<SEC-DOCUMENT>0001554795-25-000060.txt : 20250310
<SEC-HEADER>0001554795-25-000060.hdr.sgml : 20250310
<ACCEPTANCE-DATETIME>20250310134845
ACCESSION NUMBER:		0001554795-25-000060
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20250310
DATE AS OF CHANGE:		20250310

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:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-285669
		FILM NUMBER:		25723053

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>rcat0310forms3.htm
<DESCRIPTION>FORM S-3
<TEXT>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No. 333 - ______</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on March 10, 2025</B></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM S-3</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OF 1933 </B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>RED CAT HOLDINGS, INC.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 34%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nevada</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>7372</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>88-0490034</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or jurisdiction of</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Primary Standard Industrial</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Classification Code Number)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt; font: 11pt Times New Roman, Times, Serif; text-align: center"><B>15 Ave. Munoz Rivera, Ste.
2200</B></P>

<P STYLE="margin: 0pt; font: 11pt Times New Roman, Times, Serif; text-align: center"><B>San Juan, PR 00901</B></P>

<P STYLE="margin: 0pt; font: 11pt Times New Roman, Times, Serif; text-align: center"><B>(833) 373-3228</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone number,
including area code of registrant&rsquo;s principal executive offices)</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">VCorp Services, LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">701 S. Carson St., Ste. 200</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Carson City, NV 89701</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(888) 528-2677</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, address, including zip code, and telephone number,
including area code, of agent for service)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Copies to:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt"><B>Joe Laxague, Esq.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt"><B>The Crone Law Group, P.C.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: center"><B>1 East Liberty, Suite 600</B></TD></TR>
  <TR>
    <TD STYLE="text-align: center"><B>Reno, NV 89501</B></TD></TR>
  <TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt"><B>Telephone: (775) 234-5221</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Approximate date of commencement of proposed sale
to the public: From time to time after the effective date of this registration statement.</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; text-align: justify">If the only securities being registered on this Form
are being offered pursuant to dividend or interest reinvestment plans, please check the following box: <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></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; text-align: justify">If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box.
<FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9745;</FONT></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">If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration
statement for the same offering. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If this Form is a registration statement pursuant to General Instruction
I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the
Securities Act, check the following box. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If this Form is a post-effective amendment to a registration statement
filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule
413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></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; text-align: justify">Indicate by check mark whether the registrant is a
large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See
the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo;, &ldquo;smaller reporting company&rdquo; and
&ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9745;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9745;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Emerging growth company</FONT></TD>
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  </TABLE>
<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">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 13(a) of the Exchange Act. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities
Act of 1933, or until this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting
pursuant to Section 8(a), may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #D2232A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #D2232A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #D2232A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #D2232A"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #D2232A"><B>The information contained in this preliminary
prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities
and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an
offer to buy these securities in any state where the offer or sale is not permitted.</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; padding-bottom: 2.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #D2232A"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #D2232A"><B>PRELIMINARY PROSPECTUS</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 31%; padding-bottom: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #D2232A"><B>SUBJECT TO COMPLETION</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-bottom: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #D2232A"><B>DATED MARCH 10, 2025</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="logo.jpg" ALT="" STYLE="height: 55.9px; width: 206.7px"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><B>Red Cat Holdings, Inc.</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>13,375,000 Shares of Common Stock to be Offered
by the Selling Stockholder</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-bottom: 2.25pt">&nbsp;</TD></TR>
  </TABLE>
<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; text-align: justify; text-indent: 0.5in">This prospectus relates to the
proposed resale or other disposition from time to time of up to 13,375,000 shares of common stock, $0.001 par value per share, of Red
Cat Holdings, Inc. (the &ldquo;Company&rdquo;) by the selling shareholder identified in this prospectus. We are not selling any shares
of common stock under this prospectus and will not receive any of the proceeds from the sale or other disposition of common stock by the
selling shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The selling shareholder or its
pledgees, assignees or successors-in-interest may offer and sell or otherwise dispose of the shares of common stock described in this
prospectus from time to time through public or private transactions at prevailing market prices, at prices related to prevailing market
prices or at privately negotiated prices. The selling shareholder will bear all commissions and discounts, if any, attributable to the
sales of such shares. We will bear all other costs, expenses and fees in connection with the registration of such shares. See &ldquo;Plan
of Distribution&rdquo; beginning on page 5 for more information about how the selling shareholder may sell or dispose of its shares of
common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our common stock is listed on
The Nasdaq Capital Market under the symbol &ldquo;RCAT.&rdquo; The last reported per share price for our common stock was $5.28, as quoted
on The Nasdaq Capital Market on March 6, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Investing in our common stock
involves a high degree of risk. Before deciding whether to invest in our common stock, you should consider carefully the risks that we
have described on page 3 of this prospectus under the caption &ldquo;Risk Factors&rdquo; and in the documents incorporated by reference
into this prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities and
Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or
accuracy of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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; text-align: center">The date of this prospectus is March 10, 2025.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1.5pt"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">About this Prospectus</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">Cautionary Statement Regarding Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="vertical-align: top; width: 48px; text-align: center"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">Prospectus Summary</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">4</FONT></A></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">9</FONT></A></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">10</FONT></A></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">Selling Shareholder</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">10</FONT></A></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">Plan of Distribution</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">11</FONT></A></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">Legal Matters</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">12</FONT></A></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><A HREF="#a_009"><FONT STYLE="font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="#a_009"><FONT STYLE="font-size: 10pt">13</FONT></A></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><A HREF="#a_010"><FONT STYLE="font-size: 10pt">Where you can find more information</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="#a_010"><FONT STYLE="font-size: 10pt">13</FONT></A></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><A HREF="#a_011"><FONT STYLE="font-size: 10pt">Incorporation of Certain Documents by Reference</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="#a_011"><FONT STYLE="font-size: 10pt">13</FONT></A></TD></TR>
  </TABLE>
<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; text-align: justify; text-indent: 0.5in"><B>You should rely only on information
contained in this prospectus. We have not authorized anyone to provide you with additional information or information different from that
contained in this prospectus. Neither the delivery of this prospectus nor the sale of our securities means that the information contained
in this prospectus is correct after the date of this prospectus. This prospectus is not an offer to sell or the solicitation of an offer
to buy our securities in any circumstances under which the offer or solicitation is unlawful or in any state or other jurisdiction where
the offer is not permitted.</B></P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus is part of a registration
statement that we have filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;), pursuant to which the selling shareholder
may, from time to time, offer and sell or otherwise dispose of the securities covered by this prospectus. You should not assume that the
information contained in this prospectus is accurate on any date subsequent to the date set forth on the front cover of this prospectus
or that any information we have incorporated by reference is correct on any date subsequent to the date of the document incorporated by
reference, even though this prospectus is delivered or securities are sold or otherwise disposed of on a later date. It is important for
you to read and consider all information contained in this prospectus, including the information incorporated by reference into this prospectus,
in making your investment decision. You should also read and consider the information in the documents to which we have referred you under
the captions &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Important Information Incorporated by Reference&rdquo; in this
prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
we nor the selling shareholder have authorized any dealer, salesman or other person to give any information or to make any representation
other than those contained or incorporated by reference in this prospectus. You should not rely upon any information or representation
not contained or incorporated by reference in this prospectus. This prospectus does not constitute an offer to sell or the solicitation
of an offer to buy any of our securities other than the securities covered hereby, nor does this prospectus constitute an offer to sell
or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation
in such jurisdiction. Persons who come into possession of this prospectus in jurisdictions outside the United States are required to inform
themselves about, and to observe, any restrictions as to the offering and the distribution of this prospectus applicable to those jurisdictions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
further note that the representations, warranties and covenants made in any agreement that is filed as an exhibit to any document that
is incorporated by reference in the prospectus were made solely for the benefit of the parties to such agreement, including, in some cases,
for the purpose of allocating risk among the parties to such agreements, and should not be deemed to be a representation, warranty or
covenant to you. Moreover, such representations, warranties or covenants were accurate only as of the date when made. Accordingly, such
representations, warranties and covenants should not be relied on as accurately representing the current state of our affairs.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;The terms &ldquo;Red
Cat,&rdquo; &ldquo;Red Cat Holdings,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; or &ldquo;us&rdquo; in this
prospectus refer to Red Cat Holdings, Inc., unless the context suggests otherwise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>This prospectus does not
constitute, and any prospectus supplement or other offering materials related to an offering of securities described in this prospectus
will not constitute, an offer to sell, or a solicitation of an offer to purchase, the offered securities in any jurisdiction to or from
any person to whom or from whom it is unlawful to make such offer or solicitation in such jurisdiction.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_002"></A>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus contains forward-looking
statements. Such statements include statements regarding our expectations, hopes, beliefs or intentions regarding the future, including
but not limited to statements regarding our market, strategy, competition, development plans (including acquisitions and expansion), financing,
revenues, operations, and compliance with applicable laws. Forward-looking statements involve certain risks and uncertainties, and actual
results may differ materially from those discussed in any such statement. Factors that could cause actual results to differ materially
from such forward-looking statements include the risks described in greater detail in the following paragraphs. All forward-looking statements
in this document are made as of the date hereof, based on information available to us as of the date hereof, and we assume no obligation
to update any forward-looking statement. Market data used throughout this prospectus is based on published third party reports or the
good faith estimates of management, which estimates are based upon their review of internal surveys, independent industry publications
and other publicly available information.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_003"></A>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Overview</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company was originally incorporated
under the laws of the State of Colorado in 1984 under the name Oravest International, Inc. In November 2016, we changed our name to TimefireVR,
Inc. and re-incorporated in Nevada. In May 2019, the Company completed a share exchange agreement with Propware which resulted in the
Propware shareholders acquiring an 83% ownership interest, and management control, of the Company. In connection with the share exchange
agreement, we changed our name to Red Cat Holdings, Inc. (&ldquo;Red Cat&rdquo; or the &ldquo;Company&rdquo; or &ldquo;we&rdquo;) and
our operating focus to the drone industry.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Prior to the share exchange agreement,
Propware was focused on the research and development of software solutions that could provide secure cloud-based analytics, storage and
services for the drone industry. Following the share exchange agreement and its name change, Red Cat has completed a series of acquisitions
and financings which have broadened the scope of its activities in the drone industry. These acquisitions included:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">In January 2020, we acquired Rotor Riot, a reseller of drones and related parts, primarily to the
consumer marketplace through its digital storefront located at www.rotorriot.com. The total purchase price was $2.0 million.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">In November 2020, the Company acquired Fat Shark which sells consumer electronics products to the
first-person view (&ldquo;FPV&rdquo;) sector of the drone industry. Fat Shark&rsquo;s flagship products are headsets with a built-in display
(or &ldquo;goggles&rdquo;) that allow a pilot to see a real-time video feed from a camera typically mounted on an aerial platform or drone.
The total purchase price was $8.4 million.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">In May 2021, we acquired Skypersonic, a provider of drone products and software solutions that enable
drone inspection flights that can be executed by pilots anywhere in the world. Skypersonic powers drones to &ldquo;Fly Anywhere&rdquo;
and &ldquo;Inspect the Impossible&rdquo;. Its patented software and hardware solutions allow for inspection services in restricted spaces
where GPS is denied or unavailable. The total purchase price was $2.8 million.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">In August 2021, the Company acquired Teal, a leader in providing sophisticated and complex unmanned
aerial vehicle (&ldquo;UAV&rdquo;) technology, primarily drones, to government and commercial enterprises, most notably, the military.
Teal manufactures drones approved by the U.S. Department of Defense for reconnaissance, public safety, and inspection applications. The
total purchase price was $10.0 million.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Following the Teal acquisition
in August 2021, we concentrated on integrating and organizing these businesses. Effective May 1, 2022, we established the Enterprise segment
and the Consumer segment to focus on the unique opportunities in each sector. The Enterprise segment&rsquo;s initial strategy was to provide
UAVs to commercial enterprises, and the military, to navigate dangerous military environments and confined industrial and commercial interior
spaces. Subsequently, the segment narrowed its near-term attention on the military and other government agencies. Skypersonic&rsquo;s
technology has been redirected to military applications and its operations consolidated into Teal.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Enterprise segment&rsquo;s
current business strategy is focused on providing integrated robotic hardware and software for use across a variety of applications. Its
solutions provide critical situational awareness and actionable intelligence to on-the-ground warfighters and battlefield commanders as
well as firefighters and public safety officials. Our Enterprise segment&rsquo;s efforts are centered on developing and scaling an American
made family of systems. We have since completed construction of a manufacturing facility in Salt Lake City and believe that an increased
focus by the United States government and American businesses on purchasing products that are &ldquo;Made in America&rdquo; provide our
Enterprise segment with a competitive advantage.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 16, 2024, we closed
the sale of our Consumer segment, consisting of Rotor Riot and Fat Shark, to Unusual Machines, Inc. (or &ldquo;Unusual Machines&rdquo;
or &ldquo;UMAC&rdquo;). The sale reflects our decision to focus our efforts and capital on defense where we believe there are more opportunities
to create long term shareholder value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Key Business Accomplishments during Fiscal 2024
and to date include:</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Scaling Teal 2, a military-grade sUAS Designed
to &ldquo;Dominate the Night&trade;&rdquo;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Following its acquisition by Red
Cat in August 2021, Teal accelerated efforts on the development of its next generation drone for our Enterprise segment. These efforts
culminated in the launch of the Teal 2 in April 2023. The Teal 2 is the first small, unmanned aircraft system (&ldquo;sUAS&rdquo;) designed
to &ldquo;Dominate the Night&rdquo;, when most combat operations take place, through its enhanced capabilities. The Teal 2 offers the
latest intelligence, surveillance, and reconnaissance (&ldquo;ISR&rdquo;) technology and delivers time-critical information that enables
the warfighter to make faster and smarter decisions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Teal 2 is manufactured exclusively
at Teal&rsquo;s purpose-built factory in Salt Lake City, Utah. Teal originally moved into the facility in October 2021. In January 2022,
Teal doubled the size of the facility, which now totals approximately 22,000 square feet, to fully scale production capacity to meet the
forecast growth in demand and to house its expanding team of software and technology engineers. We believe that maximum production capacity
for this facility can reach 5,000 or more drones per month over the next few years, provided that additional capital investments are made
and manufacturing efficiencies realized. Manufacturing in the United States, &ldquo;Made in the USA,&rdquo; is a critical consideration
of the U.S. government and other state and local government agencies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">During Fiscal 2024, Teal continued
to scale the manufacturing facility, including dedicated teams for production and assembly, manufacturing engineering, supply chain and
logistics, warranty and returns, as well as a flight operations team that is focused on manufacturing and quality assurance and quality
control.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Designation of Teal 2 as Blue UAS received from
U.S. Department of Defense</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In June 2023, the Teal 2 received
clearance from the U.S. Department of Defense (&ldquo;DoD&rdquo;) to be designated as a Blue UAS. The DoD defines these drones as NDAA
(National Defense Authorization Act) compliant, validated as cyber secure, and safe to fly. This designation enables Teal to fill orders
from federal, state, and local government agencies subject to oversight by the DoD, including those orders that were contingent upon receiving
certification. In addition, many governments of allied nations are more likely to purchase Blue UAS approved drones. Teal&rsquo;s legacy
drone, the Golden Eagle, is also on the cleared list.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">After the U.S. Army banned its
forces from using Chinese-made quadcopters due to security risks (the radio controls of the drone are unencrypted and the devices could
potentially capture, store and upload sensitive information to the Chinese government), the DoD began developing its own alternatives
under a defense program known as Blue sUAS. Blue sUAS is an initiative of the Defense Innovation Unit (&ldquo;DIU&rdquo;), the only DoD
organization focused on accelerating the adoption of commercial and dual use technology to solve operational challenges at a speed and
scale that is faster and higher than normal for government agencies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Red Cat Futures Initiative</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In May 2024, we announced the
formation of the Red Cat Futures Initiative (RFI). RFI is an independent, industry-wide consortium of robotics and autonomous systems
(RAS) partners dedicated to putting the most advanced and interoperable uncrewed aircraft systems into the hands of warfighters. Anchored
by Red Cat&rsquo;s Teal Drones, the RFI unites the world&rsquo;s most innovative UAS hardware and software companies focused on AI/ML,
swarming, FPV, command and control, and payloads.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Founding members include Ocean
Power Technologies (NYSE: OPTT), Sentien Robotics, Primordial Labs, Athena AI, Unusual Machines, Reach Power, Doodle Labs, and MMS Products.
The shared goal is advocacy, integrations and comarketing that bridges considerable technology gaps through modular open architecture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Government Contracts and Orders</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Enterprise segment is focused
on U.S. federal government agencies, particularly the DoD, as its initial target market. Its longer term target customer base includes
U.S. state and local government agencies, as well as governments of foreign allies. An overview of existing government contracts and recent
developments include:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Selection for U.S. Army Short Range Reconnaissance
Program of Record</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On November 19, 2024, we announced
that Teal was selected as the winner of the U.S. Army&rsquo;s Short Range Reconnaissance (SRR) Program of Record. The goal of the program
is to provide a small, rucksack portable, fully encrypted small, unmanned aircraft system (&ldquo;sUAS&rdquo;) that provides all Army
infantry platoons (consisting of 20-50 soldiers) with situational awareness beyond the next terrain. The production selection was made
after a test and evaluation process of Teal&rsquo;s next generation sUAS, completed by the Army Project Management Office for Uncrewed
Aircraft Systems, Army Maneuver Battle Lab, Army Test and Evaluation Command, and Army Operational Test Center.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>U.S. Border Patrol</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>$1.8 Million Purchase Order from U.S. Border Patrol</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In September 2023, Teal was awarded
a $1.8 million contract from U.S. Customs and Border Protection to provide Teal 2 systems to U.S. Border Patrol. The U.S. Border Patrol
is using the Teal 2 to provide supplemental airborne reconnaissance, surveillance and tracking capability, enhancing situational awareness
for U.S. field commanders and agents.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Customs and Border Protection Contract Worth up
to $90 Million over Five Years</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In December 2021, Teal was one
of only five contractors designated to participate in a firm, fixed price, multiple award blanket purchase agreement (BPA) by the United
States Customs and Border Protection. The BPA has an estimated value of $90 million in total over a 5-year period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Department of Homeland Security
agencies can place orders through the BPA for unmanned aircraft systems (UAS). The drones will provide supplemental airborne reconnaissance,
surveillance, and tracking capability to enhance situational awareness for field commanders and agents in areas that lack nearby traditional
surveillance systems or available manned air support.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>U.S. Defense Logistics Agency</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In August 2023, Teal received
two purchase orders totaling $5.2 million from the U.S. Defense Logistics Agency (DLA). Both orders were requested by U.S. Air Force Security
Forces, whose role is to defend Air Force bases and installations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The procurements were sourced
by global operations support company Noble Supply &amp; Logistics, LLC (NOBLE) as part of the DLA&rsquo;s Special Operational Equipment
Tailored Logistics Support (&ldquo;SOE TLS Program&rdquo;). NOBLE is a DLA-designated provider for the SOE TLS Program. This 10-year program,
capped at $33 billion, covers the delivery of logistics support to federal agencies, military bases and other DLA customers worldwide,
helping them meet their special operational equipment requirements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NATO Allied Countries</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In March 2024, Teal received $2.5
million in new contract awards with two NATO allied countries. As part of our expanded global sales strategy, the contract delivery featured
Teal 2 drone systems, training, and accessories.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Recent Developments</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Acquisition from Flightwave Aerospace Systems Corporation;
Contracts to Supply the Edge 130 Blue Drone</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On September 4, 2024, the Company,
Teal, Teal subsidiary FW Acquisition, Inc. entered into an Asset Purchase Agreement (the &ldquo;APA&rdquo;) with and Flightwave Aerospace
Systems Corporation, a Delaware corporation (&ldquo;Flightwave&rdquo;). Under the APA, the Company acquired Flightwave&rsquo;s assets
used in designing, developing, manufacturing, and selling long range, AI-Powered Unmanned Aerial Vehicles for commercial use. The purchase
price under the APA was equal to $14 million worth of shares of the Company&rsquo;s common stock, paid as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">$7 million worth of the Company&rsquo;s common stock issued on September 30, 2024, at a price per
share equal to the VWAP on such date, which was paid to the preferred shareholders of Flightwave as set forth in a schedule to the APA;
and</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">$7 million worth of the Company&rsquo;s common stock to issued on December 31, 2024, at a price per
share equal to the VWAP on such date, of which (i) $2 million was paid to preferred shareholders of Flightwave, and (ii) $5 million waspaid
to common shareholders and option-holders of Flightwave as set forth in a schedule to the APA.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The acquisition brought the Edge
130, Flightwave&rsquo;s Blue UAS approved military-grade tricopter, into Red Cat&rsquo;s family of low-cost, portable unmanned reconnaissance
and precision lethal strike systems. On October 6, 2024, the Company secured $1.6 million in contracts to supply the Edge 130 Blue drones
to the U.S. Customs &amp; Border Protection. On October 15, 2024, the Company secured a $1 million contract to supply Edge 130 Blue Drones
to the United States Army Communications-Electronics Command (CECOM).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Financings with Lind Global Asset Management X
LLC</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On September 23, 2024, the Company
entered into a Securities Purchase Agreement (the &ldquo;SPA&rdquo;) with Lind Global Asset Management X LLC (&ldquo;Lind X&rdquo;). Upon
closing of the SPA, the Company received $8 million in funding from Lind X in exchange for its issuance to Lind X of a Senior Secured
Convertible Promissory Note in the amount of $9,600,000 (the &ldquo;Note&rdquo;) and a Common Stock Purchase Warrant for the purchase
of 750,000 shares of the Company&rsquo;s common stock at a price of $6.50 per share, exercisable for 5 years (the &ldquo;Warrant&rdquo;).
As additional consideration to Lind X, the Company agreed to pay a commitment fee in the amount of $280,000, which may be paid by deduction
from the funding to be received. The Note, which did not accrue interest, was repayable in eighteen (18) consecutive monthly installments
in the amount of $533,334 beginning six months from the issuance date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On November 26, 2024, we entered
into a First Amendment to the SPA (the &ldquo;SPA Amendment&rdquo;). Upon closing of the SPA Amendment, we received an additional $6,000,000
in funding from Lind X in exchange for our issuance to Lind X of a new Senior Secured Convertible Promissory Note in the amount of $7,200,000
(the &ldquo;Second Note&rdquo;) and a Common Stock Purchase Warrant for the purchase of 326,000 shares of our common stock at a price
of $9.20 per share, exercisable for 5 years (the &ldquo;Second Warrant&rdquo;). As additional consideration to Lind X, we have agreed
to pay a commitment fee in the amount of $210,000, which may be paid by deduction from the funding to be received. The Second Note, which
did not accrue interest, was repayable in eighteen (18) consecutive monthly installments in the amount of $400,000 beginning six months
from the issuance date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of the date of this prospectus,
the Note and the Second Note have been fully converted to common stock.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-left: 0pt"><B>Financing with Lind Global
Asset Management XI LLC </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0">On February
10, 2025, we entered into a Securities Purchase Agreement (the &ldquo;SPA&rdquo;) with Lind Global Asset Management XI LLC (&ldquo;Lind&rdquo;).
Upon closing of the SPA, we received $15 million in funding from Lind in exchange for our issuance to Lind of a Senior Secured Convertible
Promissory Note in the amount of $16,500,000 (the &ldquo;Note&rdquo;) and a Common Stock Purchase Warrant for the purchase of 1,000,000
shares of our common stock at a price of $15.00 per share, exercisable for 5 years (the &ldquo;Warrant&rdquo;). As additional consideration
to Lind, we paid a commitment fee in the amount of $525,000, which was paid by deduction from the funding received. Our obligations
under the Note are secured by all of our assets and the assets of our subsidiaries pursuant to a Security Agreement and related ancillary
documents.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0; text-indent: 0.5in">The Note,
which does not accrue interest, shall be due and payable on February 10, 2026. The Note may be converted by Lind from time to time at
a price equal to the lower of &ldquo;Conversion Price&rdquo; of $16.15 per share, or the &ldquo;Repayment Share Price,&rdquo; which is
defined as ninety percent (90%) of the average of the five (5) lowest daily VWAPs for our common stock during the twenty (20) trading
days prior to the conversion date, subject to a floor price. Conversions under the Note are limited to a maximum of $1,650,000 in any
calendar month, subject to increase upon our optional written consent. Upon receipt of a conversion notice under the Note, we may, if
the applicable Repayment Share Price is below the Conversion Price, elect to pay the conversion amount in cash and in lieu of issuing
common stock. Cash repayments under this provision must be equal to 1.025 times the conversion amount. If applicable, we must elect the
cash repayment option within one business day of receiving the conversion notice and tender cash payment within two business days of
receiving the conversion notice.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Note may be prepaid in whole
upon 5 days&rsquo; notice, but in the event of a prepayment notice, Lind may convert up to 25% of principal amount due at the lesser of
the Repayment Share Price (but only if the Repayment Share Price is equal to or greater than an applicable threshold) or the Conversion
Price.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Change in Fiscal Year End</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On September 21, 2024, the Board
of Directors of the Company approved a change to the Company&rsquo;s fiscal year end from April 30 to December 31 in accordance with Article
XIII of the bylaws of the Company that authorize the Board to change the Company&rsquo;s fiscal year. The Company will file a transition
report on Form 10-K for the transition period from May 1, 2024 to December 31, 2024.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our internet address is <U>www.redcat.red</U>.
Information on our website is not incorporated into this prospectus.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 11pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Risk Factors</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our business is subject to numerous risks. For a discussion
of the risks you should consider before purchasing shares of our common stock, see &ldquo;Risk Factors&rdquo; on page 3 of this prospectus.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>The Offering</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This prospectus relates to the proposed resale or
other disposition from time to time of up to 12,333,033 shares of our common stock, $0.001 par value per share, by the selling shareholder
identified in this prospectus. See &ldquo;Selling Shareholder&rdquo; and &ldquo;Plan of Distribution.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The selling shareholder may offer to sell the shares
being offered pursuant to this prospectus at fixed prices, at prevailing market prices at the time of sale, at varying prices or at negotiated
prices. Our common stock is listed on the Nasdaq Capital Market under the symbol &ldquo;RCAT.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We will not receive any of the proceeds from the sale
of shares of our common stock in this offering.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_004"></A>RISK FACTORS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Any investment in our securities
involves a high degree of risk. Investors should carefully consider the risks described below and all of the information contained in
this prospectus before deciding whether to purchase our securities. Our business, financial condition and results of operations could
be materially adversely affected by these risks if any of them actually occur. This prospectus also contains forward-looking statements
that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements
as a result of certain factors, including the risks we face as described below and elsewhere in this prospectus.</I></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Multiple conversions and/or Share-based Repayments
of the Note held by Lind Global Asset Management XI LLC (&ldquo;Lind&rdquo;), if conducted during a decline in our market share price,
may cause stockholders to suffer substantial dilution.</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">This Registration
Statement registers the resale of all shares issuable to Lind upon conversions of its $16.5 million Senior Secured Convertible Note
(the &ldquo;Note&rdquo;). The Note is convertible by Lind from time to time at the <I>lower</I> of the fixed conversion price of
$16.15 per share, or the &ldquo;Repayment Share Price,&rdquo; which is defined as ninety percent (90%) of the average of the five
(5) lowest daily VWAPs for our common stock during the twenty (20) trading days prior to the conversion date, subject to a floor
price of $0.75 per share. Although we have the option to honor conversions of the Note with cash payment in lieu of issuing shares
if the &ldquo;Repayment Share Price&rdquo; is below $16.15 per share, we may be unable or unwilling to do so. Repeated conversions
of the Note during a time when our market share price has declined could lead to the issuance of a substantial number of new shares
of common stock, resulting in significant dilution to existing shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>The trading price of our common stock has been
and may continue to be volatile, which could result in substantial losses to investors.</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The trading price of our common
stock has been and may continue to be volatile and could fluctuate widely due to factors beyond our control. For instance, between February
7, 2025 and March 7, 2025 the trading price of our common stock fluctuated between $10.76 and $5.28 per share.&nbsp;This may happen because
of broad market and industry factors, including the performance and fluctuation of the market prices of other companies in our industry
or broad macro-economic and political factors. In addition to market and industry factors, the price and trading volume for our common
stock may be highly volatile for factors specific to our own operations, including the following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">variations in our revenues, earnings, cash flow;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">fluctuations in operating metrics;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">announcements of new investments, acquisitions, strategic partnerships or joint ventures by us or our competitors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">announcements of new solutions and services and expansions by us or our competitors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">termination or non-renewal of contracts or any other material adverse change in our relationship with our key customers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">changes in financial estimates by securities analysts;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">detrimental negative publicity about us, our competitors or our industry; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">additions or departures of key personnel.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Such volatility, including any
stock run-up or decline, may be unrelated to our actual or expected operating performance and financial condition or prospects, making
it difficult for prospective investors to assess the rapidly changing value of our stock. Furthermore, the stock market in general experiences
price and volume fluctuations that are often unrelated or disproportionate to the operating performance of companies like us. Volatility
or a lack of positive performance in the price of our common stock may also adversely affect our ability to retain key employees, most
of whom have been granted share incentives.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Investing in our securities involves
a high degree of risk. Before making an investment decision, you should consider carefully the additional risks, uncertainties and other
factors described in our most recent Annual Report on Form 10-K, as supplemented and updated by subsequent quarterly reports on Form 10-Q
and current reports on Form 8-K that we have filed or will file with the SEC, which are incorporated by reference into this prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our business, affairs, prospects,
assets, financial condition, results of operations and cash flows could be materially and adversely affected by these risks. For more
information about our SEC filings, please see &ldquo;Where You Can Find More Information&rdquo;.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_005"></A><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will not receive any of the
proceeds from the sale of shares of our common stock in this offering. The selling shareholder will receive all of the proceeds from this
offering.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_006"></A><B>SELLING SHAREHOLDER</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The shares of common stock being
offered by the selling shareholder are shares issuable conversion of a Senior Secured Convertible Promissory Note and a Warrant issued
February 10, 2025. We are registering the shares of common stock pursuant to our contractual obligation to the selling shareholder in
order to permit the selling shareholder to offer the shares for resale from time to time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The table below lists the selling
shareholder and other information regarding the beneficial ownership of the shares of common stock by the selling shareholder. The second
column lists the number of shares of common stock beneficially owned by the selling shareholder as of March 7, 2025. On March 7, 2025,
we had a total of 85,616,951 shares of common stock issued and outstanding. The third column lists the shares of common stock being offered
by this prospectus by the selling shareholder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 11pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The selling shareholder may sell
all, some or none of its shares in this offering. See &ldquo;Plan of Distribution.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; border: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Name of Selling Shareholder</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Shares of<BR>
Common Stock<BR>
Owned Prior to<BR>
Offering</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maximum Number of<BR>
Shares of Common<BR>
Stock to be Sold<BR>
Pursuant to this<BR>
Prospectus</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Shares of<BR>
Common Stock<BR>
Owned After<BR>
Offering</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Percentage of Common Stock to be Owned After Offering</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCECFF">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 11pt">Lind Global Asset Management XI LLC<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">4,496,669</FONT><FONT STYLE="font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">13,375,000</FONT><FONT STYLE="font-size: 10pt"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">0</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">0%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeff Easton is the Managing Member of The Lind Partners, LLC, which is the Investment Manager of Lind Global Asset Management XI LLC
and, in that capacity, has the power to make voting and investment decisions regarding its common stock. Mr. Easton disclaims beneficial
ownership over the securities listed except to the extent of his pecuniary interest therein. The address of the Selling Stockholder is
444 Madison Avenue, Floor 41, New York, NY 10022.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">(2)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&nbsp;
Lind Global Asset Management XI LLC (&ldquo;Lind&rdquo;) holds a Senior Secured Convertible Promissory Note (the &ldquo;Note&rdquo;) and
a Common Stock Purchase Warrant (the &ldquo;Warrant&rdquo;). Conversions of the Note and exercises of the Warrant are limited such that
no conversions or exercises may be made to the extent that, after such conversion or exercise, Lind would own more than 4.99% of our issued
and outstanding common stock. This figure represents the number of shares issuable under the Note and/or the Warrant which, immediately
following their issuance, would constitute 4.99% of our outstanding shares of common stock, based on 85,616,951 shares of common stock
issued and outstanding on March 7,2025.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">(3)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Represents 1,000,000 shares of common stock issuable upon exercise of the Warrant and up to 12,375,000
shares of common stock potentially issuable upon conversion of the full $16,500,000 balance of the Note at the contractual &ldquo;Floor
Price&rdquo; of $0.75 per share.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_007"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The selling shareholder (the &ldquo;<U>Selling
Shareholder</U>&rdquo;) of the securities and any of its pledgees, assignees and successors-in-interest may, from time to time, sell any
or all of their securities covered hereby on the principal trading market or any other stock exchange, market or trading facility on which
the securities are traded or in private transactions. These sales may be at fixed or negotiated prices. The Selling Shareholder may use
any one or more of the following methods when selling securities:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="width: 97%; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">an exchange distribution in accordance with the rules of the applicable exchange;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">privately negotiated transactions;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">settlement of short sales;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">in transactions through broker-dealers that agree with the Selling Shareholder to sell a specified number of such securities at a stipulated price per security;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"></TD></TR></TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify; width: 97%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">a combination of any such methods of sale; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">any other method permitted pursuant to applicable law.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-right: 0; margin-left: 0">The
Selling Shareholder may also sell securities under Rule 144 or any other exemption from registration under the Securities Act of 1933,
as amended (the &ldquo;<U>Securities Act</U>&rdquo;), if available, rather than under this prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0">Broker-dealers
engaged by the Selling Shareholder may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Shareholder (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser)
in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in
excess of a customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or
markdown in compliance with FINRA Rule 2121.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0">In connection
with the sale of the securities or interests therein, the Selling Shareholder may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they
assume. The Selling Shareholder may also sell securities short and deliver these securities to close out its short positions, or loan
or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Shareholder may also enter into option
or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the
delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0">The Selling
Shareholder and any broker-dealers or agents that are involved in selling the securities may be deemed to be &ldquo;underwriters&rdquo;
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under
the Securities Act. The selling shareholder has informed the Company that it does not have any written or oral agreement or understanding,
directly or indirectly, with any person to distribute the securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0">Under applicable
rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage
in market making activities with respect to the shares of common stock for the applicable restricted period, as defined in Regulation
M, prior to the commencement of the distribution. In addition, the Selling Shareholder will be subject to applicable provisions of the
Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the
shares of common stock by the Selling Shareholder or any other person. We will make copies of this prospectus available to the Selling
Shareholder and have informed it of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale
(including by compliance with Rule 172 under the Securities Act).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_008"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Crone Law Group, P.C. has
opined on the validity of the securities being offered hereby.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_009"></A>EXPERTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements of the Company as of April 30, 2024 and 2023, and for the years then ended included by reference in this prospectus have
been so included in reliance on the report of dbbmckennon, an independent registered public accounting firm, given on the authority
of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_010"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We file annual, quarterly and
special reports, along with other information with the SEC. The SEC maintains an Internet site that contains reports, proxy and information
statements, and other information regarding issuers that file electronically with the SEC. Our SEC filings are available to the public
over the Internet at the SEC&rsquo;s website at http://www.sec.gov.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus is part of a registration
statement on Form S-3 that we filed with the SEC to register the securities offered hereby under the Securities Act of 1933, as amended.
This prospectus does not contain all of the information included in the registration statement, including certain exhibits and schedules.
You may obtain the registration statement and exhibits to the registration statement from the SEC&rsquo;s internet site.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_011"></A>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus is part of a registration
statement filed with the SEC. The SEC allows us to &ldquo;incorporate by reference&rdquo; into this prospectus the information that we
file with them, which means that we can disclose important information to you by referring you to those documents. The information incorporated
by reference is considered to be part of this prospectus, and information that we file later with the SEC will automatically update and
supersede this information. The following documents are incorporated by reference and made a part of this prospectus:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Our Annual Report on Form 10-K for the year ended April 30, 2024 filed with the SEC on August 8,
2024;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Our Annual Report to Security Holders for the year ended April 30, 2024 filed with the SEC on August
28, 2024;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Our Quarterly Report on Form 10-Q for the quarterly period ended July 31, 2024 filed with the SEC
on September 23, 2024;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Our Quarterly Report on Form 10-Q for the quarterly period ended October 31, 2024 filed with the
SEC on December 16, 2024;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Our Current Reports on Form 8-K filed with the SEC on September 9, 2024; September 26, 2024; October
3, 2024; October 21, 2024; November 19, 2024; November 20, 2024; November 27, 2024; December 2, 2024, and February 12, 2025; and</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">The description of our common stock contained in our Registration Statement on Form 8-A filed with
the SEC on March 11, 2021, including any amendment or report filed for the purpose of updating such description.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All documents that we file with the SEC pursuant to
Sections 13(a), 13(c), 14, and 15(d) of the Exchange Act: (i) after the date of the initial registration statement and prior to its effectiveness;
and (ii) subsequent to the effective date of this registration statement and prior to the filing of a post-effective amendment to this
registration statement that indicates that all securities offered under this prospectus have been sold, or that deregisters all securities
then remaining unsold; will be deemed to be incorporated in this registration statement by reference and to be a part hereof from the
date of filing of such documents. Nothing in this prospectus shall be deemed to incorporate information furnished but not filed with the
SEC (including without limitation, information furnished under Item 2.02 or Item 7.01 of Form 8-K, and any exhibits relating to such information).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any statement contained in this prospectus or in a
document incorporated or deemed to be incorporated by reference in this prospectus shall be deemed to be modified or superseded for purposes
of this prospectus to the extent that a statement contained herein or in the applicable prospectus supplement or in any other subsequently
filed document which also is or is deemed to be incorporated by reference modifies or supersedes the statement. Any statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information about us contained in this prospectus
should be read together with the information in the documents incorporated by reference. You may request a copy of any or all of these
filings, at no cost, by writing or telephoning us at:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Red Cat Holdings, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">15 Ave. Munoz Rivera, Ste. 2200</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">San Juan, PR 00901</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(833) 373-3228.<BR STYLE="clear: both">
</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>PART II</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION NOT REQUIRED IN A PROSPECTUS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item&nbsp;14.&nbsp;Other Expenses of Issuance and
Distribution. </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table sets forth
an itemization of the various expenses payable by the registrant in connection with the sale of securities being registered. All amounts
are estimates except for the SEC registration fee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Item</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amount</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>to&nbsp;be&nbsp;paid</B></P></TD>
    <TD STYLE="padding-bottom: 0.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; width: 90%; text-align: justify"><FONT STYLE="font-size: 11pt">SEC registration fee&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 11pt">$ </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">10,731.09</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 11pt">Legal fees and expenses&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 11pt">25,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 11pt">Accounting fees and expenses&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 11pt">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 11pt">Miscellaneous expenses&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCECFF">
    <TD STYLE="vertical-align: top; padding-left: 11.25pt; text-align: justify"><FONT STYLE="font-size: 11pt">Total&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify"><FONT STYLE="font-size: 11pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 11pt">35,731.09&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item&nbsp;15.&nbsp;Indemnification of Directors
and Officers. </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 78.7502(1) of the Nevada
Revised Statutes (&ldquo;NRS&rdquo;) provides that a corporation may indemnify any person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative
(except an action by or in the right of the corporation) by reason of the fact that such person is or was a director, officer, employee
or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys&rsquo; fees), judgments, fines
and amounts paid in settlement actually and reasonably incurred in connection with such action, suit or proceeding if such person: (i)
is not liable for a breach of fiduciary duties that involved intentional misconduct, fraud or a knowing violation of law; or (ii) acted
in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the corporation, and,
with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NRS Section 78.7502(2) further
provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending
or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that such person
is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including
amounts paid in settlement and attorneys&rsquo; fees actually and reasonably incurred in connection with the defense or settlement of
the action or suit if such person: (i) is not liable for a breach of fiduciary duties that involved intentional misconduct, fraud or a
knowing violation of law; or (ii) acted in good faith and in a manner that he or she reasonably believed to be in or not opposed to the
best interests of the corporation. Indemnification may not be made for any claim, issue or matter as to which such a person has been adjudged
by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the corporation or for amounts paid in
settlement to the corporation, unless and only to the extent that the court in which the action or suit was brought or other court of
competent jurisdiction determines upon application that in view of all the circumstances of the case the person is fairly and reasonably
entitled to indemnity for such expenses as the court deems proper.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To the extent that a director,
officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding
referred to in subsections (1) and (2) of NRS Section 78.7502, as described above, or in defense of any claim, issue or matter therein,
the corporation shall indemnify him or her against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by such
person in connection with the defense.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The articles of incorporation,
as amended, and the amended and restated bylaws of the Company provide that the Company shall, to the fullest extent permitted by the
NRS, as now or hereafter in effect, indemnify any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the
right of the Company, by reason of the fact that he is or was a director, officer, employee or agent of the Company, or is or was serving
at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise, against expenses, including attorneys&rsquo; fees, judgments, fines and amounts paid in settlement actually and reasonably
incurred by him in connection with the action, suit or proceeding if he: (i) is not liable pursuant to NRS Section 78.138; or (ii) acted
in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company, and, with respect
to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the terms of an Indemnification
Agreement, subject to certain exceptions specified in the Indemnification Agreement, we have also agreed to indemnify our officers and
directors (the &ldquo;Indemnitees&rdquo;) to the fullest extent permitted by Nevada law in the event the Indemnitee becomes subject to
or a participant in certain claims or proceedings as a result of the Indemnitee&rsquo;s service as a director or officer. We will also,
subject to certain exceptions and repayment conditions, advance to the Indemnitees specified indemnifiable expenses incurred in connection
with such claims or proceedings.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 16. Exhibits and Financial Statement Schedules</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 6%; border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 93%; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/748268/000155479519000202/tfvr0702def14c.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/748268/000155479519000202/tfvr0702def14c.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Amended and Restated Articles of Incorporation, dated July 17, 2019 (incorporated by reference to Exhibit B to the Company&rsquo;s Schedule 14C Information Statement filed with the SEC on July 2, 2019)</FONT></A></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/748268/000155479519000143/tfvr0515form8kexh3_2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/748268/000155479519000143/tfvr0515form8kexh3_2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Certification of Designation of Series A Preferred Stock, dated May 10, 2019 (incorporated by reference to Exhibit 3.2 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on May 16, 2019)</FONT></A></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/748268/000155479519000143/tfvr0515form8kexh3_3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.3</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/748268/000155479519000143/tfvr0515form8kexh3_3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Certification of Designation of Series B Preferred Stock, dated May 10, 2019 (incorporated by reference to Exhibit 3.3 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on May 16, 2019)</FONT></A></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/748268/000155479521000124/rcat0406form8kexh3_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.4</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/748268/000155479521000124/rcat0406form8kexh3_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Bylaws, as amended March 31, 2021 (incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on April 6, 2021).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="rcat0310forms3exh5_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">5.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="rcat0310forms3exh5_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Opinion of The Crone Law Group, P.C.*</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479525000037/rcat0211form8kexh10_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479525000037/rcat0211form8kexh10_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Securities Purchase Agreement dated February 10, 2025 (incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on February 12, 2025).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479525000037/rcat0211form8kexh10_2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479525000037/rcat0211form8kexh10_2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Senior Secured Convertible Promissory Note issued February 10, 2025 (incorporated by reference to Exhibit 10.2 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on February 12, 2025).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479525000037/rcat0211form8kexh10_3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479525000037/rcat0211form8kexh10_3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Common Stock Purchase Warrant issued February 10, 2025 (incorporated by reference to Exhibit 10.3 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on February 12, 2025).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479525000037/rcat0211form8kexh10_4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.4</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479525000037/rcat0211form8kexh10_4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Security Agreement dated February 10, 2025 (incorporated by reference to Exhibit 10.4 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on February 12, 2025).</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="rcat0310forms3exh23_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">23.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="rcat0310forms3exh23_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent of Independent Registered Public Accounting Firm*</FONT></A></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><A HREF="rcat0310forms3exh5_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">23.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="rcat0310forms3exh5_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent of The Crone Law Group, P.C. (included as part of Exhibit 5.1)*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="rcat0310forms3exh107.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">107</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="rcat0310forms3exh107.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Filing Fee Table* </FONT></A></TD></TR>
  </TABLE>
<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; text-align: justify">* Filed herewith</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 17. Undertakings&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)&nbsp;The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1)&nbsp;To file, during any period in which offers
or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i)&nbsp;To include any prospectus required by section
10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii)&nbsp;To reflect in the prospectus any facts or
events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually
or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which
was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change
in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration
statement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(iii)&nbsp;To include any material information with
respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information
in the registration statement;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>provided, however</I>, Paragraphs (a)(1)(i), (a)(1)(ii)
and (a)(1)(iii) of this section do not apply if the registration statement is on Form S-3 or Form F-3 and the information required to
be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the
registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration
statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2)&nbsp;That, for the purpose of determining any
liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(3)&nbsp;To remove from registration by means of a
post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(4)&nbsp;That, for the purpose of determining liability
under the Securities Act of 1933 to any purchaser:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(A)&nbsp;Each prospectus filed by the registrant pursuant
to Rule&nbsp;424(b)(3)shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of
and included in the registration statement; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(B)&nbsp;Each prospectus required to be filed pursuant
to Rule&nbsp;424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule&nbsp;430B relating to an offering made
pursuant to Rule&nbsp;415(a)(1)(i), (vii), or (x)&nbsp;for the purpose of providing the information required by section 10(a) of the Securities
Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus
is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus.
As provided in Rule&nbsp;430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall
be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that
prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided,
however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document
incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement
will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made
in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior
to such effective date; or</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(5)&nbsp;That, for the purpose of determining liability
of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant
undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means
of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or
sell such securities to such purchaser:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i)&nbsp;Any preliminary prospectus or prospectus
of the undersigned registrant relating to the offering required to be filed pursuant to Rule&nbsp;424;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii)&nbsp;Any free writing prospectus relating to
the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(iii)&nbsp;The portion of any other free writing prospectus
relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of
the undersigned registrant; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(iv)&nbsp;Any other communication that is an offer
in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b)&nbsp;The registrant hereby undertakes that for
purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&rsquo;s annual report pursuant to
section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&rsquo;s
annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(c)&nbsp;Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(d)&nbsp;The registrant hereby undertakes that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1)&nbsp;For purposes of determining any liability
under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance
upon Rule&nbsp;430A and contained in a form of prospectus filed by the registrant pursuant to Rule&nbsp;424(b)(1) or (4)&nbsp;or 497(h)
under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2)&nbsp;For the purpose of determining any liability
under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements of
the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the San Juan, Puerto Rico on March 10, 2025.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 11pt"><B>RED CAT HOLDINGS, INC.</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font-size: 11pt">By:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%"><FONT STYLE="font-size: 11pt"><U>/s/ Jeffery M. Thompson</U></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">Jeffrey M. Thompson</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">President and Chief Executive Officer</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(Principal Executive Officer)</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt"><U>/s/ Jeffery M. Thompson</U></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">Jeffrey M. Thompson</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">Interim Chief Financial Officer</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(Principal Financial and Accounting Officer)</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We, the undersigned officers and
directors of Red Cat Holdings, Inc. hereby severally constitute and appoint Jeffrey M. Thompson our true and lawful attorney-in-fact and
agents, with full power of substitution and resubstitution for him and in his name, place and stead, and in any and all capacities, to
sign for us and in our names in the capacities indicated below any and all amendments (including post-effective amendments) to this registration
statement (or any other registration statement for the same offering that is to be effective upon filing pursuant to Rule 462(b) under
the Securities Act of 1933, as amended), and to file the same, with all exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform
each and every act and thing requisite or necessary to be done in and about the premises, as full to all intents and purposes as he might
or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements of
the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on
the dates indicated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Title</B></P></TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 25%; border-bottom: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Date</B></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>/s/ <I>Jeffrey M. Thompson</I></U></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Jeffrey M. Thompson</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">President,</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Chief Executive Officer, Interim Chief Financial Officer,
    and Director</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Principal executive officer and principal
    financial officer)</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">March 10, 2025</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Joseph Freedman</U></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Joseph Freedman</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">March 10, 2025</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Nicholas Liuzza Jr.</U></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Nicholas Liuzza Jr.</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">March 10, 2025</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Paul Funk</U></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Paul Funk</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">March 10, 2025</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>/s/ &nbsp;Christopher R. Moe&nbsp;</U></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;Christopher R. Moe&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">March 10, 2025</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">20</P>



















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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>rcat0310forms3exh5_1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;<IMG SRC="headerexh51.jpg" ALT="" STYLE="height: 130.4px; width: 693.6px"></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">March 10, 2025</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Red Cat Holdings, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">15 Ave. Munoz Rivera Ste 5</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">San Juan, PR 00901</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Re:&#9;<I>Red Cat Holdings, Inc.; Registration
Statement on Form S-3 </I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have acted as counsel for Red
Cat Holdings, Inc., a Nevada corporation (the &quot;Company&quot;), in connection with the Registration Statement on Form S-3 (the &quot;Registration
Statement&quot;), filed with the Securities and Exchange Commission (the &quot;Commission&quot;) pursuant to the Securities Act of 1933,
as amended (the &quot;Act&quot;), relating to the registration of the public offering and sale of the following securities of the Company
(the &ldquo;Securities&rdquo;) by the Selling Shareholder named therein:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">1.</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Up to 12,375,000 shares of common stock of the Company (the &ldquo;Note Shares&rdquo;) issuable upon
conversion of, and/or payment for, the amount due under the Senior Secured Convertible Promissory Note issued to Lind Global Asset Management
XI LLC and dated February 10, 2025 and (the &ldquo;Note&rdquo;); and</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">2.</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Up to 1,000,000 shares of common stock of the Company (the &ldquo;Warrant Shares&rdquo;) issuable
upon exercise of the Common Stock Purchase Warrant issued to Lind Global Asset Management XI LLC and dated February 10, 2025 (the &ldquo;Warrant&rdquo;)
and.</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In rendering the opinion
set forth below, we have reviewed: (a) the Registration Statement and the exhibits thereto; (b) the Company's Articles of Incorporation,
as amended; (c) the Company's Bylaws, as amended; (d) certain records of the Company's corporate proceedings as reflected in its minute
books; (e) the Note; (f) the Warrant; and (f) such statutes, records and other documents as we have deemed relevant. We have assumed the
genuineness of all signatures, the authenticity of all documents submitted to us as originals, and conformity with the originals of all
documents submitted to us as copies thereof. In addition, we have made such other examinations of law and fact as we have deemed relevant
in order to form a basis for the opinion hereinafter expressed. We express no opinion herein as to the laws of any state or jurisdiction
other than the substantive laws of the State of Nevada and the federal laws of the United States of America.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Based upon the foregoing,
it is our opinion that:</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">a.</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">The Note Shares, when issued upon conversions of the Note and/or as payments toward the balance due
under the Note in accordance with the terms thereof, will be validly issued, fully paid and non-assessable shares of common stock in the
Company.</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">b.</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Warrant Shares, when issued and paid for upon exercises of the Warrant in accordance with the terms
thereof, will be validly issued, fully paid and non-assessable shares of common stock in the Company.</FONT></P>

<DIV STYLE="padding: 0in; border: white 1pt solid">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We consent to the inclusion of
this opinion as an exhibit to the Registration Statement and further consent to all references to us under the caption &ldquo;Legal Matters&rdquo;
in the Prospectus.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sincerely,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Crone Law Group P.C.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt">&nbsp;<IMG SRC="sigexh51.jpg" ALT="" STYLE="height: 36px; width: 158.4px"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt">______________________________________</FONT></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>rcat0310forms3exh23_1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: right">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 23.1</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Consent of Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We consent to the incorporation
by reference in this Registration Statement on Form S-3, of our report dated August 8, 2024,&nbsp;related to the consolidated financial
statements of Red Cat Holdings, Inc. (the &ldquo;Company&rdquo;) as of and for the years ended April 30, 2024 and 2023, included in its
Annual Report on Form 10-K for the year ended April 30, 2024. We also consent to the reference to us under the heading &ldquo;Experts&rdquo;
in such Registration Statement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">/s/ dbb<I>mckennon</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Newport Beach, California</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">March 10, 2025</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P></BODY>
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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>rcat0310forms3exh107.htm
<DESCRIPTION>CALCULATION OF FILING FEE TABLES
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 107</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Calculation of Filing Fee Tables</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>S-3</B></FONT><FONT STYLE="font-size: 10pt"><BR>
(Form&nbsp;Type)</FONT></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Red Cat Holdings, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Table 1: Newly Registered and Carry Forward Securities</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Security&nbsp;Type</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Security<BR>
Class<BR>
Title</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fee<BR>
Calculation<BR>
or Carry<BR>
Forward Rule</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Amount<BR>
Registered<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Proposed<BR>
Maximum<BR>
Offering Price<BR>
Per Unit<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Maximum<BR>
Aggregate<BR>
Offering Price</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fee&nbsp;Rate</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Amount of<BR>
Registration Fee</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Carry<BR>
Forward<BR>
Form&nbsp;Type</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Carry<BR>
Forward<BR>
File&nbsp;Number</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Carry<BR>
Forward<BR>
Initial<BR>
effective date</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Filing Fee<BR>
Previously&nbsp;Paid<BR>
In Connection<BR>
with Unsold<BR>
Securities<BR>
to be Carried<BR>
Forward</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD COLSPAN="35" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Newly Registered Securities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Fees to Be Paid</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Equity</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Common Stock</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">457(c)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,275,000</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$5.28</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">70,092,000</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.00015310</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="width: 5%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">10,731.09.</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Fees Previously Paid</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">--&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="35" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Carry Forward Securities</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Carry Forward Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total Offering Amounts</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">. 70,092,000</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,731.09.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total Fees Previously Paid</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; line-height: 107%">--</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total Fee Offsets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">--&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net Fee Due</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,731.09</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 99%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Represents up to 1,000,000 shares of common stock issuable upon exercises of a Warrant and up to 12,375,000 shares of common stock issuable upon conversions of a Note at the minimum conversion price set forth therein. Pursuant to Rule 416 under the Securities Act of 1933, as amended, the shares of common stock registered hereby also include an indeterminate number of additional shares of common stock as may from time to time become issuable by reason of share splits, share dividends, recapitalizations or other similar transactions.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 99%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated solely for purposes of calculating the registration fee in accordance with Rule 457(c) under the Securities Act and based upon the average of the high and low sales prices of a share of common stock as reported on the Nasdaq Capital Market on November 12, 2024.</FONT></TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
