previously issued equity
compensation awards.</p>

<p style="font: 11pt/105% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt; text-align: justify">&#160;</p>

<p style="font: 11pt/105% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt; text-align: justify">Under the&#160;Addendum,
effective as of March 15, 2024, Mr. Hernon shall resign without Good Reason (as defined in the Hernon Employment Agreement) as the Chief
Financial Officer of the Company, and shall instead provide consulting services to the Company pursuant to the terms of the Hernon Consulting
Agreement. Additionally, each of Mr. Hernon&#8217;s outstanding stock options and restricted stock awards will continue to vest through
August 1, 2024, except if Mr. Hernon breaches his contractual obligations to the Company or is terminated for Cause (as defined in the
Hernon Consulting Agreement). To the extent vested on August 1, 2024, Mr. Hernon&#8217;s outstanding stock options shall remain exercisable
until the earliest of the (i) June 30, 2027, (ii) the date on which such options would otherwise expire under their other terms and conditions
even if hypothetically Mr. Hernon&#8217;s employment had not terminated, or (iii) the date on which Mr. Hernon materially breaches his
contractual obligations to the Company or is terminated for Cause under the Hernon Consulting Agreement.</p>

<p style="font: 11pt/105% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt; text-align: justify">&#160;</p>

<p style="font: 11pt/105% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt; text-align: justify">In connection with Mr. Hernon&#8217;s
transition to a consulting role, effective as of March 15, 2024, the Company appointed Leah Lunger as its Interim Chief Financial Officer,
interim principal financial officer and interim principal accounting officer. Ms. Lunger, age 33, has extensive finance, accounting and
public company reporting experience. Since January 2023, Ms. Lunger has served as the Company&#8217;s Vice President of Finance, providing
oversight of the Company&#8217;s financial, accounting and human resources functions. From November 2020 to December 2022, Ms. Lunger
served as the Corporate Controller of the Company. From November 2017 to November 2020, Ms. Lunger served as the Controller of Fat Shark
Holdings, a provider of equipment to the drone industry, which was subsequently acquired by the Company. Ms. Lunger is a Certified Public
Accountant and has a degree in Accounting from Calvin College.</p>

<p style="font: 11pt/105% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt; text-align: justify">&#160;</p>

<p style="font: 11pt/105% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt; text-align: justify">In connection with her appointment
as Interim Chief Financial Officer, Ms. Lunger&#8217;s salary will increase to $230,000. The Company expects to enter into a new employment
agreement with Ms. Lunger in the near term. Ms. Lunger has previously been eligible for, and will continue to participate in, the Company&#8217;s
2019 Equity Incentive Plan and will be entitled to employee benefits that similarly situated employees receive. Ms. Lunger is also expected
to enter into the Company&#8217;s standard indemnification agreement in substantially the same form that the Company entered with its
other directors and officers, the form of which was filed as Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K, which was
filed on September 17, 2021 with the SEC, and is incorporated herein by reference.</p>

<p style="font: 11pt/105% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt; text-align: justify">&#160;</p>

<p style="font: 11pt/105% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt; text-align: justify">There are no other arrangements or understandings between
Ms. Lunger and any other person pursuant to which she was appointed to the position of Interim Chief Financial Officer of the Company,
and Ms. Lunger is not a party to any transaction that would require disclosure under Item&#160;404(a)&#160;of&#160;Regulation&#160;S-K.
There is no family relationship between Ms. Lunger and any director, executive officer, or person nominated or chosen by the Company
to become a director or executive officer of the Company.</p>

<p style="font: 11pt/105% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt; text-align: justify">&#160;</p>

<p style="font: 11pt/105% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt; text-align: justify">The foregoing summaries of the&#160;Addendum and the Hernon Consulting Agreement
are qualified in their entirety by reference to the full text of the&#160;Addendum and the Hernon Consulting Agreement, copies of which
are filed as Exhibit 10.1 and Exhibit 10.2 hereto, and which are incorporated herein by reference.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; background-color: white"><b>Item. 9.01.&#160;Financial Statements and Exhibits</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>&#160;</b></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
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    <td style="border-bottom: #8EAADB 1.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 11pt"><b>Exhibit No.</b></span></td>
    <td style="border-bottom: #8EAADB 1.5pt solid; width: 90%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 11pt"><b>Description</b></span></td></tr>
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    <td style="border-right: #8EAADB 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="rcat0318form8kexh10_1.htm" style="-sec-extract: exhibit"><span style="font-size: 11pt">10.1</span></a></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="rcat0318form8kexh10_1.htm" style="-sec-extract: exhibit"><span style="font-size: 11pt">Addendum #2 to&#160;Executive
    Employment&#160;Agreement, between Joseph Hernon and the Company, dated March 15, 2024</span></a></td></tr>
  <tr style="vertical-align: top; background-color: transparent">
    <td style="border-right: #8EAADB 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="rcat0318form8kexh10_2.htm" style="-sec-extract: exhibit"><span style="font-size: 11pt">10.2</span></a></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="rcat0318form8kexh10_2.htm" style="-sec-extract: exhibit"><span style="font-size: 11pt">Consulting Services Agreement,
    between Joseph Hernon and the Company, dated March 15, 2024</span></a></td></tr>
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    <td style="border-right: #8EAADB 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><a href="rcat0318form8kexh99_1.htm" style="-sec-extract: exhibit"><span style="font-size: 11pt">99.1</span></a></td>
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    Red Cat Holdings, Inc., dated March 18, 2024</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #D9E2F3">
    <td style="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 11pt">104</span></td>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 11pt/11.75pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify; background-color: white"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify; text-indent: 24.5pt; background-color: white">&#160;</p>

<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 3.8pt 0.95pt 0 0; text-align: center"><span style="font-size: 11pt">SIGNATURES</span></p>

<p style="font: 11.5pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"><span style="font-size: 11pt"><b>&#160;</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 11pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.</span></p>

<p style="font: 11.5pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 11pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 0"><span style="font-size: 11pt"><b>&#160;</b></span></p>

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<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>RED CAT HOLDINGS, INC.</b></span></td>
    <td><span style="font-size: 11pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td style="width: 50%"><span style="font-size: 11pt">&#160;</span></td>
    <td style="width: 5%"><span style="font-size: 11pt">&#160;</span></td>
    <td style="width: 44%"><p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 11pt">&#160;</span></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 11pt">&#160;</span></p></td>
    <td style="width: 1%"><span style="font-size: 11pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;Dated: March 18, 2024</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">By:</span></td>
    <td style="border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Jeffrey
    Thompson</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</span></td>
    <td/>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;Name: Jeffrey Thompson</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</span></td>
    <td/>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;Title: Chief Executive Officer</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</span></td></tr>
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<TYPE>EX-10.1
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<FILENAME>rcat0318form8kexh10_1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0; text-align: left"><B></B></P>

<P STYLE="font: bold 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Addendum #2 to Executive Employment
Agreement</P>

<P STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">This Addendum #2 to the Executive Employment
Agreement (&ldquo;Addendum #2&rdquo;) is made and entered into as of March&nbsp;15, 2024 (the &ldquo;Effective Date&rdquo;), by and between
Red Cat Holdings, Inc., a Nevada Corporation (the &ldquo;Company&rdquo;) and Joseph Hernon an individual (&ldquo;Executive&rdquo;), and
collectively, the &ldquo;Parties&rdquo;.</P>

<P STYLE="font: bold 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">WITNESSETH:</P>

<P STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>WHEREAS</B>, Executive is employed
by the Company pursuant to the terms of an Executive Employment Agreement dated July&nbsp;1, 2021 (the &ldquo;Agreement&rdquo;) which
was amended by an Addendum dated July&nbsp;24, 2024, as incorrectly stated, which amendment date was in fact July 24, 2023, (&ldquo;Addendum
#1&rdquo;), and</P>

<P STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>WHEREAS</B>, the Company and Executive
wish to further amend the Agreement, as permitted by Agreement section 14(c), and to (i)&nbsp;terminate the employment relationship and
Agreement, (ii)&nbsp;enter into a consulting services agreement, (iii) extend the vesting and exercisability of equity compensation awards,
and (iv)&nbsp;provide for the reimbursement of legal fees.</P>

<P STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>NOW, THEREFORE</B>, in consideration
of the premises and the mutual covenants set forth in this Addendum #2 and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and Executive covenant and agree to the following.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><U>Employment Termination</U>. As of the Effective Date, Executive&rsquo;s employment with Company shall
terminate due to a resignation without Good Reason by Executive and the Effective Date is also Executive&rsquo;s separation from service
with the Company under Internal Revenue Code Section 409A. Other than being paid his base salary until the Effective Date, Executive acknowledges
and agrees that he is not entitled to any other compensation payments or benefits except as set forth in Section&nbsp;3. The Agreement
is also terminated and without further force or effect except with respect to such provisions in the Agreement that by their own terms
expressly survive the termination of the Agreement. For avoidance of doubt and without limitation, Sections&nbsp;7, 12 and 13 of the Agreement
shall continue to remain in full force and effect after the Effective Date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><U>Consulting Services Agreement</U>. On the Effective Date, the Parties have also entered into the Consulting
Services Agreement (&ldquo;CSA&rdquo;) attached hereto as Exhibit&nbsp;A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><U>Equity Compensation Awards</U>. The Company has reviewed Section&nbsp;6.1 of the 2019 Equity Incentive
Plan (the &ldquo;Plan&rdquo;) and determined that the CSA, which becomes effective upon the termination of Executive&rsquo;s employment,
represents continued services to the Company, and that the Plan permits the following terms with respect to outstanding stock options
(&ldquo;Options&rdquo;) and outstanding restricted stock (&ldquo;RS&rdquo; and together with the Options, the &ldquo;Awards&rdquo;) issued
to the Executive under the Plan. All of Executive&rsquo;s Awards shall continue to be governed by their applicable terms and conditions
except as modified in this Section&nbsp;3. All of Executive&rsquo;s Awards shall continue to vest under their terms and conditions through
August&nbsp;1, 2024 except if Executive materially breaches his contractual obligations to Company or is terminated for Cause under Exhibit&nbsp;A.
All of Executive&rsquo;s Options shall, to the extent vested on August&nbsp;1, 2024, remain exercisable until the earliest of (i)&nbsp;June&nbsp;30,
2027, (ii) the date on which the Options would otherwise expire under their other terms and conditions even if hypothetically Executive&rsquo;s
services had not terminated, or (iii)&nbsp;the date on which Executive materially breaches his contractual obligations to Company or is
terminated for Cause under Exhibit&nbsp;A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><U>Legal Fees</U>. The Company shall pay the reasonable legal expenses incurred by Executive (not to exceed
$5,500) in connection with this Addendum #2. Executive shall provide Company with applicable receipts/invoices within 30 days of the Effective
Date and the Company shall remit the approved reimbursement amount to Executive within 45 days of Company&rsquo;s receipt of such invoices.</TD></TR></TABLE>

<P STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">As set forth below, the Parties have voluntarily
and mutually executed this Addendum #2 on the Effective Date.</P>

<P STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">COMPANY: Red Cat Holdings, Inc.</P>

<P STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">By: <U>&#9;/s/ Jeffrey Thompson&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Name: Jeffrey Thompson</P>

<P STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Title: Chairman of the Board of Directors,
CEO</P>

<P STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">EXECUTIVE: Joseph Hernon</P>

<P STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">BY: <U>&#9;/s/ Joseph Hernon&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Name: Joseph Hernon</P>


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<P STYLE="font: bold 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">EXHIBIT A</P>

<P STYLE="font: bold 16pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">CONSULTING SERVICES AGREEMENT</P>


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<P STYLE="font: 16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>CONSULTING SERVICES AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">THIS CONSULTING SERVICES AGREEMENT (the &ldquo;Agreement&rdquo;)
dated as of March 15, 2024 (&ldquo;Effective Date&rdquo;) is by and between Red Cat Holdings, Inc., a Nevada corporation, (the &ldquo;Contractor&rdquo;
or &ldquo;Company&rdquo;), and Joseph Hernon (the &ldquo;Consultant&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">WHEREAS, Company and Consultant are parties
to an Executive Employment Agreement, dated July 1, 2021 as amended by the parties (the &ldquo;Employment Agreement&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">WHEREAS, Contractor desires to have Consultant
perform consulting services for Contractor after Consultant&rsquo;s employment with Contractor terminates and Consultant has agreed to
do so upon the terms and conditions set forth below;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">NOW, THEREFORE, in consideration of the mutual
promises and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties to this Agreement agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in"><B><I>Article I - Services</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall perform the services set forth
in the Scope of Services, attached hereto as Exhibit A (the &ldquo;Services&rdquo;). Contractor reserves the right in its sole discretion
to make such changes in work, specifications, or level of effort, as may be necessary or desirable and any difference in contract price
resulting from such changes must be agreed upon in writing by Contractor before the work is begun.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in"><B><I>Article II - Payment</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The compensation, the period of performance
and timing of payment for the Services are set forth in Exhibit A, attached hereto. No tax withholding will be effected on any payments
made by the Contractor to Consultant. Consultant will be solely liable and responsible for the payment of Consultant&rsquo;s taxes arising
as a result of any payment hereunder including without limitation any unexpected or adverse tax consequence. This Agreement is intended
to be exempt from the requirements of section 409A of the Internal Revenue Code of 1986 as amended (&ldquo;Section 409A&rdquo;) but in
any event, Contractor shall have no liability to Consultant or any other person for any taxes, penalties or interest imposed by Section
409A. For purposes of Section 409A, Consultant experienced a separation from service with Contractor on the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in"><B><I>Article III -
Status as Independent Contractor</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Both Contractor and Consultant expressly acknowledge
and agree that Consultant is an independent contractor and shall not act as or be an agent for or employee of Contractor. All of Consultant&rsquo;s
activities in performing the Services shall be at Consultant&rsquo;s sole risk and except as expressly provided herein, Consultant shall
not be entitled to Workers Compensation or any other benefits or insurance protection provided by Contractor to their agents and employees.
Subject to Article IV, as an independent contractor, Consultant shall be solely responsible for determining the means and methods for
performing the Services. Consultant shall be solely responsible for complying with and paying any and all taxes applicable to compensation
received under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in"><B><I>Article IV - Standard
of Care</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant agrees to perform the Services with
that standard of care, skill and diligence normally provided by a professional person in the performance of similar services. Consultant
shall furnish personnel having the appropriate experience and knowledge in order to perform their assigned tasks and duties in an efficient,
competent and timely manner in accordance with generally accepted industry standards. Consultant expressly acknowledges that Contractor
will rely upon the competence and completeness of Consultants&rsquo; Services in utilizing the results of such Services in fulfilling
their contractual commitments to third parties. In no event shall Consultant retain, hire or employ the services of subcontractors, third
parties or others without the express written authorization and approval of Contractor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in"><B><I>Article V - Use
of Materials; Confidentiality</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Section 1 - Use of Materials.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Contractor shall own all rights to any and
all work products, patents, processes, copyrights, studies, flow charts, diagrams, devices, programs, source codes, inventions, original
works of authorship, know-how, and other tangible or intangible material or data of any nature developed by Consultant or as a result
of any of Consultant&rsquo;s Services. Any work product generated by Consultant hereunder shall be deemed a work made for hire. If any
of such work product shall be deemed other than a work for hire, Consultant hereby assigns to Contractor all rights, title and interest
in and to such work product. Consultant agrees to execute and deliver such documents and instruments as Contractor may deem necessary
and appropriate to transfer to Contractor any and all rights, title, and interest, including copyrights, Consultant has in any such work.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Section 2 - Confidentiality.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall not publish, disclose, or
otherwise divulge Confidential Information to any person, at any time during or after the term of this Agreement, without Contractor&rsquo;s
prior express written consent. For purposes of this Agreement, &ldquo;Confidential Information&rdquo; shall mean non-public, confidential
or proprietary information belonging to Contractor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The term &ldquo;Confidential Information&rdquo;
does not include any information which (i) at the time of disclosure or thereafter is generally available to the public (other than as
a result of a disclosure by Consultant or Consultant&rsquo;s representatives in violation of this Agreement), (ii) was available to Consultant
on a non-confidential basis from a source other than Contractor, provided that such source is not bound by a confidentiality agreement
that was applicable to the Confidential Information, or (iii) has been independently acquired or developed by Consultant without violating
any of its obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In the event that Consultant becomes legally
compelled (by deposition, interrogatory, request for documents, subpoena, civil investigative demand or other similar process) to disclose
any of the Confidential Information, Consultant shall give Contractor prompt prior written notice of such requirement so that Contractor
may seek a protective order or other appropriate remedy and/or waive compliance with the terms of this Agreement. In the event that such
protective order or other remedy is not obtained, or that Contractor waives compliance with the terms hereof, Consultant agrees to provide
only that limited portion of the Confidential Information that it is advised by written opinion of counsel is legally required and to
exercise reasonable efforts to obtain assurance that confidential treatment will be accorded such Confidential Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant represents that its performance
of all terms of this Agreement as a consultant of Contractor has not breached and will not breach any agreement to keep in confidence
proprietary information, knowledge or data acquired by Consultant in confidence or trust prior or subsequent to the commencement of the
Agreement, and Consultant will not disclose to Contractor, or induce Contractor to use, any inventions, confidential or proprietary information
or material belonging to any previous employer or any other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The parties agree that in the event of a breach
of this Confidentiality provision, Contractor shall be entitled to equitable relief, including injunction and specific performance, in
addition to all other remedies available at law or equity. Consultant shall be responsible for, and shall indemnify and hold harmless
Contractor, for the violation of this Confidentiality provision by any of its representatives. This Confidentiality provision shall survive
the termination of this Agreement. This Section 2 does not supersede, modify, or minimize the terms and conditions of any prior confidentiality
agreements with Contractor that Consultant has previously executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Section 3 - No Solicitation of Employees, Consultants
and Other Parties.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant agrees that during the term of the
Agreement, Consultant shall not either directly or indirectly solicit, induce, recruit or encourage any of Contractor&rsquo;s employees
or other consultants to terminate their relationship with Contractor, or take away such employees or consultants, or attempt to solicit,
induce, recruit, encourage or take away employees or consultants of Contractor, either for itself or for any other person or entity. Further,
during the term of this Agreement, Consultant shall not solicit any licensor to or customer of Contractor or licensee of Contractor&rsquo;s
products, in each case, that are known to Consultant, with respect to any business, products or services that are competitive to the products
or services offered by Contractor or under development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in"><B><I>Article VI - Termination</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This Agreement shall terminate upon Consultant&rsquo;s
death or &ldquo;Disability&rdquo; (which for purposes of this Agreement shall mean (x) Consultant&rsquo;s inability to substantially perform
the duties described herein as determined by Contractor in its sole discretion or (y) the meaning provided to such term in the Employment
Agreement). Additionally, Contractor may terminate the consulting relationship and this Agreement at any time with or without Cause by
providing written notice to Consultant. For all purposes of this Agreement, &ldquo;Cause&rdquo; shall mean (i) a willful breach by the
Consultant of a material provision of this Agreement, or (ii) a material and willful violation of a federal or state law or regulation
applicable to the business of Contractor, (iii) the conviction of a felony crime, or (iv) the meaning provided to such term in the Employment
Agreement. Except as expressly provided herein, no further compensation or benefits will be paid or provided to the Consultant under this
Agreement for periods following the date of termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in"><B><I>Article VII -
Miscellaneous Provisions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Section 1 - Prior Agreements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This Agreement embodies and constitutes the
entire understanding between the parties with respect to the transaction contemplated herein, and all prior agreements, understandings,
representations and statements, oral or written, are superseded by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Section 2 - Amendments.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Neither this Agreement nor any provisions hereof
may be waived, modified, amended, discharged or terminated, except by an instrument signed by the party against whom the enforcement of
such waiver, modification, amendment, discharge or termination is sought, and then only to the extent set forth in such instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Section 3 - Assignment.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective heirs, successors and/or permitted assigns; provided, however, that Consultant
may not assign this Agreement without the prior written consent of Contractor in its sole discretion. Contractor may assign its rights
and obligations under this Agreement to any other party in its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Section 4 - Availability of Information.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">All financial statements, reports, billings
and other documents shall properly reflect the facts about all activities and transactions handled for the accounts of Contractor. Contractor&rsquo;s
duly authorized representatives shall have, during the term of this Agreement and for three years thereafter, access at all reasonable
times to all of the Consultant&rsquo;s accounts and records that may be needed to verify and audit compliance with the provisions of this
Agreement and all charges to Contractor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Section 5 - Business Ethics.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall exercise reasonable care and
diligence to prevent any actions or conditions which could result in a conflict with Contractor&rsquo;s interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant represents and warrants that its
execution of this Agreement and the Services hereunder does not, and will not, violate the terms of any other agreement to which Consultant
is (or was) a party, or violate any legal obligations to any other person or entity, or cause a conflict of interest with respect to Consultant&rsquo;s
employment or other service obligations. Consultant further represents and warrants that, while working for the Contractor, it will not
violate the terms of any other agreement to which it is (or was) a party, or violate Consultant&rsquo;s legal obligations to any other
person or entity, or cause a conflict of interest with respect to Consultant&rsquo;s employment or other service obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">During the term of this Agreement, Consultant
shall not accept any employment or engage in any work which creates a conflict of interest or competes with Contractor. Before engaging
in an activity which may compete with Contractor or may give rise to a conflict of interest or the perception of such conflict of interest,
Consultant shall disclose to Contractor its contemplated activity and obtain Contractor&rsquo;s express written approval before proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall not offer gifts, entertainment,
payments, loans or other considerations to Contractor&rsquo;s employees, their families, vendors, subcontractors and other third parties
for the purpose of influencing such persons to act contrary to Contractor&rsquo;s interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall immediately notify Contractor
of all violations of this provision upon becoming aware of such violation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Section 6 - Consequential Damages.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Neither party nor its affiliates, nor their
officers, directors, employees or agents shall be liable hereunder to the other party or its affiliates for consequential or indirect
loss or damage, including loss of profit, loss of use, loss of revenue or any other special or incidental damages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Section 7 - Business Opportunities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This Agreement shall in no way be construed
to (i) preclude in any way either party from pursuing any other business opportunities; (ii) establish any relationship between Contractor
and Consultant with respect to such business opportunities; or (iii) establish any relationship between Contractor and Consultant with
respect to the transaction that is the subject of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Section 8 - Notice.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Any notice given under this Agreement shall
be in writing and shall be hand delivered, sent by registered or certified mail, or delivered by a reputable overnight courier such as
Federal Express to the parties at their respective addresses specified above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Section 9 - Severability.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The terms of this Agreement shall be deemed
severable so that if any term should be found illegal or unenforceable, the remaining terms shall nevertheless continue in full force
and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Section 10 - Indemnity.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall indemnify Contractor from
and against all losses, claims, expenses, damages and liabilities (including, without limitation, any taxes, penalties, fees, or other
costs) which arise out of any: (i) breach of this Agreement by Consultant or (ii) violation by Consultant of any applicable laws in connection
with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Section 11 - Insurance.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall, at its own expense, maintain
for the term of this Agreement on its own behalf, and on behalf of any its agents, a professional indemnity insurance policy to a minimum
value specified by Contractor for any one originating cause for any liability arising from a breach of professional duty, whether owed
in contract or otherwise, by reason of any act or omission of the Consultant in providing the Services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Section 12 - Governing Law.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This Agreement shall be interpreted, governed
and construed under the laws of the State of Florida as if it were executed and performed wholly within the State of Florida.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">IN WITNESS WHEREOF, the parties hereto have
signed this Agreement on the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">Consultant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify"><U>/s/ Joseph Hernon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">By: Joseph Hernon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">Red Cat Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify"><U>/s/ Jeff Thompson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">By: Jeff Thompson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">Title: CEO</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: center"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Section A - Scope of Services</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">During the term of this Agreement, Consultant
shall report directly to the Contractor&rsquo;s Board of Directors or the Company&rsquo;s Chief Financial Officer (either the &ldquo;Supervisor&rdquo;).
Consultant&rsquo;s duties under this Agreement shall consist of providing consulting advice in response to specific requests for such
services by the Supervisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall not enter into any agreements,
commitments or subcontracts or retain, hire or employ the services of subcontractors, third parties or others without the prior written
approval of the Supervisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Section B - Period of Performance</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The term of this Agreement shall begin upon
the Effective Date and will continue thereafter until the end of the day on June 30, 2027 unless sooner terminated pursuant to the provisions
of this Agreement (such earliest date is the &ldquo;Expiration Date&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Section C - Compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Paragraph 1 - Consulting Fees.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><I>a. Fixed Fee</I></B>. For the period
from the Effective Date through June 30, 2024, Consultant shall be paid at annualized rate of $230,000 with installment payments being
provided to Consultant once per month in March 2024 and July 2024 and twice per month from April 2024 through June 2024. This fixed fee
amount shall in all cases be paid to Consultant except payments shall promptly terminate in the event of Consultant&rsquo;s death or termination
due to Disability, Consultant&rsquo;s breach of his obligations to Contractor, or Consultant&rsquo;s termination for Cause by Contractor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><B><I>b. Variable Fee</I></B>. For the period
from July 1, 2024 through the Expiration Date, Consultant shall be paid at the hourly rate of $350 for Services actually performed by
Consultant in response to written requests for such Services by Supervisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Paragraph 2 - Out of Pocket Expenses.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall be reimbursed for all reasonable
out of pocket expenses incurred by Consultant in performing the Services pursuant to this Agreement provided Consultant receives written
approval from the Supervisor prior to incurring such expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Paragraph 3 - Statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall provide Contractor with a
statement of its Services and out-of-pocket expenses within ten days after the end of each calendar month covering the previous calendar
month&rsquo;s charges. Consultant shall keep records of the hours worked on behalf of Contractor, together with an explanation of the
Services performed during such time period. Consultant shall provide Contractor with a copy of such records with its monthly statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall provide its statement to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Attention: Chief Financial Officer<BR>
Red Cat Holdings, Inc.<BR>
15 Ave. Munoz Rivera Ste 5<BR>
San Juan, Puerto Rico 00901-2510</P>

<P STYLE="font: 16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="margin: 0; text-align: left"><B>&nbsp;</B></P>

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<DOCUMENT>
<TYPE>EX-10.2
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<FILENAME>rcat0318form8kexh10_2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.2</B></P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">CONSULTING SERVICES AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">THIS CONSULTING SERVICES AGREEMENT (the &ldquo;Agreement&rdquo;)
dated as of March 15, 2024 (&ldquo;Effective Date&rdquo;) is by and between Red Cat Holdings, Inc., a Nevada corporation, (the &ldquo;Contractor&rdquo;
or &ldquo;Company&rdquo;), and Joseph Hernon (the &ldquo;Consultant&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">WHEREAS, Company and Consultant are parties
to an Executive Employment Agreement, dated July 1, 2021 as amended by the parties (the &ldquo;Employment Agreement&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">WHEREAS, Contractor desires to have Consultant
perform consulting services for Contractor after Consultant&rsquo;s employment with Contractor terminates and Consultant has agreed to
do so upon the terms and conditions set forth below;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">NOW, THEREFORE, in consideration of the mutual
promises and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties to this Agreement agree as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Article</TD><TD STYLE="text-align: center">I - Services</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall perform the services set forth
in the Scope of Services, attached hereto as Exhibit A (the &ldquo;Services&rdquo;). Contractor reserves the right in its sole discretion
to make such changes in work, specifications, or level of effort, as may be necessary or desirable and any difference in contract price
resulting from such changes must be agreed upon in writing by Contractor before the work is begun.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Article</TD><TD STYLE="text-align: center">II - Payment</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The compensation, the period of performance
and timing of payment for the Services are set forth in Exhibit A, attached hereto. No tax withholding will be effected on any payments
made by the Contractor to Consultant. Consultant will be solely liable and responsible for the payment of Consultant&rsquo;s taxes arising
as a result of any payment hereunder including without limitation any unexpected or adverse tax consequence. This Agreement is intended
to be exempt from the requirements of section 409A of the Internal Revenue Code of 1986 as amended (&ldquo;Section 409A&rdquo;) but in
any event, Contractor shall have no liability to Consultant or any other person for any taxes, penalties or interest imposed by Section
409A. For purposes of Section 409A, Consultant experienced a separation from service with Contractor on the Effective Date.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Article</TD><TD STYLE="text-align: center">III - Status as Independent Contractor</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Both Contractor and Consultant expressly acknowledge
and agree that Consultant is an independent contractor and shall not act as or be an agent for or employee of Contractor. All of Consultant&rsquo;s
activities in performing the Services shall be at Consultant&rsquo;s sole risk and except as expressly provided herein, Consultant shall
not be entitled to Workers Compensation or any other benefits or insurance protection provided by Contractor to their agents and employees.
Subject to Article IV, as an independent contractor, Consultant shall be solely responsible for determining the means and methods for
performing the Services. Consultant shall be solely responsible for complying with and paying any and all taxes applicable to compensation
received under this Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Article</TD><TD STYLE="text-align: center">IV - Standard of Care</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant agrees to perform the Services with
that standard of care, skill and diligence normally provided by a professional person in the performance of similar services. Consultant
shall furnish personnel having the appropriate experience and knowledge in order to perform their assigned tasks and duties in an efficient,
competent and timely manner in accordance with generally accepted industry standards. Consultant expressly acknowledges that Contractor
will rely upon the competence and completeness of Consultants&rsquo; Services in utilizing the results of such Services in fulfilling
their contractual commitments to third parties. In no event shall Consultant retain, hire or employ the services of subcontractors, third
parties or others without the express written authorization and approval of Contractor.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Article</TD><TD STYLE="text-align: center">V - Use of Materials; Confidentiality</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Section 1 - Use of Materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Contractor shall own all rights to any and
all work products, patents, processes, copyrights, studies, flow charts, diagrams, devices, programs, source codes, inventions, original
works of authorship, know-how, and other tangible or intangible material or data of any nature developed by Consultant or as a result
of any of Consultant&rsquo;s Services. Any work product generated by Consultant hereunder shall be deemed a work made for hire. If any
of such work product shall be deemed other than a work for hire, Consultant hereby assigns to Contractor all rights, title and interest
in and to such work product. Consultant agrees to execute and deliver such documents and instruments as Contractor may deem necessary
and appropriate to transfer to Contractor any and all rights, title, and interest, including copyrights, Consultant has in any such work.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Section 2 - Confidentiality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall not publish, disclose, or
otherwise divulge Confidential Information to any person, at any time during or after the term of this Agreement, without Contractor&rsquo;s
prior express written consent. For purposes of this Agreement, &ldquo;Confidential Information&rdquo; shall mean non-public, confidential
or proprietary information belonging to Contractor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The term &ldquo;Confidential Information&rdquo;
does not include any information which (i) at the time of disclosure or thereafter is generally available to the public (other than as
a result of a disclosure by Consultant or Consultant&rsquo;s representatives in violation of this Agreement), (ii) was available to Consultant
on a non-confidential basis from a source other than Contractor, provided that such source is not bound by a confidentiality agreement
that was applicable to the Confidential Information, or (iii) has been independently acquired or developed by Consultant without violating
any of its obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In the event that Consultant becomes legally
compelled (by deposition, interrogatory, request for documents, subpoena, civil investigative demand or other similar process) to disclose
any of the Confidential Information, Consultant shall give Contractor prompt prior written notice of such requirement so that Contractor
may seek a protective order or other appropriate remedy and/or waive compliance with the terms of this Agreement. In the event that such
protective order or other remedy is not obtained, or that Contractor waives compliance with the terms hereof, Consultant agrees to provide
only that limited portion of the Confidential Information that it is advised by written opinion of counsel is legally required and to
exercise reasonable efforts to obtain assurance that confidential treatment will be accorded such Confidential Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant represents that its performance
of all terms of this Agreement as a consultant of Contractor has not breached and will not breach any agreement to keep in confidence
proprietary information, knowledge or data acquired by Consultant in confidence or trust prior or subsequent to the commencement of the
Agreement, and Consultant will not disclose to Contractor, or induce Contractor to use, any inventions, confidential or proprietary information
or material belonging to any previous employer or any other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The parties agree that in the event of a breach
of this Confidentiality provision, Contractor shall be entitled to equitable relief, including injunction and specific performance, in
addition to all other remedies available at law or equity. Consultant shall be responsible for, and shall indemnify and hold harmless
Contractor, for the violation of this Confidentiality provision by any of its representatives. This Confidentiality provision shall survive
the termination of this Agreement. This Section 2 does not supersede, modify, or minimize the terms and conditions of any prior confidentiality
agreements with Contractor that Consultant has previously executed.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Section 3 - No Solicitation of Employees, Consultants
and Other Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant agrees that during the term of the
Agreement, Consultant shall not either directly or indirectly solicit, induce, recruit or encourage any of Contractor&rsquo;s employees
or other consultants to terminate their relationship with Contractor, or take away such employees or consultants, or attempt to solicit,
induce, recruit, encourage or take away employees or consultants of Contractor, either for itself or for any other person or entity. Further,
during the term of this Agreement, Consultant shall not solicit any licensor to or customer of Contractor or licensee of Contractor&rsquo;s
products, in each case, that are known to Consultant, with respect to any business, products or services that are competitive to the products
or services offered by Contractor or under development.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Article</TD><TD STYLE="text-align: center">VI - Termination</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This Agreement shall terminate upon Consultant&rsquo;s
death or &ldquo;Disability&rdquo; (which for purposes of this Agreement shall mean (x) Consultant&rsquo;s inability to substantially perform
the duties described herein as determined by Contractor in its sole discretion or (y) the meaning provided to such term in the Employment
Agreement). Additionally, Contractor may terminate the consulting relationship and this Agreement at any time with or without Cause by
providing written notice to Consultant. For all purposes of this Agreement, &ldquo;Cause&rdquo; shall mean (i) a willful breach by the
Consultant of a material provision of this Agreement, or (ii) a material and willful violation of a federal or state law or regulation
applicable to the business of Contractor, (iii) the conviction of a felony crime, or (iv) the meaning provided to such term in the Employment
Agreement. Except as expressly provided herein, no further compensation or benefits will be paid or provided to the Consultant under this
Agreement for periods following the date of termination of this Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Article</TD><TD STYLE="text-align: center">VII - Miscellaneous Provisions</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Section 1 - Prior Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This Agreement embodies and constitutes the
entire understanding between the parties with respect to the transaction contemplated herein, and all prior agreements, understandings,
representations and statements, oral or written, are superseded by this Agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Section 2 - Amendments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Neither this Agreement nor any provisions hereof
may be waived, modified, amended, discharged or terminated, except by an instrument signed by the party against whom the enforcement of
such waiver, modification, amendment, discharge or termination is sought, and then only to the extent set forth in such instrument.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Section 3 - Assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective heirs, successors and/or permitted assigns; provided, however, that Consultant
may not assign this Agreement without the prior written consent of Contractor in its sole discretion. Contractor may assign its rights
and obligations under this Agreement to any other party in its discretion.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Section 4 - Availability of Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">All financial statements, reports, billings
and other documents shall properly reflect the facts about all activities and transactions handled for the accounts of Contractor. Contractor&rsquo;s
duly authorized representatives shall have, during the term of this Agreement and for three years thereafter, access at all reasonable
times to all of the Consultant&rsquo;s accounts and records that may be needed to verify and audit compliance with the provisions of this
Agreement and all charges to Contractor.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Section 5 - Business Ethics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall exercise reasonable care and
diligence to prevent any actions or conditions which could result in a conflict with Contractor&rsquo;s interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant represents and warrants that its
execution of this Agreement and the Services hereunder does not, and will not, violate the terms of any other agreement to which Consultant
is (or was) a party, or violate any legal obligations to any other person or entity, or cause a conflict of interest with respect to Consultant&rsquo;s
employment or other service obligations. Consultant further represents and warrants that, while working for the Contractor, it will not
violate the terms of any other agreement to which it is (or was) a party, or violate Consultant&rsquo;s legal obligations to any other
person or entity, or cause a conflict of interest with respect to Consultant&rsquo;s employment or other service obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">During the term of this Agreement, Consultant
shall not accept any employment or engage in any work which creates a conflict of interest or competes with Contractor. Before engaging
in an activity which may compete with Contractor or may give rise to a conflict of interest or the perception of such conflict of interest,
Consultant shall disclose to Contractor its contemplated activity and obtain Contractor&rsquo;s express written approval before proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall not offer gifts, entertainment,
payments, loans or other considerations to Contractor&rsquo;s employees, their families, vendors, subcontractors and other third parties
for the purpose of influencing such persons to act contrary to Contractor&rsquo;s interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall immediately notify Contractor
of all violations of this provision upon becoming aware of such violation.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Section 6 - Consequential Damages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Neither party nor its affiliates, nor their
officers, directors, employees or agents shall be liable hereunder to the other party or its affiliates for consequential or indirect
loss or damage, including loss of profit, loss of use, loss of revenue or any other special or incidental damages.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Section 7 - Business Opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This Agreement shall in no way be construed
to (i) preclude in any way either party from pursuing any other business opportunities; (ii) establish any relationship between Contractor
and Consultant with respect to such business opportunities; or (iii) establish any relationship between Contractor and Consultant with
respect to the transaction that is the subject of this Agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Section 8 - Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Any notice given under this Agreement shall
be in writing and shall be hand delivered, sent by registered or certified mail, or delivered by a reputable overnight courier such as
Federal Express to the parties at their respective addresses specified above.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Section 9 - Severability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The terms of this Agreement shall be deemed
severable so that if any term should be found illegal or unenforceable, the remaining terms shall nevertheless continue in full force
and effect.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Section 10 - Indemnity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall indemnify Contractor from
and against all losses, claims, expenses, damages and liabilities (including, without limitation, any taxes, penalties, fees, or other
costs) which arise out of any: (i) breach of this Agreement by Consultant or (ii) violation by Consultant of any applicable laws in connection
with this Agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Section 11 - Insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall, at its own expense, maintain
for the term of this Agreement on its own behalf, and on behalf of any its agents, a professional indemnity insurance policy to a minimum
value specified by Contractor for any one originating cause for any liability arising from a breach of professional duty, whether owed
in contract or otherwise, by reason of any act or omission of the Consultant in providing the Services.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Section 12 - Governing Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This Agreement shall be interpreted, governed
and construed under the laws of the State of Florida as if it were executed and performed wholly within the State of Florida.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">IN WITNESS WHEREOF, the parties hereto have
signed this Agreement on the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">Consultant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify"><U>/s/ Joseph Hernon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">By: Joseph Hernon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">Red Cat Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify"><U>/s/ Jeff Thompson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">By: Jeff Thompson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">Title: CEO</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: center">EXHIBIT A</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Section A - Scope of
Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">During the term of this Agreement, Consultant
shall report directly to the Contractor&rsquo;s Board of Directors or the Company&rsquo;s Chief Financial Officer (either the &ldquo;Supervisor&rdquo;).
Consultant&rsquo;s duties under this Agreement shall consist of providing consulting advice in response to specific requests for such
services by the Supervisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall not enter into any agreements,
commitments or subcontracts or retain, hire or employ the services of subcontractors, third parties or others without the prior written
approval of the Supervisor.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Section B - Period of
Performance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The term of this Agreement shall begin upon
the Effective Date and will continue thereafter until the end of the day on June 30, 2027 unless sooner terminated pursuant to the provisions
of this Agreement (such earliest date is the &ldquo;Expiration Date&rdquo;).</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Section C - Compensation</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Paragraph1 - Consulting Fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><B>a. <I>Fixed Fee</I></B>.
For the period from the Effective Date through June 30, 2024, Consultant shall be paid at annualized rate of $230,000 with installment
payments being provided to Consultant once per month in March 2024 and July 2024 and twice per month from April 2024 through June 2024.
This fixed fee amount shall in all cases be paid to Consultant except payments shall promptly terminate in the event of Consultant&rsquo;s
death or termination due to Disability, Consultant&rsquo;s breach of his obligations to Contractor, or Consultant&rsquo;s termination
for Cause by Contractor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0in"><B>b. <I>Variable Fee</I></B>.
For the period from July 1, 2024 through the Expiration Date, Consultant shall be paid at the hourly rate of $350 for Services actually
performed by Consultant in response to written requests for such Services by Supervisor.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Paragraph2 - Out of Pocket
Expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall be reimbursed for all reasonable
out of pocket expenses incurred by Consultant in performing the Services pursuant to this Agreement provided Consultant receives written
approval from the Supervisor prior to incurring such expenses.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Paragraph3 - Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall provide Contractor with a
statement of its Services and out-of-pocket expenses within ten days after the end of each calendar month covering the previous calendar
month&rsquo;s charges. Consultant shall keep records of the hours worked on behalf of Contractor, together with an explanation of the
Services performed during such time period. Consultant shall provide Contractor with a copy of such records with its monthly statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consultant shall provide its statement to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Attention: Chief Financial Officer<BR>
Red Cat Holdings, Inc.<BR>
15 Ave. Munoz Rivera Ste 5<BR>
San Juan, Puerto Rico 00901-2510</P>

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<FILENAME>rcat0318form8kexh99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 0 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit
99.1</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 0 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left; width: 50%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">March 18, 2024</FONT></TD>
  <TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="logo.jpg" ALT="" STYLE="height: 51px; width: 225.6px"></TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 0 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 0 7pt; text-align: right"></P>

<P STYLE="font: bold 24pt/100% Arial, Helvetica, Sans-Serif; margin: 0.05pt 59.8pt 0 7pt; text-align: center">Red Cat Holdings Reports
Financial Results for Fiscal Third Quarter 2024 and Provides Corporate Update</P>

<P STYLE="font: 14pt/102% Arial, Helvetica, Sans-Serif; margin: 16.1pt 6.6pt 0 0; text-align: center"><I>Red Cat reports record revenue
for the company in Fiscal Third Quarter 2024, the third consecutive quarter of double-digit sequential growth</I></P>

<P STYLE="font: 12pt/102% Arial, Helvetica, Sans-Serif; margin: 16.1pt 6.6pt 0 0; text-align: justify">SAN JUAN, Puerto Rico, Mar. 18,
2024 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (&ldquo;Red Cat&rdquo; or &ldquo;Company&rdquo;), a drone technology company
integrating robotic hardware and software for military, government, and commercial operations, reports its financial results for the second
quarter ended March 18, 2024, and provides a business <FONT STYLE="letter-spacing: -0.1pt">update.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 12.2pt 0 0 7pt; text-align: justify"><B>Operating <FONT STYLE="letter-spacing: -0.1pt">Highlights:</FONT></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/18pt Times New Roman, Times, Serif; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Continued global expansion with entry into Latin&nbsp;America and Middle East
markets</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/18pt Times New Roman, Times, Serif; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Partnered with Primordial Labs to integrate AI-driven voice control technology
to its platforms</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/18pt Times New Roman, Times, Serif; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Part of successful joint drone industry effort resulting in the passing&nbsp;of
the American Security Drone Act by Congress</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/18pt Times New Roman, Times, Serif; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Red Cat subsidiary, Teal Drones, received $750k Manufacturing Modernization
Grant from the State of Utah</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/18pt Times New Roman, Times, Serif; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Selected as finalist for US Army's Short Range Reconnaissance program with
$3M extended contract award&nbsp;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/18pt Times New Roman, Times, Serif; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In Q4, Retired Four-Star Army General Paul Edward Funk II joined Red Cat&rsquo;s
Board of Directors</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 12pt/102% Arial, Helvetica, Sans-Serif; margin: 12.45pt 0 0"><B>Financial <FONT STYLE="letter-spacing: -0.1pt">Highlights:</FONT></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/18pt Times New Roman, Times, Serif; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Record revenues of $5.8 million for fiscal third quarter ending January 31,
2024, representing growth of more than 250% compared to the prior-year period and 49% on a sequential basis</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/18pt Times New Roman, Times, Serif; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Funded backlog remained strong as of January 31, 2024, at $5.1 million </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/18pt Times New Roman, Times, Serif; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Closed the sale of the Consumer segment on February 16, 2024, resulting in
4,250,000 shares of UMAC common stock issued to Red Cat, a $1 million cash payment, and a $2 million note payable to Red Cat</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/18pt Times New Roman, Times, Serif; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$12.7 million of combined Cash and Account Receivable balances as of January
31, 2024</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 12pt/18pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0 0 9.6pt 9pt; text-align: justify; background-color: white"><FONT STYLE="font-family: Helvetica Neue; font-size: 16.5pt; color: #1D2228">&quot;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Red
Cat has continued to meet global customer demand resulting in record third quarter revenue that is more than 250 percent above the same
period in our previous fiscal year,&quot; said Jeff Thompson, Red Cat Chairman and Chief Executive Officer. &quot;The Teal 2 drone has
quickly become the small uncrewed system of choice and our ability to scale production has been well received by our domestic and international
customers. We believe we are well positioned for the U.S. Department of Defense Replicator Initiative and the U.S. Army&rsquo;s Short
Range Reconnaissance Program of Record being awarded later this&nbsp;year, in which we are one of two finalists.&quot;</FONT></P>

<P STYLE="font: 12pt/18pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 9.6pt 9pt; text-align: justify; background-color: white">&quot;With
the increasing demand for our drone solutions with U.S. Defense and Security Forces and NATO Allies, our growing pipeline and strong backlog,
Red Cat is positioned for continued growth.&nbsp; Our guidance for the upcoming fourth quarter of $7 million will be another record quarter
and continued double digit sequential growth into fiscal year 2025,&quot; Thompson added.</P>

<P STYLE="font: 12pt/18pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 9pt; background-color: white">&ldquo;We
are reporting record revenues again for the third quarter of fiscal 2024,&rdquo; stated Leah Lunger, Interim Chief Financial Officer.
&ldquo;Having closed the sale of our Consumer segment, we look forward to focusing exclusively on the expanding opportunities for our
Enterprise segment, such as external partnerships, entrance into new global markets, and delivering Army prototypes between now and the
beginning of fiscal 2025.&rdquo;</P>

<P STYLE="font: 12pt/102% Arial, Helvetica, Sans-Serif; margin: 12.25pt 7.05pt 0 7pt; text-align: justify"><U>Retirement of Chief Financial
Officer and Appointment of Leah Lunger as Interim Chief Financial Officer</U></P>

<P STYLE="font: 12pt/18pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 9pt; background-color: white">&ldquo;With
the sale of the Consumer Segment completed and the focus solely on Teal Drones going forward, it&rsquo;s a perfect time to slightly accelerate
my planned retirement date,&rdquo; stated Joseph Hernon. &ldquo;I&rsquo;ve thoroughly enjoyed working with Leah over the past three plus
years and congratulate her on a hard-earned, well-deserved promotion.&rdquo;</P>

<P STYLE="font: 12pt/18pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 9pt; background-color: white">&ldquo;Joseph
and I have worked together for more than 12 years at two technology companies, and I thank him for deferring his previously planned retirement
for four years to assist in the maturation of Red Cat from an early-stage development,&rdquo; said Jeff Thompson. &ldquo;He built an All-Star
corporate finance team and left us in good hands.&rdquo;</P>

<P STYLE="font: 12pt/18pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 9pt; background-color: white">&ldquo;Red
Cat is pleased to announce Leah Lunger as interim Chief Financial Officer. She has done a stellar job, and the company expects this to
become a permanent position for Lunger,&rdquo; added Thompson.</P>

<P STYLE="font: 12pt/18pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 9pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 12.25pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 12.25pt 0 0; text-align: justify; text-indent: 7pt"><B>Earnings Conference
<FONT STYLE="letter-spacing: -0.2pt">Call</FONT></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 12.45pt 0 0 7pt; text-align: justify">CEO Jeff Thompson and <FONT STYLE="letter-spacing: 0.55pt">Interim
</FONT>CFO <FONT STYLE="letter-spacing: 0.55pt">Leah Lunger</FONT> will host an earnings conference call at <FONT STYLE="letter-spacing: -0.2pt">4:30
</FONT>p.m. ET on Monday, March 18, 2024, to review financial results and provide an update on corporate developments. Following management&rsquo;s
formal remarks, there will be a question- and-answer session.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 12.45pt 0 0 7pt; text-align: justify">Interested parties can listen to the
conference call by dialing 1-844-413-3977 (within the U.S.) or 1-412-317-1803 (international). Callers should dial in approximately ten
minutes prior to the start time and ask to be connected to the Red Cat conference call. Participants can also pre-register for the call
using the following link: https://dpregister.com/sreg/10187092/fbc7e3a874</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 12.45pt 0 0 7pt; text-align: justify">The conference call will also be available
through a live webcast that can be accessed at:&nbsp;https://event.choruscall.com/mediaframe/webcast.html?webcastid=GS7MpfTG</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 12.45pt 0 0 7pt; text-align: justify">A replay
of the webcast will be available until June 18, 2024, and can be accessed through the above link or at <FONT STYLE="background-color: white">www.redcat.red</FONT>.
A telephonic replay will be available until April 1, 2024, by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and
using access code <FONT STYLE="background-color: white">8799674</FONT>.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 12.15pt 0 0 7pt; text-align: justify"><B>About Red Cat</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7pt; text-align: justify"><FONT STYLE="color: #232528; background-color: white">Red
Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government and commercial operations.
Red Cat&rsquo;s solutions are designed to &ldquo;</FONT><FONT STYLE="color: #CC3366; background-color: white">Dominate the Night&trade;</FONT><FONT STYLE="color: #232528; background-color: white">&rdquo;
and include the Teal 2, a small unmanned system offering the highest-resolution thermal imaging in its class. Learn more at </FONT><FONT STYLE="background-color: white">www.redcat.red<FONT STYLE="color: #232528">.</FONT></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7pt; text-align: justify"><FONT STYLE="background-color: white"><FONT STYLE="color: #232528">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7pt; text-align: justify"><B>Forward Looking <FONT STYLE="letter-spacing: -0.1pt">Statements</FONT></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"></FONT>This
press release contains &quot;forward-looking statements&quot; that are subject to substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements
contained in this press release may be identified by the use of words such as &quot;anticipate,&quot; &quot;believe,&quot; &quot;contemplate,&quot;
&quot;could,&quot; &quot;estimate,&quot; &quot;expect,&quot; &quot;intend,&quot; &quot;seek,&quot; &quot;may,&quot; &quot;might,&quot;
&quot;plan,&quot; &quot;potential,&quot; &quot;predict,&quot; &quot;project,&quot; &quot;target,&quot; &quot;aim,&quot; &quot;should,&quot;
&quot;will&quot; &quot;would,&quot; or the negative of these words or other similar expressions, although not all forward-looking statements
contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.'s current expectations and are subject to inherent
uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions
as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section
titled &quot;Risk Factors&quot; in the final prospectus related to the public offering filed with the Securities and Exchange Commission.
Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to
update such information except as required under applicable law.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 12.55pt 0 0 7pt"><FONT STYLE="letter-spacing: -0.1pt"><B>Contacts:</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 12.5pt 0 0 7pt"><FONT STYLE="letter-spacing: -0.1pt">INVESTORS:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0 7pt">E-mail: <FONT STYLE="color: #0000ED; letter-spacing: -0.1pt">Investors@redcat.red</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.85pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/102% Arial, Helvetica, Sans-Serif; margin: 0.05pt 418.15pt 0 7pt">NEWS MEDIA: Indicate Media</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0 7pt">Phone: (347) 880-2895</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7pt">Email:&nbsp;peter@indicatemedia.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 9pt; text-align: center; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"><B>RED
    CAT HOLDINGS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 9pt; text-align: center; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"><B>Condensed
    Consolidated Balance Sheets</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 20pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 20pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 20pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 20pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: center; padding-left: 20pt"><B>&nbsp;</B></TD><TD STYLE="text-align: center; font-size: 9pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><B>January 31,</B></TD><TD STYLE="text-align: center; font-size: 9pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><B>April 30,</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: center; padding-left: 20pt"><B>&nbsp;</B></TD><TD STYLE="text-align: center; font-size: 9pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: center"><B>2024</B></TD><TD STYLE="text-align: center; font-size: 9pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: center"><B>2023</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: -10pt"><B>ASSETS</B></TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 20pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 62%; font-size: 9pt; text-align: left; padding-left: 10pt">Cash and marketable securities</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 15%; font-size: 9pt; text-align: right">7,697,335</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 15%; font-size: 9pt; text-align: right">15,987,687</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 10pt">Intangible assets including goodwill, net</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">23,685,067</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">24,335,836</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 10pt">Inventory, including deposits</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">10,063,812</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">9,280,073</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 10pt">Accounts receivable, net</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">5,091,724</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">719,862</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-size: 9pt; padding-left: 10pt">Other</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">5,061,948</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">4,478,080</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 10pt">Assets of discontinued operations</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">3,717,313</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">5,391,552</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: -10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: -10pt; font-size: 9pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">TOTAL ASSETS</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: right">55,317,199</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: right">60,193,090</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; padding-left: 0pt">LIABILITIES AND STOCKHOLDERS' EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 10pt">Accounts payable and accrued expenses</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">3,270,795</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">1,957,975</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 10pt">Debt obligations</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">899,935</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">1,323,707</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 10pt">Warrant derivative liability</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">285,384</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">588,205</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 10pt">Operating lease liabilities</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">492,162</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">661,263</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Liabilities of discontinued operations</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">796,210</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">1,052,315</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 20pt">Total liabilities</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">5,744,486</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">5,583,465</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 10pt">Stockholders&rsquo; capital</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">121,135,099</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">110,057,535</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 20pt">Accumulated deficit/comprehensive loss</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(71,562,386</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(55,447,910</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 20pt">Total stockholders' equity</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">49,572,713</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">54,609,625</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: -10pt; font-size: 9pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: right">55,317,199</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: right">60,193,090</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>



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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 14pt; font-weight: bold; text-align: center">Condensed Consolidated Statements of Operation</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 11pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 11pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 11pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three months ended January 31,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine months ended January 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2024</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2023</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2024</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 37%; text-indent: -10pt; padding-left: 10pt">Revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">5,847,933</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,667,683</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">11,526,930</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">3,541,846</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font-size: 11pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Cost of goods sold</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,746,282</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,764,612</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,050,032</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,432,804</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font-size: 11pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Gross Margin</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,101,651</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(96,929</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,476,898</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109,042</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font-size: 11pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Operating Expenses</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">527,447</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">663,668</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,675,795</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,131,789</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Research and development</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,125,268</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,221,738</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,251,285</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,938,658</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Sales and marketing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">883,982</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,015,412</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,546,380</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,986,121</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">General and administrative</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,426,531</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,397,667</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,329,760</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,275,385</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Stock based compensation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">585,771</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">788,691</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,693,702</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,790,958</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 30pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,548,999</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,087,176</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,496,922</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,122,911</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Operating loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,447,348</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,184,105</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,020,024</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15,013,869</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-size: 11pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Other (income) expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(258,015</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">151,818</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">818,901</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(254,762</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-size: 11pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net loss from continuing operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,189,333</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,335,923</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,838,925</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,759,107</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-size: 11pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Loss from discontinued operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,299,205</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(330,079</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,141,289</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(962,971</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -3.5pt; padding-left: 3.5pt">Net loss</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(5,488,538</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(5,666,002</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(16,980,214</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(15,722,078</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font-size: 11pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 12.5pt">Loss per share - basic and diluted</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0.10</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0.10</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0.31</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0.29</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font-size: 11pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Weighted average shares outstanding - basic and diluted</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">55,688,114</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">54,294,116</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">55,409,930</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">54,050,127</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 14pt; font-weight: bold; text-align: center">Condensed Consolidated Statements of Cash Flows</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine months ended January 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Cash Flows from Operating Activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 62%; font-size: 9pt; text-align: left; text-indent: -10pt; padding-left: 20pt">Net loss from continuing operations</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 15%; font-size: 9pt; text-align: right">(14,838,925</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">)</TD><TD STYLE="width: 3%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 15%; font-size: 9pt; text-align: right">(14,759,107</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -10pt; padding-left: 20pt">Non-cash expenses</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">4,250,925</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">2,752,691</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Changes in operating assets and liabilities</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(4,766,934</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(4,799,734</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Net cash used in operating activities</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(15,354,934</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(16,806,150</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Cash Flows from Investing Activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -10pt; padding-left: 20pt">Proceeds from sale of marketable securities</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">12,826,217</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">24,282,117</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Other</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(184,532</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(1,985,882</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Net cash provided by investing activities</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">12,641,685</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">22,296,235</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Cash Flows from Financing Activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -10pt; padding-left: 20pt">Payments of debt obligations, net</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(423,772</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(498,576</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -10pt; padding-left: 20pt">Payments related to employee equity transactions</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(20,949</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(594,454</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Proceeds from issuance of common stock, net</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">8,404,812</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Net cash provided by (used in) financing activities</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">7,960,091</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(1,093,030</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Net cash used in discontinued operations</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(683,041</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(4,588,708</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Net increase (decrease) in Cash</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">4,563,801</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(191,653</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Cash, beginning of period</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">3,260,305</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">4,084,815</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-indent: -10pt; padding-left: 10pt">Cash, end of period</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">7,824,106</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">3,893,162</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Less: Cash of discontinued operations</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(126,771</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(84,058</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-indent: -10pt; padding-left: 10pt">Cash of continuing operations, end of period</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">7,697,335</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">3,809,104</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Marketable securities</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">20,730,033</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Cash of continuing operations and marketable securities</TD><TD STYLE="font-size: 9pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">7,697,335</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">24,539,137</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: left; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.8pt 0 0"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 24pt; width: 96pt"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 4.15pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0.05pt; margin-right: 0; margin-bottom: 0">Source: Red Cat Holdings, <FONT STYLE="letter-spacing: -0.2pt">Inc.</FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>rcat-20140315_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
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<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140271103694512">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Mar. 15, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Mar. 15,  2024<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-40202<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Red
Cat Holdings, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000748268<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">88-0490034<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">NV<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">15
    Ave. Munoz Rivera<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Ste
    2200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">San
    Juan<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">PR<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">00901<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">833<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">373-3228<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common
    stock<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">RCAT<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:countryCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:fileNumberItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>dei_</td>
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<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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